A Canadian university just pledged to divest from oil and gas by 2025
In a major step in the fight against climate change, Concordia University in Montreal just announced its plan to stop investing assets in the coal, oil and gas sector by 2025.
The Concordia University Foundation also said it plans to put its entire $243 million endowment into sustainable investments within five years.
"Promoting #sustainability and fighting #climatechange are priorities for the Concordia community."— Concordia University (@Concordia) November 8, 2019
— #CUpresident Graham Carr #climatechange #Sustainability #sustainableinvesting #Concordia #divestment https://t.co/nu5L8BBlhb
According to a blog post on Concordia's website, it's the first university foundation in Quebec to set a target of 100 per cent sustainable investments by 2025.
Graham Carr, the school's interim president, told CBC that sustainable investments are those that conform to the United Nations Principles for Responsible Investment.
"We believe that being socially and environmentally responsible in our investments is the surest way to be Concordia’s best possible fund management partner," Howard Davidson, chair of the board of the foundation, said in the Concordia blog post.
"Investing in sustainability is not just the right thing to do, it’s the smart thing to do. The foundation has already been working in that direction and this is a last push toward 100 per cent sustainable investments."
According to CBC, the Concordia University Foundation says its current assets in the coal, oil and gas sectors represent about 5.7 per cent of the total endowment, which amounts to about $14 million.
Concordia started a sustainable investment fund back in 2014, and it was the first Canadian university to start divesting from coal, oil and gas.
"Promoting sustainability and fighting climate change are priorities for the Concordia community," Carr said in the post on the school's website.
"Our researchers, students, faculty and staff are all engaged around this issue and want to be part of the solution. The foundation’s commitments are crucial next steps in our sustainability journey."
Join the conversation Load comments