Emily Lowan was overjoyed when she heard the news.
After years of pressure from student advocates like herself, the University of Victoria announced Tuesday it has dumped its large investments in fossil-fuel industry stocks from its $256-million working capital investment fund.
According to the release, $80 million in investments from that fund have now been moved to a short-term bond fund that focuses on reducing the “carbon intensity” of the investments within the pool.
It has also invested $10 million in a renewable power impact fund that will measure the carbon emissions the school has avoided by moving money out of the fossil-fuel industry.
Students participating in a Global Climate Strike event on campus in October 2019. (Facebook/Divest UVic)
“Investing in the fossil fuel-free fund allows us to lower the carbon footprint of our investments, which helps to mitigate the investment risk associated with climate change,” said UVic Treasurer Andrew Coward in a statement.
Lowan, spokesperson for the UVic Student Society and the lead organizer of the group Divest UVic, said she has been personally advocating change for at least a year.
Divest UVic has been pushing for the school to pull its money from the oil industry for the better part of a decade.
While money previously invested in the fossil fuel industry has been reallocated from UVic’s working capital fund, advocates are still pushing for similar divestment when it comes to the school’s longer term endowment foundation. (Facebook/Divest UVic)
“This was an incredibly wonderful surprise,” said Lowan, speaking Tuesday on CBC’s All Point West.
She said she was shocked to hear the news, but said she thinks the move could have finally been made because the university appointed a new president, Kevin Hall, in November.
While Lowan is thrilled with what she called “this recent win,” she said her battle to break the bonds between the institution and the fossil-fuel industry is not over yet.
She says the University of Victoria Foundation — the school’s long-term endowment fund — still had about $40 million invested in the fossil-fuel industry as of March 2020 and this also needs to change.
“This foundation endowment needs to be next,” she said.
All Points West8:06UVic partially divests from fossil fuel stocks
For nearly a decade the University of Victoria has been the target of a student-led campaign urging it to dump its large investments in fossil-fuel industry stocks. The University is now dropping those stocks from its $256-million working capital investment fund. Emily Lowan is the Director of Campaigns and Community Relations with the UVic Student Society and the lead organizer of the group Divest UVic. She spoke with Kathryn Marlow about the development. 8:06
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
