UBC finance committee says no to selling off fossil fuel holdings

VANCOUVER -- The University of British Columbia's finance committee has voted against selling off the school's fossil fuel holdings.

The finance committee, part of the school's Board of Governors, decided Wednesday to keep fossil fuel stocks as part of the university's $1.4-billion endowment, while also creating a sustainability fund to promote environmental goals.

See Full Article

Last January, faculty members at UBC voted 62 per cent in favour of selling off the university's fossil fuel investments within the next five years. A year earlier, students had voted 77 per cent in favour of divesting from fossil fuel holdings.

Wednesday's decision by UBC follows the lead of the University of Calgary, McGill University in Montreal and Dalhousie University in Halifax, all of which earlier decided against divestment.

Last December, a University of Toronto advisory committee recommended that the university divest from fossil fuel companies that "blatantly disregard" efforts to halt climate change. University president Meric Gertler is expected to make a final decision on divestment by the end of March.

Concordia University in Montreal was the first university in Canada to adopt a partial divestment policy in December 2014, which only applies to a $5-million fund representing a fraction of the schools' $130-million endowment.



Advertisements

Latest Economic News

  • In signal to Trump, China, Iran say nuclear deal must stand

    Economic CTV News
    BEIJING -- The foreign ministers of China and Iran on Monday urged governments not to violate the deal that limits Iran's nuclear activity in exchange for the lifting of sanctions, in remarks apparently directed at U.S. Source
  • Italy hit by market volatility after referendum defeat

    Economic CTV News
    MILAN -- Italian voters dealt Premier Matteo Renzi a resounding rebuke early Monday by rejecting his proposed constitutional reforms, plunging Europe's fourth-largest economy into political and economic uncertainty. Renzi announced he would quit following Sunday's referendum vote, in which 60 per cent of voters rejected his proposals and signalled they wanted a change in political direction. Source
  • Alberta Premier Rachel Notley heads to B.C. on Monday, spokeswoman confirms

    Economic CTV News
    EDMONTON - A spokeswoman for Rachel Notley says the Alberta premier will visit British Columbia on Monday. Cheryl Oates confirmed the visit would occur when she was asked via text over the weekend, but did not respond to emails asking for details. Source
  • Donating can make a big difference for charity -- and your tax bill

    Economic CTV News
    TORONTO -- The last few weeks of the year are the busiest for Canadian charities with people who rush to get in their last-minute donations before the Dec. 31 deadline.Scroll down or click here to vote in our poll of the day More than 24 million Canadians gave away a total of $12.8 billion to charities in 2013, with the average gift per donor being $531, according to the most recent data from Statistics Canada. Source
  • Central banks are intrinsically conservative to keep our money safe: Don Pittis

    Economic CBC News
    Which is the best economic strategy: delayed gratification, or live for today? In the era of Donald Trump, it seems inevitable that the entrepreneurial urge to make hay while the sun shines is headed for a collision with the restraining forces of central banking. Source
  • Asian stocks tumble after Italy rejects constitutional changes

    Economic CTV News
    BEIJING - Asian shares tumbled Monday after Italian voters' rejected constitutional changes, raising questions over whether Italy will stay in the European Union and keep using the euro. KEEPING SCORE: Sydney's S&P-ASX 200 index dropped 1 per cent to 5,391.40 points and the Shanghai Composite Index lost 0.9 per cent to 3,215.30. Source
  • Global shares mixed after Italy rejects constitution changes

    Economic CTV News
    BEIJING -- Asian shares tumbled Monday while Europe opened higher after Italian voters rejected constitutional changes, raising questions over whether the country will stay in the European Union and keep using the euro. KEEPING SCORE: In early trading, Germany's DAX added 0.8 per cent to 10,599.05 points and France's CAC-40 gained 0.3 per cent to 4,542.94. Source
  • After major victory, Dakota Access oil pipeline protesters to defy deadline

    Economic CTV News
    CANNON BALL, N.D. -- Protesters celebrated a major victory in their push to reroute the Dakota Access oil pipeline away from a tribal water source but pledged to remain camped on federal land in North Dakota anyway, despite Monday's government deadline to leave. Source
  • North Dakota pipeline protesters vow to stay despite victory

    Economic CTV News
    CANNON BALL, N.D. -- Protesters celebrated a major victory in their push to reroute the Dakota Access oil pipeline away from a tribal water source but pledged to remain camped on federal land in North Dakota anyway, despite Monday's government deadline to leave. Source
  • Euro tumbles after Italy's PM resigns, loses referendum

    Economic CBC News
    The euro tumbled in early Asian trade on Monday after Italian Prime Minister Matteo Renzi said he would resign after conceding defeat in a referendum over his plan to reform the constitution. The euro dropped 1.3 per cent to $1.0505 US, falling below its 1 1/2-year low of $1.0518 touched late last month, and testing its key support levels where the currency has managed to rebound in the past couple of years. Source