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Oxford Fossil Free: divestment is "an ethical duty"

The student-run Oxford University Fossil Free (OUFF) campaign has created a report calling upon the University to divest from fossil fuels. The report was submitted as part of the University’s Socially Responsible Investment Review Committee (SRIRC).

The OUFF campaign began in October 2013 as part of an international movement involving 600 student groups which are attempting to reduce investment in fossil fuels. Since its inception the campaign has organized a large rally, created a petition and received the support of 26 student common rooms.

Its 34-page document recommends that Oxford cease investing any of its endowment in fossil fuel companies and reinvest in low-carbon assets instead. The University’s endowment fund holds around 3.3 billion pounds of investments in total.

Part of the document’s introduction argues, “As students, we believe the University of Oxford has an ethical duty to adopt a carbon-sensitive investment policy.” It goes on to suggest that it is this action which “will secure the future wellbeing of students and staff as well as young people the world over.”

Miriam Chapman, a member of the Fossil Free Campaign from Hertford College, commented, “I think it’s really important, even if students don’t agree with divestment, that they question where the university invests its money, which they are doing on our behalf.”

OUFF’s report argues that fossil fuel investment is financially unsound, predicting the eventual emergence of a financial ‘carbon bubble’ which will burst when governments pass stringent climate change laws.

The report also expressed concern about the ‘carbon budget,’ the amount of carbon that can still be burnt while limiting global warming to less than the 2 degrees threshold. Current proven reserves of carbon, including coal, oil and gas, amount to five times the remaining ‘carbon budget.’

A spokesperson for the University’s committee told Cherwell, “SRIRC understands that OUSU may be amending the terms of its request to mirror this new student submission at the next OUSU Council meeting in October 2014. SRIRC therefore has decided to make its recommendation to Council after it has been able to consider any new resolutions from OUSU on this matter.”

The consultation has been extended until 14th November 2014 and the University Council will not make any decision until early 2015. 

The full report by Oxford University Fossil Free can be read here

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