As SFU faculty, we join with SFU 350 in calling on the Board of Governors to 1) increase transparency about the climate risk and carbon intensity of SFU’s investments, 2) immediately freeze any new investment in fossil-fuel companies, and 3) divest within five years from direct ownership and from any funds that include fossil-fuel public equities and corporate bonds.
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It is not too late to limit climate change and thus reduce the suffering of millions of people around the world. To limit global warming to the “safe” target of 2°C above pre-industrial levels, it is increasingly clear that we must make a rapid shift away from fossil fuels.
According to the most recent report of the Intergovernmental Panel on Climate Change, future global CO2 emissions from human sources must stay below 1.01 trillion tonnes (1,010 GtCO2) to preserve just a 66% chance of limiting warming to 2°C. Yet estimates of the emissions potential from existing, economically-viable fossil fuel reserves (2,800 Gt CO2) exceed that target several times over.
Proven and probable reserves in Canada alone amount to 174 GtCO — one sixth of the carbon budget for the entire planet. In other words, if we want to avoid the strong possibility of catastrophic climate change, most of the Earth’s fossil fuel reserves must not enter the atmosphere.
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SFU aspires to be “a leader in our progress to a sustainable way of living” and, accordingly, it must advocate for immediate action to dramatically reduce our reliance on fossil fuels. But when SFU invests in fossil fuels, it sends the opposite message: the university appears to be betting that the extraction of fossil fuels will continue unabated, and that we will fail as a species to come to terms with climate change.
Even if the world does continue to burn carbon at current rates, there is no reason to assume that SFU must invest in fossil fuels in order to fulfill its fiduciary responsibility. A study by S&P Capital IQ found that if universities had divested 10 years ago from their fossil fuel-based investments, their endowments would likely be larger than they are today. Many organizations around the world have already committed to divestment, including nine post-secondary institutions, 22 cities, 19 foundations, and 23 religious organizations.
[. . .] We call upon the Board of Governors to end business as usual at SFU and immediately begin the process of divestment from fossil fuels. Divestment is an opportunity for SFU to engage the world by boldly demonstrating a commitment to a sustainable future. To quote again from SFU’s Sustainability Plan, “Taking action on the environment means significant change in both social and economic structures. Behaviours and expectations need to be aligned around the unified goal of a healthier planet. If we are serious about this endeavor, educational institutions must help show the way.”
Michael T. Schmitt (Psychology)
Rosemary Cornell (Molecular Biology and Biochemistry)
Nilima Nigam (Mathematics)
Shane Gunster (Communication)
Arne Mooers (Biological Sciences)
Kirsten Zickfield (Geography)
A complete list of signees, a longer version of the letter, and how to add your name to this list can be found at http://sustainablesfu.
