The University of British Columbia is following the lead of faculty and students at Harvard University, the University of California, Stanford University and many other universities across North America. Also of note, Norway’s sovereign investment fund, the largest in the World @ $1.3 Trillion, has already made the decision to divest. The current fossil fuel market collapse and likely long term instability is prima facie evidence of the need for divestment, and to prevent further increases in carbon emissions.
Norway’s Government Pension Fund Global (GPFG), worth $850bn (£556bn) and founded on the nation’s oil and gas wealth, revealed a total of 114 companies had been dumped on environmental and climate grounds in its first report on responsible investing, released on Thursday. The companies divested also include tar sands producers, cement makers and gold miners.
As part of a fast-growing campaign, over $50bn in fossil fuel company stocks have been divested by 180 organisations on the basis that their business models are incompatible with the pledge by the world’s governments to tackle global warming. But the GPFG is the highest profile institution to divest to date.