The university’s total investment portfolio is value $1.36bn.The Australian National University force all of its investments out of fossil fuels last Oct, a move that prime minister Tony Abbott referred to as “a stupid decision”. Such divestment is AN approach advocated by campaign movements at 350.org and NGO, and has been adopted by city University within the GB and part embraced by university within the U.S.A..
However, the University of state capital has distanced itself from straight divestment, language that the policy doesn't account for the carbon footprint of non-fossil fuel firms and risks extirpation fuel firms that also are performing on renewable energy.
Sara Watts, vice principal (operations), said: “If you divest from a specific company or a sub-sector, it’s a very blunt instrument. The new strategy balances the university’s obligation to manage funds with wisdom on behalf of our students, staff, donors and alumni with its want to handle global climate change and defend Australia’s heritage. It signals to the complete market that investors square measure involved regarding the impact of global climate change and expect contributory sectors to reply with plans to cut back their emissions.”
The university can be a part of the Portfolio Decarbonisation Coalition, AN initiative launched by the United Nations atmosphere Programme in Sep 2014. it's designed to pile up a “critical mass” of investors committed to reducing the carbon footprint of their investment assets by USD$100bn USD. It additionally includes 2 of the biggest plus managers and pension funds in Europe.
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The coalition doesn't stipulate however investors ought to decarbonize their portfolios, though they have to publish their carbon footprint and commitments annually.
The university won't divest from any sector entirely, that means that in theory it may retain its investments in Whitehaven Coal. the corporate is developing Australia’s biggest new coal project in New South Wales, in southern Australia. In 2014, NGO activists designed a mock mine-site on the University of state capital field to focus on the investments.
The state capital call follows a student campaign and vote last year within which eightieth of scholars voted in favour of the university divesting from fossil fuels. The university thenceforth committed to a comprehensive review of its investments.
Greenpeace Climate and Energy nominee Nikola Casule said: “The University of state capital has taken a crucial step within the fight against dangerous global climate change. However, the university should declare that firms are going to be affected if its policy is to be credible.”
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