UVic announces full divestment of capital fund from fossil fuels by CTV News Vancouver Island Staff, February 2, 2021
VICTORIA — The University of Victoria has fully divested its quarter-billion-dollar working capital fund away from fossil fuel investments.
The school announced Tuesday it had moved $80 million from the $256-million capital fund into a short-term bond focused on low-carbon investments.
The school’s student society and the group Divest UVic hailed the move as a major victory in their eight-year fight to halt fossil fuel investments at the school.
- Majority of UVic faculty vote to divest from fossil fuels
- UVic board to consider partial fossil fuel divestment proposal
- UVic students paint mural in push for divestment
- UVic approves new divestment policy from fossil fuels
“There’s been an appetite for bold action on campus for years, and UVic is finally delivering, both in climate action and social justice,” said Emily Lowan of the University of Victoria Students’ Society and Divest UVic.
University treasurer Andrew Coward said the move away from carbon-intensive investments aligns with the school’s commitment to “address climate change in every domain.”
“Investing in the fossil fuel-free fund allows us to lower the carbon footprint of our investments which helps to mitigate the investment risk associated with climate change as society transitions to a greener economy that is focused on reducing greenhouse gas emissions,” he said.
The school approved a policy last year to reduce the carbon intensity of its capital fund investments and provide better disclosure of carbon emissions and climate risks associated with its portfolio.
The student society and Divest UVic say their mission to fully divest the school from fossil fuel companies is not over. The groups are taking aim at the university foundation’s long-term endowment fund, which is valued at over $400 million.
“With the climate emergency growing more dire and fossil fuel companies facing increasing losses, Divest UVic demands that the foundation follow the lead of the board of governors by divesting these funds and embracing a safer and more effective investment strategy,” the student groups said in a statement.
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Ovintiv/Encana, Chevron, Shell, Exxon et al deeply deserve this! CNBC’s Jim Cramer: “I’m done with fossil fuels … they’re just done. We’re starting to see divestment all over the world. … It’s going to be a parade that says, ‘Look, these are tobacco and we’re not going to own them.’ … Younger people don’t want to own them. The dividends are great…but you can tell that the world’s turned on them. It’s actually happening really quickly.”
Another huge win for global movement to stop flow of money to big polluters with approval of $4Billion Fossil Fuel divestment. NYC Mayor Bill de Blasio: “Fossil fuels are not only bad for our planet and our frontline communities, they are a bad investment”
President European Investment Bank, Dr. Werner Hoyer: “Gas is over.” Oh, Oh! What’s gas frac’er Ovintiv/Encana gonna do? And, what’s Petro Pimp Jason Kenney gonna do? Fart bigger (after threatening USA with a tiny fart for wisely killing Keystone XL)?
Law-violating, aquifer-frac’er bully Ovintiv/Encana/(Cenovus spawned after Ernst lawsuit filed): “New York-based investor considers Ovintiv…to be the poster child for all that ails the North American exploration and production sector…. The sector as a whole is rife with excessive compensation and a lack of accountability”
Frac Tank Reality Show: “Debt, Debt and Debt” and more debt; Judge-gifted bankruptcies to keep companies frac’ing & polluting and con investors into losing more money; Abandon thousands of frac harmed families; And intentionally dump pollution and clean-up on taxpayers. In the USA, “explorers burned through some $342 billion of cash since 2010, leaving little in the way of returns for investors.” In Alberta, AIMCo took $100s of millions (under Kenney & Harper, will likely take $billions more) from pensioners years ago to give to “quite leveraged” frac’ers already then.