The Dalhousie Student Union (DSU) voted unanimously Nov. 20 for the university’s board of governors to divest from companies profiting off fossil fuels, according to a press release from the organization.
The student group, Divest Dalhousie, had been working since May 2013 to push the board to stop investing in fossil fuel companies, it stated. The university’s endowment in such companies is over $411 million, according to the student union.
DSU vice-president (academic and external affairs) Aaron Beale said the councillors felt that as representatives of the entire student body this was an “important issue to take a stance on.”
“The issue was uncomfortable for some but the campaign was welcomed by the university president who admired the students for their social justice pursuits and being diligently critical,” Beale said.
Divest Dalhousie is based on the moral, ethical, political, and economic issues associated with investing in fossil fuels, according to campaign member Rob McNeish.
“It is morally unjust for the school to profit from the destruction of the climate or the destruction of the earth due to climate change,” McNeish said.
He said the group has been raising awareness of the issue through social media, online petitions, and educational events where people could ask questions about the issue. They also held Divest Wam-Bams, which are craft events where the participants make buttons, posters, and vests to spread awareness.
The campaign has a core group of around 20 members, but has hundreds of additional supporters online and on the university’s campus, according to McNeish.
He said the political implications of divestment would contribute to inhibiting the operations of fossil fuel companies on the university and in Canada, and would counteract the Harper government’s inclination towards a “Petro-State” Canada.
McNeish also said divestment may protect the university from negative trends in fossil fuel shares.
“On an economic argument, we feel that the energy stocks at Dal Investments have become more volatile over time and with climate change and carbon regulations that are coming up from other countries, the profits and operational ability of Dalhousie might be compromised if fossil fuel companies begin to lose money, which they are,” he said.
University secretariat Susan Brousseau said Dalhousie’s board of governors met with Divest Dalhousie on Nov. 26 following the vote. She said information from the meeting would be presented to the university’s Investment Committee in the future.
Brousseau said the committee has been concerned with issues like this for years, and is actively discussing environmentally friendly investments.
“The issue is complex and involves balancing a variety of considerations, including the university’s commitment to sustainable practices and its fiduciary responsibilities,” she said.
In May 2013, McGill University’s board of governors rejected two petitions from a similar group called Divest McGill, to divest from companies that profit from fossil fuels and oil sands. McGill’s board said the group failed to provide sufficient evidence that social injury had been caused by the actions of the companies in question.
But McNeish said he was optimistic that the Dalhousie group would have more success at the board level.
“The way things have been going at Dalhousie, we’re going to divest,” he said. “It’s going to happen and we are going to be the first institution in Canada to do so of its kind.”
