p GO University of BC!! We, along with more than 170 other faculty members, this week signed an open letter calling on the University of British Columbia to divest from fossil fuels. In so doing, we are inspired by our students, who last year voted almost 4-1 in favour of divestment. The UBC Faculty Association will decide on Monday whether to hold a referendum calling on the university to immediately forgo further investments in fossil-fuel companies, and divest from existing fossil-fuel holdings within five years. Academic researchers understand all too well that climate change presents an urgent crisis for humanity. The science is clear: the evidence is overwhelming that we are hurtling towards a future that is dangerous for humankind. Immediate actions are required to restructure our energy systems away from fossil fuels and toward clean energy. Luckily, research by engineers and economists also shows that such a transition is both technologically feasible and affordable. In addition to conducting research, professors also interact daily with today’s youth, who will suffer the greatest consequences should we fail to address the climate crisis. As teachers, we are reminded of our moral duty to future generations. We believe that is inconsistent with UBC’s core values of sustainability, global citizenship, and innovation to support an industry whose products are driving us toward an unsustainable future. And it is disturbing to us that our students’ education, an investment in their future, should be funded in part by profits from an industry that harms that same future. Some are concerned that divestment might reduce the income UBC receives from its endowment, but this need not to be the case. Studies designed to measure the impact of divestment have found little or no impact on returns. Indeed, there are increasing concerns, from the likes of the Governor of the Bank of England and major pension funds, that a “carbon bubble” could pose a significant threat to fossil-fuel investments. Just as UBC has undertaken renewal of its facilities and operations as a “living laboratory” for sustainability, we call on our university to apply its expertise and values with the same vigour to its endowment. UBC should devise a profitable fossil-free portfolio that inspires sustainable investing by other institutions. vancouversun/technology/story.html?id=10318880
Posted on: Sun, 26 Oct 2014 13:01:44 +0000
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