Divestment across the country

UNIVERSITY OF BRITISH COLUMBIA (UBC)

UBC has one of the largest endowments among universities in Canada at $1.71 billion, and it is estimated to have the most invested in fossil fuels: over $120 million. Following a steady stream of protests from student groups like UBCC350 and Extinction Rebellion UBC, and half-measures from the university, UBC’s Board of Governors authorized a plan to divest 22 per cent of its Main Endowment Pool in December 2019. Why such a specific number? The remaining 78 per cent is made up of charitable donations that are bound by specific donor agreements and the university has received legal opinions that investing the money for political reasons could be illegal. That same month, the Board also declared a climate emergency and committed to exploring full divestiture, though it provided no concrete timeline for doing so.

Henry Anderson, The Ubyssey In collaboration with student journalists around the country, we compared university divestment policies from Vancouver to Montréal. For an in-depth comparison, visit ubyssey.ca. Illustration by Alex Vanderput

UNIVERSITY OF ALBERTA (U OF A)

Among the U of A administration, there has been little to no conversation about fossil fuel divestment at the administrative or student government level.

While the U of A has made a commitment to consider “environmental, social and governance risks and opportunities” in its investments, their endowment fund lacks a dedicated green portfolio. According to a 2019 annual report, the U of A’s Investment Committee made one investment based on environmental considerations by investing in Bakkafrost, a salmon producer, but the report did not mention any consideration of divestment from fossil fuels. UNIVERSITY OF TORONTO (U OF T) In 2013, environmental activism group UofT350 started calling on the university to divest an estimated $32.1 million in fossil fuels from its endowment, which now sits at $2.59 billion. Shortly after, U of T President Meric Gertler appointed an ad-hoc Committee on Divestment from Fossil Fuels in March 2014.

The committee released its long-awaited report in December 2015, recommending that U of T divest from all companies that “engage in egregious behaviour and contribute inordinately to social injury.” But disappointment soon followed when Gertler announced in 2016 that he would be rejecting the committee’s recommendations, instead supporting a “firm-by-firm” approach.

Since then, the issue had largely been forgotten until the Global Climate Strike brought divestment to the fore again in 2019 and reinvigorated student activism.

A number of student groups have been advocating for divestment since 2012, including Divest McGill, C-JAM and Greenpeace McGill. But in 2013, McGill’s Committee to Advise on Matters of Social Responsibility (CAMSR) rejected calls for divestment because Divest McGill “failed” to show that fossil fuel companies had caused “social injury.”

Since then, McGill has established a $5 million Fossil Fuel Free Investment Fund within its total endowment of $1.7 billion. It still has an estimated $105.1 million invested in the energy sector.

In fall 2019, a petition — signed by students, alumni, faculty, staff and donors — circulated pledging no donations until the university fully divests. Shortly after, CAMSR released another report that ruled

that divestment is “not advisable,” citing similar reasoning as before.

Emily Black and Yasna Khademian, The McGill Daily

UNIVERSITÉ LAVAL

Three years ago, Université Laval became the first Canadian post-secondary institution to commit to divesting its endowment from fossil fuels — an equivalent of $11 to $30 million of the university’s $200-million portfolio. The decision came after only three months of activism from the student group ULaval sans Fossiles, including handing out buttons and pamphlets, doing outreach on social media and hosting informative talks.

But a year and a half later, Quebec City newspaper Le Soleil reported that Université Laval had still not made any changes to its divestment portfolio because it was in the process of researching how to do so without taking on too much financial risk. A new investment plan was presented to its Board of Directors in the fall of 2018.

CONCORDIA UNIVERSITY

In November, 2019, Concordia became the second university in Canada to commit to fossil fuel divestment after six years of activism from student group Divest Concordia. The university’s investments in oil, coal and gas account for 5.7 per cent of its $243-million endowment.

Concordia Interim President Graham Carr emphasized that while Université Laval may have resolved to divest first, Concordia was the first to produce a detailed timeline for doing so.

But not all are so quick to celebrate. Divest Concordia and other climate action groups have criticized the organization that manages Concordia’s endowment, The Concordia University Foundation, for setting a five-year timeline when immediate action is needed.

Henry Anderson, The Ubyssey