A University of BC board of governors committee has recommended the school not divest from fossil fuels, but should invest in cleaner energy.
Students were not happy.
Alex Hemingway says the university is deciding issues behind closed doors and needs to listen to the majority of its constituents.
“It is frustrating we have been working on this for a long time.”
UBC’s Philip Steenkamp says divesting would not be financially responsible to the university’s donors.
That said, he admits if they had dumped fossil fuels in 2013, when similar calls to divest were made, UBC would have saved itself a bundle.
“Yeah, that is one of the ironies of this whole case. The actual stock in fossil fuels has declined. Previously, we had about $100 million invested. It is probably around $85 million now because of how the market has performed.”
The board will vote on whether to create a $10-million sustainable future fund on Feb. 16.