The UBC board of governors won’t dump the school’s investment in fossil fuels.
Instead, it has voted to launch a new $10-million “green” fund to invest more environmentally responsible.
Speaking for the board, Philip Steenkamp says members will look at making its discussion on this policy more transparent.
“They constantly assess, investment advisers constantly assess this, they are constantly meeting. I mean, there will be a formal review after three years of all of this as well.”
The board adds the issue is a self-correcting, one saying investors will increasingly choose environmental companies over dirty ones.
Speaking for “Divest UBC,” Alex Hemingway says he is disappointed, but the writing is on the wall.
“I think there is a certain inevitability to divestment. It’s incredible to see how fast it has grown, over five hundred institutions around the world already committed to divestment.”
Three members of the board voted against the motion. One abstained.
UBC holds a $1.4-billion endowment fund.
In 2014 and 2015, students and faculty voted by strong majorities to divest the school of its fossil fuel investments.