OXFORD University is the second richest in the UK after Cambridge with an endowment worth about £3.8bn some of which is invested in fossil fuel companies. Is this a sound investment and helpful to the university or is it harmful to the values the university promotes and a threat to the future of the students?

This sounds like an ivory tower debate, but it may have bread and butter effects for you and me.

On Monday, Oxford University considered a students’ proposal to divest from fossil fuels, but agreed to delay a decision until May.

Critics pointed out that fuel companies have already discovered three times more fossil fuel than can be safely burned without causing excessive risk to the climate. They argued there was no excuse for delaying divestment from oil, gas and coal companies and promptly protested by taking over a university building in Broad Street.

It was a very English affair. Around a dozen protesters just walked into the Office of Admissions and explained to the staff that they were going to occupy the building and the staff could leave at any time.

Since the office contained computer files that held personal data, one member of staff stayed behind to protect that until a university police officer replaced the staff member to secure the data.

A University spokesperson said they needed time to consider “serious issues” involved in the change of investment strategy. “The Student Union raised an important and multi-faceted matter which requires thorough consideration.”

What’s going on?

According to BBC environmental analyst Roger Harrabin “This is said to be the fastest-growing divestment movement the world has seen.”

Who’s involved in this sea change?

Several major players have kicked the carbon habit and exited fossil fuel investment – the Rockefeller Brothers Foundation, Stanford University, Australian National universities group, the British Medical Association, the World Council of Churches and Oxford City Council. The Grandparents Climate Action Group in Oxfordshire is lobbying Unison to put pressure on Oxfordshire County Council’s pension fund managers.

In October, Glasgow University’s court voted to begin divesting £18m from the fossil fuel industry and freeze new investments in that area across its endowment of £128m.

Naomi Klein, the writer and activist, gave this response to the decision: “Students around the world are making it clear that the institutions entrusted to prepare them for the future cannot simultaneously bet against their future by profiting from corporations that plan to burn many times more carbon than our atmosphere can safely absorb.”

So Glasgow is in the forefront of the fight against fossil fuels among British universities, and that is a disappointment to the staff, students and alumni involved in the occupation of the office in Broad Street.

John Clements, the university’s director of finance from 1995 to 2004, was part of the occupation.

He said: “We are bitterly disappointed about the university’s failure to come to a decision.

Oxford should be leading the move away from investment in all worlddestroying fossil fuel companies to more sustainable forms of energy.”

Sam Hollick, leader of the Green group on the city council was also one of the demonstrators during the occupation. He told me: “I joined the occupation because I’m an alumnus of this university and I’m very disappointed with it.

“We are seeing increasingly serious examples of climate change, most recently the cyclone in Vanuatu last week which affected around 260,000 people. These kinds of events can only become more and more frequent and so many institutions in the West are doing nothing about climate change, just sitting on their laurels.

“Now is the time for Oxford University to act.

“I was one of the protesters sitting on the window ledges outside and some people in Broad Street did show their support for us. I could hear one elderly man say to the police ‘Those young people are right. Of course the university should be divesting.’ “Hopefully, this will shame Oxford University into taking some action.

The next step will be to hand back degrees. Some very high profile people are prepared to do that, including writer George Monbiot, and more ordinary people will join that protest. I am prepared to hand back my physics degree. The value of research at a university is undermined if that university is not going to listen to the results of the research and put it at the heart of its policies.

“Two years ago the university accepted funds from Shell for a new Earth Sciences laboratory in South Parks Road and the firm also funds research doctorates in geochemistry.

Another fossil fuel giant BP spends millions supporting research at this university. Petrochemical companies are buying a ‘presence’ at prestigious universities, but if the research is to be credible and highly regarded there should be no suggestion that it is influenced by private profit.”

An Oxford University spokesperson said: “The University Council had a good discussion of the issues and agreed to consider the matter further at a future meeting.”