Editor’s note: This commentary is by Adam Roof, a former UVM trustee and current Burlington city councilor; Jillian Scannell, a UVM senior who is president of the UVM Student Government Association; and Sophie Smith, a UVM junior who is chair of the SGA Committee on the Environment and student representative on the Board of Trustees Socially Responsible Investment Advisory Council.
Some say the time has come for UVM to divest its holdings in the fossil fuel industry. We say the time has already come and yet we still have yet to see action.
The science tells us that we have less than a decade to make widespread systematic change if we are going to save our world from the humanitarian and economic disasters associated with the climate crisis. Across the world, decision-makers at institutions small and large are inspired by the grassroots activism that has brought acute attention to the urgency and necessity of divestment.
According to 350.org, approximately $11.95 trillion is actively divested from the fossil fuel industry since 2011, with more than 100 colleges and universities participating. In recent years, new and innovative investment options have made it desirable for educational institutions to remove fossil fuels from their portfolios while not impacting the cost of tuition to the average student.
The University of Vermont board of trustees’ stated top priority is its fiduciary responsibility to the endowment, and therefore it should join the growing list of financially responsible institutions who have determined that investing in fossil fuels is not fiscally wise and places the university at risk. This risk derives from continuing to make long-view investments in an industry that is being rapidly challenged as renewable energy out competes fossil fuels.
UVM students have spent the latter part of a decade asking the board of trustees to divest from fossil fuels. They have submitted countless formal proposals, following the board’s format and professional criteria. When this did not work, they took to protests and actions. Still nothing. In November, a group of students submitted another formal proposal based on research and facts. The board sent these students the same response they produced in 2016. Simply put, they could not be bothered to reexamine the facts or their position to render an appropriate response. It is irresponsible to refuse to divest without even taking part in a divestment assessment that considers different sustainable portfolio options that are available through the firm that currently manages our finances.
We’ve had the opportunity to work on and with the board of trustees and have experienced how they function. The reality is that they are unable to take definitive action and vote on divestment until the issue is addressed by their investment subcommittee. Only after the subcommittee devises a concrete plan of action will the board be able to make their critical vote. Therefore, we are calling for rapid action on divestment by the UVM board of trustees.
The truth is that the trustees count on students not being knowledgeable of the financial principles and rules that govern how they function in hopes that the attention and energy will run dry as students graduate. This is often the way that student campaigns for change are defeated. This campaign for divestment, however, is not just a student campaign, it extends far beyond the borders of campus. UVM is part of a community who’s core values of environmentalism are aligned with divestment. In fact, in recent years the Burlington City Council has taken action to divest from fossil fuels. UVM and Burlington should take action together that is in line with our collective community values.
We are calling on the board of trustees to finally take the first step and officially take this matter of divesting from fossil fuels to their investment subcommittee. Here they should conduct a divestment assessment and develop a specific plan for reinvestment that does not negatively impact student tuition. We plan to speak together at the next trustees meeting on Feb. 1 where we expect to see action and a valid response.
