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UVic’s divestment shouldn’t come as a surprise
Divest UVic spent years advocating for this huge win
Protesters temporarily blocked Ring Road on Jan. 3 2019 while waiting for the Board of Governors to arrive. Photo by Joshua Ngenda.
UVic’s divestment of $80 million from the Working Capital Fund was a welcome surprise for many. One year into their ten-year responsible investment policy, the board of governors announced a sudden change of course to full divestment. But let’s be honest: should we really be surprised if an eight-year movement with over 70% support amongst faculty and students finally garnered some tangible changes in the university?
“We are acting on our commitment to address climate change in every domain at UVic, including through our investments,” said UVic treasurer Andrew Coward. “The opportunity to invest in renewable power is clear and it aligns with UVic’s responsible investment strategy, allowing for support of future technologies while also ensuring a strong financial return.”
The investaments allow the university to lower the carbon footprint of its investments, he said, “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.”
Both the UVic Students’ Society and Divest UVic called the development a “major victory” following an eight-year fight to stop the university from investing in the fossil-fuel industry.