Students demand divestment in fossil fuels
The University of Guelph holds roughly $30 million in investments spread over 55 of the world’s top 200 fuel companies. But for a so-called “green” university, is it ethical to invest in fossil fuel companies? Is the University of Guelph caught in a vast hypocrisy within its rhetoric on climate change?
You enter Rozanski Hall, en route to a class and dutifully marching through the crowded atrium. A large mural of planet Earth is lit up by the sunlight. Below, a celebration of the “Better Planet Project” marks the academy’s commitment to a better future.
The “Better Planet Project” set out to raise $200 million in donations towards the work of academics participating with the project.The campaign launched seven years ago and offered donors an opportunity to push money into research that could “solve” many of the crises that are threatening human survival and violate the fundamental rights of different groups of people—and donors loved it.
Now you’re walking down Trent Lane. Trucks buzz back-and-forth emboldened with the logo for the “Green Gryphon Initiative,” a bright green gryphon cutout, representing the University of Guelph’s commitment to a sustainable campus—and we cheer them on.
It’s clear that the University of Guelph makes a point of putting this foot forward—showcasing and branding every part of the school with their “green” initiatives wherever they reasonably can. But is the University of Guelph really a green school, or are they a greenwashed school?We’ve got some solar panels and bike shelters with green roofs, which is great, but has anyone ever looked into where all the money’s invested?
The answer is a little disappointing for those of us buying into the whole “green” label we’ve given ourselves as a community.
From the 1980s to the late 2000s, ExxonMobil, a company in which U of G is invested, actively funded climate change denial, even though their own research from the late 1970s and early 1980s found evidence of climate change. According to The Guardian, an email from Exxon’s in-house climate expert was discovered in 2015 that suggested Exxon knew about climate change as early as 1981, and was also aware of the effect of fossil fuels on climate change. The email also shows that Exxon knew its profits would be hurt by carbon-cutting regulations, hence why it spent the next 27 years actively denying climate change.
How can the University of Guelph, a self-branded “green school,” justify holding investments in ExxonMobil, a company that has poured significant resources and effort into propagating climate change denial?This January, Enbridge was given permission to expand their pipeline, Line 10, which runs through Southern Ontario. According to Don McLean, coordinator of Hamilton’s 350 committee, the new pipeline will essentially result in a doubling of the greenhouse gas emissions from the recently closed coal-fired gas plants in Ontario. Line 10 also crosses through several environmentally significant areas.
And so, contrary to the wishes of many who care about the environment’s well being, yet another pipeline is being funded. Developments like this are concerning, but at least we go to a school that is doing something to fight climate change, right?
What the University should be doing is divesting from fossil fuels and reinvesting more responsibly. For those unfamiliar with the term, divestment is the act of getting rid of stocks, bonds, or investments that are unethical—it’s the opposite of investment. Why would we want to be putting our money into supporting companies that are negatively contributing to climate change and violating human rights?
Fossil Free Guelph, a U of G stakeholder group made up of undergraduate and graduate students, has put together a Special Action Policy, imploring the board of governors to do what they probably should have already done on their own initiative, and divest from these harmful companies. On April 6, students will be gathering on Johnston Green and marching down to the University Centre to submit the SAP to the University’s board of governors.It’s pretty likely that they are going to resist the proposal. However, the more people that show up, the more public pressure will be placed on the decision makers to do the right thing. This gives students who care about climate change and human rights an opportunity to exercise their rights.
Photo by Dana Bellamy/The Ontarion.