UBC rejects divestment proposal, proposes $10 M sustainability fund

February 5, 2016

The University of British Columbia has reportedly proposed a $10 M sustainability fund instead of divesting from fossil fuel companies, despite last year’s majority vote by both UBC students and faculty in favour of fossil fuel divestment. The decision was frustrating, said UBCC350 Co-ordinator and UBC student Alex Hemingway, “what we’ve seen at UBC is two decisive referendum votes from faculty and staff in favour of divestment that the committee has chosen to ignore.” UBC Vice-president of External Relations and Communications Philip Steenkamp released a statement saying that the finance committee had concluded that divestment may not have its desired impact on climate change or corporate behaviour, and “would not be consistent with the board's fiduciary obligation to endowment donors.” The board of governors will reportedly vote on the proposal on February 15th.

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