****CONCORDIA TO DECIDE ON DIVESTMENT****
On Tuesday, May 30th, the Concordia University Foundation’s decision regarding the divestment of their $154.3 million dollar endowment fund from the fossil fuel industry will finally be announced. This decision could be a historic opportunity for the university. Divest Concordia will be closely watching and reacting to the coming developments, and we invite our community to join us!
For more info, read our full statement below.
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On Tuesday, Concordia University has a chance to take a clear stance on
some of the most pressing issues facing our generation; climate change
and fossil fuel extraction.
Currently, the $154.3 million endowment fund includes approximately $10 million invested in the fossil fuel industry, and our university will be deciding whether or not to maintain their support for an industry that perpetuates colonialism, violates human rights, and pollutes our water, land, and air.
This decision could be a historic move not only for the university, but also for the divestment movement in Canada, which is watching to see whether Concordia will follow the leadership shown by Laval University by finally committing to full divestment from fossil fuels.
This announcement will follow four years of tireless pressure and commitment from multiple student groups and allies at Concordia, where a referenda produced an overwhelming vote of support for divestment, with 83% of students voting in favour.
Over 2 years ago, Concordia’s administration took a step in the right direction by creating a $5 million fund that screens out fossil fuel investments, making Concordia the first university in Canada to begin the divestment process. An administrative committee, with a permanent seat for Divest Concordia, was struck to consider next steps, and it is their decision that will be announced next week.
Despite the strong and clear moral case for divestment, university administrators have consistently cited fiduciary responsibility as the primary barrier. Yet, the university’s $5 million fossil-free fund has consistently outperformed the rest of the foundation’s investments since inception. In fact, if the entire endowment had been divested 2 years ago, the university would have made a larger return on investment!
We can not afford to continue investing in the destruction of our homes and our livelihoods. If Concordia wants to be a true leader in society, it is clear that it must divest from fossil fuels, and invest in our futures instead.
Stay tuned for updates as we move into this next phase of our campaign!