By The Canadian Press

UBC board of governors votes against divestment from fossil fuel industry

Feb 15, 2016 | 10:21 AM

VANCOUVER — The University of British Columbia’s board of governors has voted against dumping the university’s investments in fossil fuels.

The school’s finance committee brought a motion not to support divestment, but instead to create a so-called sustainable future fund.

The fund would include a portfolio mandate for low carbon emissions and be seeded with an initial allocation of $10 million.

Investments tied to oil, gas and coal companies make up about 10 per cent of the university’s $1.4-billion endowment.

Divestment has been an ongoing issue at the institution for several years, with students and staff voting separately in favour of pushing the investments out of UBC’s portfolio.

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Campus-based environmental advocacy organization Divest UBC had circulated an open letter to the board calling for a transparent, open and evidence-based consideration of divestment.

The Canadian Press