We demand that the University of Washington’s Board of Regents honor any recommendations given by the ACSRI on fossil fuel divestment which affirm the University’s need for divestment and which sustainably reinvest a minimum of 2.5% of the current CEF into equitable climate solutions. Furthermore, we demand that the BOR develop and codify investment policy which puts a permanent negative screen on investments in fossil fuels, while instructing UWINCO to divest all fossil fuel assets from the CEF no later than 2025.
Furthermore, we are appalled that UW continues to direct the investment of faculty and staff retirement funds into the volatile and morally reprehensible fossil-fuel-rich mutual funds managed by groups such as Fidelity and TIAA. We demand that UW Retirement provide information and disclaimers such as MSCI’s ESG ratings and other educational materials which clarifies the climate impact of investment in fossil-fuel-exposed mutual funds during enrollment through Fidelity in the UWRP. While UW Retirement should honor the investment decisions of its employees, by offering fossil fuel funds as default on Fidelity and TIAA, UW is electing to invest faculty’s future economic security in an industry which is destroying all of our futures.
UW Retirement (University of Washington Human Resources)
In 2019 ICA began organizing around an important demand: divestment. Here is the complete list of original demands
1. Declare the climate crisis an emergency which requires a just response:
The University should publicly announce that climate change is a crisis and an imminent threat to humanity and all biological life on Earth and therefore, commit to using all available means at its disposal to respond to the threat by decarbonizing its investments, operations, procurement contracts, and supply chain.
2. Implement sustainable changes on campus to equitably address the climate crisis
Implement the tri-campus strategic sustainability action plan which evaluates the sustainability of all university activities, and include current investment practices as an action item for fiscal years 2022-full divestment.
3. Divest all endowments & pensions from fossil fuel industries by 2025
Divest all current holdings and investments in the fossil fuel industry from its endowment, pensions or otherwise, before or no later than fiscal year 2025, (defined to include, but not limited to: Coal, Natural Gas, and/or any other petroleum-based fuel, as well as extraction, refinement, distribution, use, or digital support for those processes), whether in the form of Stocks, Bonds, Mutual Funds, Hedge Funds, Private Equity or Venture Capital that supports the fossil fuel industry nor Assets and Real Estate related to the fossil fuel industry.
4. Re-invest at least 2.5% of endowments into equitable climate solutions
Allocate at least 2.5% of its endowment’s new investments towards sustainable solutions, through mutual funds screened to assure no involvement in the fossil fuel industry, through reinvesting in climate change addressing technologies, renewable energy projects, net zero carbon capital projects, infrastructure, real assets, or through revolving loan funds for sustainable and climate smart development on or off campus.
5. Commit to carbon neutrality by 2030 and net zero carbon emissions by 2040
Commit to and implement a strategy to reach carbon neutrality by 2030 and net zero carbon emissions on or before 2040; by bringing its direct and indirect (Scope 1& 2) emissions from campus operations to zero and reduce as much of its upstream and downstream (Scope 3) emissions as possible from its procurement and supply chain, using Carbon Offsets and Renewable Energy Credits (RECs) only as a limited transition step with sunset clause and/or last resort measure after reducing all possible scope 1, 2 and 3 emissions through its operations, procurement and supply chain.
Since then, ICA has focused in on the Consolidated Endowment Fund (CEF) which contains more than $124 million in fossil fuel investments in the form of mixed and direct holdings. Read about the background, our campaign overview, and the latest in:
After collecting more than 1500 signatures, 30+ RSO endorsements, endorsements from the ASUW Senates, the GPSS Senate, and support from Faculty Senate, ICA submitted our 29 page proposal to the Board of Regents in February 2021, explaining why continued investment in the fossil fuel industry is morally reprehensible and socially unacceptable. Since then, the Board has which began meeting in September 2021 (see ). In February 2022 the ACSRI indicated they would make their final recommendation to the Board’s Finance and Asset Management Committee on . As explained in , the Board of Regents ultimately has the final decision. After more than two years of good faith negotiation, we strongly ask that the Board honor the UW communities’ interest in divesting from fossil fuels. Stay updated for the latest: