This statement was originally published by the SFU President’s office on November 1, 2021.
In recognition of the escalating climate emergency, and as COP26 convenes in Glasgow, SFU is announcing a full divestment from fossil fuels by 2025.
SFU has had a carbon reduction strategy for many years, and is a leader among Canadian universities for taking action in responsible investment. In fact, the university has already achieved zero direct investments in fossil fuels and only five percent of indirect investments remain in fossil fuel-related industries. This is the final step in the journey toward full divestment.
The Investment Advisory Committee (IAC), a subcommittee of the Board of Governors, provides investment advice on SFU’s $650 million endowment fund and $550 million non-endowment or working capital funds. We are guided in our reduction targets by the Responsible Investment Committee (RIC) of the Board of Governors, and a Responsible Investment policy. We have been in discussion with these groups for years as we work to achieve targets and will meet in late November to finalize goals and timelines. We believe we can be fully divested from fossil fuels by 2025. Following discussion with the IAC and RIC, we will publish the final approved goal.
A strong record of increasing commitment since 2014 puts SFU in a position to make this commitment — and to ensure it can be achieved — with accomplishments that include:
- reduced carbon footprint of the public equity portion of the investment portfolio by 60%
- commitment to net zero carbon emissions for both endowment and non-endowment funds by 2050
- founding member of the Canadian Investor Statement on Climate Change
- one of the first Canadian universities to sign on to the United Nations Principles for Responsible Investment. Through this process SFU goes through a rigorous audit annually and has been shown to compare favourably to other universities worldwide in taking meaningful action toward responsible investment.
- signed UN Race to Zero pledge
Learn more about SFU’s commitment to global sustainability.
SFU is a vibrant, smart, compassionate community of faculty, staff, students, alumni and community partners who seek solutions to global challenges. It is our intent that, through this commitment to full divestment and by raising our collective voices, we will do our part and inspire others to take action to combat the climate crisis.
Many of the strides SFU has made are driven by the commitment of its Board of Governors, its Investment Advisory Committee, Responsible Investment Committee, groups like SFU 350, and our students, who continue to raise awareness about the importance of the impact that we can make. We are very grateful to all of these groups for the progress we have made.
Read the official statement here: https://www.sfu.ca/pres/the-president/statements/2021/sfu-commits-to-full-divestment-from-fossil-fuels.html