NEWS
campusreview.com.au
Energised debate
Protesters argue UNSW is ‘greenwashing’ the divestment issue. Photo: Fossil Free UNSW
UNSW to keep $50 million in fossil fuel shares, as
institutions take varied stances on divestment.
By James Wells
T
he University of New South Wales has announced it won’t
put any more of its money into fossil fuel shares but it will
keep its existing investments into such companies.
UNSW released its new investment policy in November. It stated that
UNSW “recognises that climate change is impacting the environment,
community and the economy” but did not state that the university
would sell its fossil fuel shares. In fact, the only types of companies it
specifies that UNSW won’t invest in are cluster bomb manufacturers
and tobacco product manufacturers (but not retailers).
As of June 2014, UNSW’s total investment portfolio was priced at
$309 million – $50 million of this was in domestic and international
fossil fuel companies.
UNSW vice-chancellor professor Ian Jacobs said fossil fuel
divestment “cannot happen overnight”. He said change has to be
carefully planned and managed.
“We envisage a gradual transition in our investment portfolio,
reflecting the steps that need to be taken as Australia moves to
a clean-energy future,” Jacobs