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Glasgow University. Image courtesy of Mike Peel/ Wikimedia Commons.

Glasgow University in Scotland said Thursday it will divest its $29 million holdings in oil and gas companies after students lobbied the university’s governing body.

Glasgow is the first university in the UK to divest its holdings in hydrocarbon stocks.

“The university recognizes the devastating impact that climate change may have on our planet, and the need for the world to reduce its dependence on fossil fuels,” secretary of the university’s governing body David Newall said.

The university said it will divest from companies producing hydrocarbon fuels over the next 10 years and also take steps to reduce its own carbon consumption.

Thirteen American universities have also decided to divest more than $50 billion worth of investments made in hydrocarbon companies.

There are currently 50 active student-led campaigns in the UK petitioning university governing bodies to divest from hydrocarbon companies.