The University of British Columbia board is preparing to make a historic decision, and depending on the outcome, the UBC could lead the way on climate change action for school’s across the country.
On Monday, the Board of Governors will vote on whether or not to divest from the fossil-fuel industry.
In an open letter to members of the Board, the Divest UBC /UBCC350 Team, which advocates for climate change action at UBC, called for a more open and research-based consideration of divestment before a decision is made.
“That is the minimum standard to which students and faculty are entitled after two decisive university-wide referendum votes in favour of divestment,” they wrote, referring to votes last year which showed the majority of UBC students and faculty wanted to divest.
“We ask you to reject the motion against Divestment from Fossil Fuels and immediately undertake an open, transparent and evidence-based consideration of divestment.”
Photo Credit: UBCC350.Divestment is the withdrawal of an investment, and in this case, would mean transferring the endowment invested in fossil fuel companies to non-fossil fuel companies.
“We are asking for UBC to immediately forgo further investments in fossil fuel companies, and divest from all existing fossil fuel holdings within five years,” continued the letter.
So far, the University has consistently refused to meet with UBCC350.
On February 3rd, the UBC Board’s finance committee rejected a proposal for divestment from the fossil fuel industry.
“We’re talking about my generation’s future on this planet,” said Roxanne Hasior, fourth-year engineering student and Divest UBC campaigner, in a statement. “Divestment is not a difficult decision. Every major constituency across the university has shown its support. Does UBC really plan to ignore its own students, faculty and staff, in order to do the wrong thing?”
The UBC finance committee said it wouldn’t be a wise decision financially, despite a recent estimate that the University of Toronto lost as much as $550 million by not divesting when originally asked to in 2013.
“The full Board still has an opportunity to set things right – and to show bold moral leadership as we face an unprecedented global climate crisis,” said George Hoberg, Professor of Forestry, also in a statement.
