Oxford University, one of the world’s oldest schools, has joined the ranks of British universities shunning investments in carbon-intensive energy projects.

Under pressure from some students, the thousand-year-old college has formalised the investment policy for its £2 billion ($3.1 billion) endowment and permanently banned itself from investing in any companies that derive most of their income from coal or oil sands projects, as well as "sectors with high social and environmental risks."