Fossil Free York draws a line for York to commit to sustainability

Alex Kvaskov, Assistant News Editor

Fossil Free York, a group representing students, staff, and faculty, is planning to submit a proposal to the York University Advisory Committee on Responsible Investment, calling on the university to divest from fossil fuels.
Their demands include freezing new fossil fuel investments in the endowment fund immediately, divesting from the top-200 fossil fuel companies by December 2017, divesting from any companies that produce, refine, transport, or sell fossil fuels and reinvesting in the low-carbon economy by December 2018.
“We believe that York’s investment policies should reflect the university’s commitment to sustainability. Right now, York is invested in an industry whose business model is driving climate change,” says Jennifer Mills, FFY member.
To submit the proposal, FFY had to gather over 300 signatures of support from the York community. The proposal gathered over 500 signatures.
“Our proposal also has to make the case for divestment,” says Mills.
“In it we outline the environmental, social, and financial reasons why York should not be investing in fossil fuels. For example, fossil fuel usage affects local communities, both through the extraction process as well as through the effects of climate change,” she adds.
According to Mills, fossil fuel companies are not a good investment in the short-run due low oil prices. She adds that they are also a poor investment in the long-run, as governments implement more stringent policies on climate change and carbon pricing.
The proposal also details why engagement hasn’t worked with fossil fuel companies.
“Acquiring new reserves is central to their business model so companies aren’t very responsive to the idea that we need to keep some oil in the ground,” says Mills.
She claims York lacks transparency around the shareholder engagement process.
Although some say divestment is too political, it sends a clear message, and passive investment choices are just as much a political act, says Mills.
Janice Walls, York media, says there is a “very specific” process that applies to proposals for consideration by YUACRI.
York was unable to provide a more detailed statement because there is a procedure that has to be followed for all submissions to the YUACRI.
“The whole point of the process is to provide members of the York University community the opportunity to make representations, including evidence and rationales that support their proposals,” says Walls.
“We would not pre-empt that process by responding to claims you say they are making, before they have even presented their full submission.”
YUACRI will review submissions and make a recommendation to the Vice-President Finance and Administration on what further action, if any, should be taken, according to Walls.

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