500 signatures reached
To: The London School of Economics & Political Science
FULLY DIVEST LSE FROM FOSSIL FUELS
We want the London School of Economics & Political Science to:
1) Immediately freeze any new investment in fossil fuel companies
2) Divest from direct ownership and any commingled funds that include fossil fuel public equities and corporate bonds within 5 years.
200 publicly traded companies hold the vast majority of the world’s proven coal, oil and gas reserves. Those are the companies we’re asking the LSE to divest from. Currently LSE holds £1,709,847.49 worth of investments in these companies.
We duly note the LSE's positive effort of making a statement towards Social Responsible (Ethical) Investment in 2009 where they have installed good governance processes in place. The school states that no funds arising from student fees or the day to day running of the school have been invested in equities, however there is no mention of corporate bond investments. Also, no explicit indications of divesting from fossil fuel investments or highlighting climate change as a major risk specifically arise in the statement.
We also acknowledge that LSE passed a Socially Responsible Investment Policy on 26th November 2015. The Policy requires, subject to the School’s fiduciary responsibilities, that there be no direct investments in stocks issued by companies engaged in manufacture of tobacco, indiscriminate arms, or substantially in extraction of thermal coal or tar sands (TWTT) and, as far as possible, no indirect investments in the same companies.
LSE is moving in the right direction, but we need your help to push them to divest the rest!
Why is this important?
Time and again it has been scientifically proven that climate change triggered by the increase of CO2 concentrations in the atmosphere is directly linked to human industrial activity that is powered by the burning of fossil fuels. To stabilise atmospheric CO2 concentrations and thereby minimise the hard to predict impacts of rising global temperatures, we need to take action right now. Therefore, we the students of LSE are asking the school to disclose its endowment fund investments. If the portfolio contains investments in fossil fuel focussed companies, we will work with the the school to shift its focus towards low carbon technology and clean energy companies. We must mitigate the anthropogenic effect by addressing where our institution is investing its money.
How it will be delivered
With the support of fellow students, we collectively aim to positively engage and work with the LSE towards a well balanced resolution.