Institutional Climate Action—University of Washington

Fossil Fuel Divestment Press Release 2022

Letter to the Board of Regents

Press Release 1: Big Win For Fossil Fuel Divestment At UW?

Press Release: UW to Divest from Fossil Fuels

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Fossil Fuel Divestment Press Release 2022

ICA UW Chapter

Institutional Climate Action

What is ICA?

Institutional Climate Action (ICA) - is a climate justice divestment coalition made up of students, faculty, and staff from Washington State’s publicly funded higher education institutions. We are organizing in solidarity for divestment from fossil fuel companies. We believe that our public institutions of higher education must model the equitable and just transition that’s required to confront the climate crisis and establish a more healthy and sustainable future.

What are ICA’s demands?

Declare the Climate Crisis as an emergency that requires a just response

Implement sustainable changes on campus to equitably address the climate crisis

Divest all endowments & pensions from fossil fuel investments by 2025

Re-invest at least 2.5% of endowments and/or pensions into equitable climate solutions

Commit to carbon neutrality by 2030 and zero carbon emissions by 2040

What actions is ICA taking?

In February 2021 ICA submitted a 30 page petition with over 1,000 signatures and endorsements of student groups and faculty senate, calling on the UW Board of Regents (BOR) to address our demands. This set in motion the process for UW to consider divestment and after pressure from ICA’s supporters in July, the Board convened the UW Advisory Committee for Socially Responsible Investing (ACSRI) to begin this process. The ACSRI is

tasked with reviewing the evidence and making a recommendation to the Board⁠

on the moral implications of investing policy concerning fossil fuels. Though the exact timeline is unclear, the BOR will weigh both the ACSRI decision and UWINCO’s input, per BOR policy guidelines. More updates are expected at the end of Winter quarter and a final determination by the Board is expected by the end of the academic year in the Spring quarter. ICA will continue mobilizing community support for divestment of the UW’s endowment to ensure an equitable, carbon free future; with workshops, civic engagement, direct action, and partnerships with other organizations advocating for climate justice in the Pacific Northwest. Our latest campaign: Fossil Free U is calling on UW to cut ALL ties with the fossil fuel industry. That means not only must UW stop giving money, it must also end its dependence and collaboration with those companies; whether through grants and partnerships with Exxon, advertising for climate denying agencies, or reinvesting in our outdated,

toxic fossil fuel infrastructure⁠

What is Divestment (from Fossil Fuels)?

Divestment is simply reversing the decision to invest in a morally reprehensible company or industry; for example; fossil fuels, the prison and military industrial complexes, Darfur’s genocide, Israeli apartheid, etc. For more information about fossil fuel divestment, you can start here:

A beginner's guide to fossil fuel divestment⁠

To get more directly involved in the divestment movement we recommend

350⁠

and

Stop the Money Pipeline⁠

and also becoming a member of the

Sunrise Movement⁠

. For information about decarbonizing university endowments and investing for an equitable, zero carbon regenerative economy,

Intentional Endowments⁠

How is the University of Washington invested?

UW has a six billion dollar endowment used mostly for research. The Consolidated Endowment Fund (CEF) sits at around $4.7bn as of June 2021. Donors, such as generous Alumni, or motivated industries contribute to the CEF which is pooled and invested by a privately run investment company (UWINCO) into various mutual funds and more direct investments. UWINCO ultimately decides how to invest the gifts based on the UW Board of Regents’ (BOR) investment policy. By 2016 UW had voted to selectively divest from injustices such as South African apartheid, the Darfur genocide, and direct investments in thermal coal.

As of 2021, however, at least $124M is invested in fossil fuels: 30% directly into master limited partnerships (MLPs) to develop infrastructure like fossil fuel pipelines and another 70% in mixed holdings, where spending by fossil fuel companies has little discretion.

Why do UW’s investments matter?

UWINCO has argued that pipelines are a sound investment for our future; natural gas has been presented as a needed “bridge fuel” with hydrogen to follow. Yet natural gas was the

largest source (42%) of fossil CO2 emissions increase⁠

in the past decade and is predicted to account for 70% of future increase. This is why

“natural gas is the new coal”,⁠

according to many experts. It also is dangerous investing considering that more than

$100bn of natural gas pipeline infrastructure are at risk of being “stranded assets”⁠

: (valueless capital) overnight.

The world agrees: we cannot continue to invest and rely on fossil fuels any longer should we have

any hope of avoiding the worst⁠

of climate change. In our region we saw the first inklings of the effects of climate change when a record-breaking heatwave struck our region

causing the deaths of almost 100 Washingtonians⁠

, and causing heat stress in thousands more. The negative impacts on people go much deeper than climate catastrophe, however. The air pollution from the fossil fuel industry alone is responsible for upwards of

8.7M (one in five) deaths each year⁠

. Communities on the frontlines of these fossil fuel projects are also facing human rights abuses. The

Coastal GasLink Natural Gas pipeline⁠

is being constructed in the sacred headwaters of the Wet'suwet'en without the consent of clan members, destroying

cultural (living) artifacts⁠

, racking up

fines for environmental infractions⁠

and violently arresting and

torturing elders⁠

who have shown resistance. Can UW tacitly comply with a legacy of such violence and the destruction of our ecosystem? Are these the institutional values of a university with a moral and fiduciary responsibility to its community and the future of humanity and our planet?

Who is supporting ICA?

We currently have over 1700 signatures of community members supporting our initiative, endorsements from over 35 Registered Student Organizations at UW, and have garnered official support from ASUW Seattle, ASUW Bothell, ASUW Tacoma, the Graduate and Professional Student Senate and the Faculty Senate. We are also collaborating in solidarity with social and climate justice groups across Seattle to organize educational events and direct actions.

How can you get more involved?

Share this information with your peers/coworkers and sign our

petition⁠

to join our initiative calling for divestment of Washington’s higher education institutions. We hold weekly meetings Fridays at 4 PM (Pacific time) on

Zoom⁠

. Drop in to learn about what we’re doing and get involved in our campaign. We also send out weekly newsletters via email that you can

subscribe to⁠

on our

website⁠

for updates from the campaign. Join our Discord to get directly involved.

Contact:

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Website

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Instagram

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