The University of Montreal will withdraw all its stock market investments related to fossil fuels by 2025. Student environmental activists speak of a “partial victory”.
The “endowment fund” of the Université de Montréal, a portfolio of shares that finances research projects and scholarships, will soon have no trace of fossil fuels left. The rector confirmed this orientation by press release on Wednesday. “The University leads by example and sides with all scientific studies, which implore humanity to accelerate its energy transition,” said Daniel Jutras.
The value of these shares amounts to approximately 4% of the portfolio valued at 420 million.
The management committee’s 2020-2021 annual report revealed the presence, as of April 30, 2021, of investments in the oil companies Suncor and Canadian Natural Resources. These companies active in the oil sands sector are among the “top ten public securities” of Canadian equities. There is also the oil company Shell.
Pension funds in sight
This change of course was demanded by students. A demonstration had been organized in this direction at the beginning of the year.
Quentin Lehmann, member of the Ecotheque, a militant student group for climate justice, shouts “partial victory”.
“That’s what the rector promised us. He kept one of his most important promises to us. »
What disappoints the students are the tens of millions of dollars in the retirement plan for employees and professors of the University of Montreal who are still steeped in the oil and gas industries. The “retirement committee” manages $78.7 million in these sectors, or 1.63% of total investments.
Since these investments are not associated with students, Quentin Lehmann hopes that employees will in turn push to decarbonize their pension funds.
“We don’t want our rector to rest on his laurels. It is a step forward. We’re really happy, we have to be clear, but we think we should already have gone further. »
Other Quebec universities, such as UQAM, Concordia University and Laval University, have already made commitments to divest from fossil fuels.