Good reasons to divest fossil-fuel shares

Re: “Petition to dump oil shares goes beyond UVic borders,” Nov. 16.

I am a University of Victoria employee and I also support the idea that the university should divest its endowment and pension funds from the fossil-fuel sector. There are both economic and moral arguments supporting this shift.

A known and limited amount of carbon can be emitted into the atmosphere without destabilizing the climate. Ignoring this limit would be costly, as climate change is recognized as the No. 1 threat to our global economy. Unfortunately, the amount of proven fossil-fuel reserves far exceeds the amount that can be safely burned. Everything else must stay underground. This means any new investment in coal, oil or gas could potentially become a stranded asset.

This is why an estimated $5.5 trillion has been divested from this sector over the past several years. We have created a “carbon bubble,” which will cost a lot of people a lot of money when it pops. Why should UVic pensioners be caught holding the bag when that happens? The risk is too great.

There is an even greater moral imperative for us to stop investing in activities that will harm future generations. Universities are places to develop and empower young people. It is disingenuous for the institution to promote itself as a sustainability leader, while simultaneously trying to profit from companies that ignore the consequences of carbon pollution for our future and our planet.

Dwight Owens Langford