The Concordia University Foundation just announced its intention to withdraw all of its investments from the coal, oil and gas sector before 2025.
The Concordia University Foundation plans to be the first Quebec university with 100 per cent sustainable investments within five years. Currently, $14 million of Concordia’s $243 million assets is going into the coal, gas and oil sectors.
“We believe that being socially and environmentally responsible in our investments is the surest way to be Concordia University’s best possible fund management partner,” said Howard Davidson, Chair of the Board of the Concordia University Foundation, in a press release Friday. “Investing in sustainability is not just the right thing to do, it’s the smart thing to do.”
While Concordia cancelled classes for the climate strike on Sept. 27, some questioned why the university still invested in fossil fuels, as pointed out by Jacob Robitaille, internal coordinator of Concordia’s La Planète s’invite à l’Université in a previous interview with The Concordian.
“It doesn’t send a straightforward message,” Robitaille said of Concordia’s environmental position.
But now, the university is aiming to double investments that generate social and environmental impact with a financial return. For instance, Concordia partnered earlier this year with Inerjys Ventures, a global investment fund promoting the adoption of clean tech.
“Promoting sustainability and fighting climate change are priorities for the Concordia community,” said Concordia’s interim President Graham Carr in a press release. “Our researchers, students, faculty and staff are all engaged around this issue and want to be part of the solution. The Foundation’s commitments are crucial next steps in our sustainability journey.”
More details to come.
Feature graphic by Jad Abukasm