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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? ....
UVic divests Working Capital Fund Photo by Joshua Ngenda, Photo Editor from a Divest protest in 2019. The University of Victoria has moved $80 million of their Working Capital Fund into a fossil fuel free fund meaning the fund no longer has any investments in fossil fuels. Divest UVic, a campus-based advocacy group run by students, faculty, and staff of the university, has been pushing UVic to divest from fossil fuels for eight years. Emily Lowan, the group’s lead organizer as well as the UVSS Director of Campaigns and Community Relations, says that she is ecstatic. “This is truly a historic moment for the campaign and for the whole university,” Lowan told the Martlet. “What this tells us is that we have a real opportunity to push for a bold climate justice agenda on campus.” ....
File photo by Belle White. In January 2020, the UVic Board of Governors passed a new investment strategy, called the Responsible Investment Policy, while protesters from Divest UVic voiced their disappointment. Now, a year after the policy was implemented, UVic has announced a $500 000 investment in Raven Indigenous Capital Partners’ Indigenous Impact Fund. Through investments in companies like the Raven Fund, UVic aims to reduce the carbon intensity of their working capital investment portfolio by 45 per cent by 2030. Divest UVic remains concerned, however, that the Responsible Investment Policy falls short of divestment from fossil fuels. The policy placed a focus on carbon intensity and thematic investments. Carbon intensity is a measurement of the estimated total emissions of UVic’s investment holdings across all sectors. Emily Lowan, the director of campaigns for the UVSS, says it’s a flawed metric. ....
Without further adieu, here are the Martlet’s best shots from 2020. Saanich Police shut down a gathering on campus during the first week of university. Photo by Michael John Lo. A playground during the early days of COVID-19 in March. Photo by Joshua Ngenda. Black Lives Matter protesters take to the streets following the death of George Floyd. Photo by Josh Kozelj. Over 8 000 people gathered in Centennial Square for a Black Lives Matter Peace Rally led by UVic students. Photo by Michael John Lo. Photo by Michael John Lo of Shae Smith and his dog, Tony in Beacon Hill Park. ....