To: The University of Waterloo Board of Governors

University of Waterloo: Divest from Fossil Fuels

University of Waterloo: Divest from Fossil Fuels

We, the undersigned - as students, workers, and alumni at the University of Waterloo, along with concerned citizens - call upon the university to respond to the seriousness of climate change by making a statement of principle immediately affirming their intention to divest from fossil fuel companies, to immediately stop investing new money in the industry, and to spend the next five years winding down existing holdings.

Why is this important?

In order to avoid dangerous climate change, the world needs to redirect investment from fossil fuels to alternative forms of energy that are compatible with climate safety.

Governments and organizations around the world have recognized warming of 2˚C as the threshold where climate change will become dangerous. If we want to stay below that limit, we can emit no more than 565 billion tonnes (gigatonnes) of carbon dioxide. Global fossil reserves contain 2,795 gigatonnes of carbon dioxide, more than enough to drive humanity off the 2˚C trajectory.

Furthermore, these ‘unburnable’ fossil fuel reserves are currently valued as if they will all be burned, at as much as $20 trillion. The value of fossil fuel companies and their business models are based on plans to burn these reserves; maintaining a livable climate requires building a consensus that these reserves will be stranded while accepting their financial valuations is accepting climate catastrophe. We wish to join the foundations and pensions that have pledged to divest funds valued at $2.6 trillion from fossil fuels, and demonstrated divestment is practically feasible.

Investment in fossil fuel corporations facilitates the development of fossil fuel reserves, which must remain underground in order to avoid dangerous climate change.

Waterloo, ON, Canada

Reasons for signing

  • This should be top priority.
  • It's too late to be talking about divestment as if it's simply an extra-credit option.
  • As the Green Party candidate in Waterloo for the 2015 federal election, I support this initiative and trust it will impact Wilfrid Laurier University and Conestoga College,

Updates

2016-01-30 21:50:50 -0500

100 signatures reached

2015-02-09 19:27:30 -0500

50 signatures reached

2014-06-16 11:26:35 -0400

25 signatures reached

2014-01-16 09:30:07 -0500

10 signatures reached