UBC votes for sustainable investment fund to be free of fossil fuel companies

UBC confirms clean fund to be fossil fuel-free

VANCOUVER — The University of British Columbia will exclude fossil fuel companies from its low-carbon investment fund, a move being applauded by a campus group that has been pushing for divestment.

The university has rejected calls to divest entirely from fossil fuels, but last year it established the $10-million Sustainable Future Fund to invest in companies with low carbon dioxide emissions.

On Tuesday, the school said in an emailed statement that its board of governors voted to approve a framework for the fund that would see it invested in a fossil fuel-free portfolio managed by investment firm Jarislowsky Fraser.

Donors can contribute over time and the university will increase the fund if it performs well in the coming years, with potential increases of $5 million in 2017, 2018 and 2019.

Investments tied to oil, gas and coal made up about 10 per cent of the school’s $1.4-billion endowment as of February 2016.

No Canadian university has divested fully from fossil fuels, but the University of Ottawa has also established a clean investment fund while Concordia University in Montreal has partially divested.

Stephanie Glanzmann, a student with UBC350, the group that has been advocating for complete divestment, said the fight will continue.

“Although we’re taking this as a win, we have a long way to go,” said Glanzmann.

“We intend to continue advocating and keeping a close eye on their actions moving forward.”

The Canadian Press

Just Posted

Dine Around Thompson Okanagan kicks off

Fifty restaurants in the region will participate in this year’s event

Kelowna developer releases video fly-through for project

Kelowna’s Mission Group releases video prior to community open house and public hearing

Consulate for American services coming to Kelowna

A Vancouver travelling pop-up consulate will be in Kelowna Jan. 18

Documentary series features local wineries and restaurants

Quest Out West Wild Food launches Jan. 18

Update: West Kelowna looking at 2.58 per cent tax increase in 2018

Council reviews its 2018 budget, rejects addition of more cops, firefighters

Your Jan. 17 Morning Brief

Check out the top stories of the day in the Okanagan-Shuswap with Carmen Weld’s Black Press Morning Brief.

Star gazing: The wonders of Saturn

Ken Tapping is an astronomer with the NRC’s Dominion Radio Astrophysical Observatory, Penticton

Bank of Canada hikes interest rate to 1.25%, cites strong economic data

The rate increase is expected to prompt Canada’s large banks to raise their prime lending rates

The Movie Guy: Tonya Harding movie gaining steam

Kelowna movie columnist Rick Davis takes a look at new movies coming out this week

Letter: Another development requesting height variance

Kelowna letter-writer says an upcoming development public hearing should be well-attended

Police suffer fractured leg, sprained fingers after violent Vancouver confrontation

A Penticton man faces assault charges following the incident

Trump aces mental aptitude test designed by Canadian immigrant

“This is a good example, I think, that will be helpful to change views about immigration. And maybe for Mr. Trump himself to consider immigrants as contributors to advancing science, advancing our societies.”

Rival Koreas agree to form first unified Olympic team

The rival Koreas took major steps toward reducing their bitter animosity

Canada, U.S. lead call for sanctions against North Korea

Foreign ministers from 20 countries are meeting in Vancouver to discuss security and stability on the Korean Peninsula

Most Read