Antinuclear

ANU is the first Australian university to divest from fossil fuels but in the United States 19 universities have sold out of investments deemed unethical or a risk to the environment, including the prestigious Stanford University, which has purged its $US19 billion ($22 billion) investment fund. ANU modelled its socially responsible investment policy on that of Stanford.

Professor Young said there had been a “torrent of support” from students and the wider community.

“They have been saying ‘don’t back down’,” he said. “There is tremendous enthusiasm out there around environmental issues and investment.”

ANU Student Association president Cam Wilson said 82% of 2000 students polled before the university made its decision supported divestment.

In an opinion piece written for Fairfax Media, Professor Young, whose ocean research has resulted in his consulting to a range offshore gas and oil companies, questioned the short-term thinking of the divestment critics.

“What will our industries be in 20 or 30 years’ time?” he writes. “I am confident they will not be in producing fossil fuels.”

He told Fairfax Media: “I don’t think fossil fuels will be a big part of the world economy in 20 to 30 years’ time. But, that said, there is a big opportunity for these companies to change the mix of what they produce.”

While seven resources stocks were dumped, ANU has retained investments in mining groups BHP Billiton and Rio Tinto, as well as in Woodside Petroleum and Wesfarmers.

Professor Young said those groups were more diversified and showed signs of evolving to new energy sources in future……. http://www.theage.com.au/federal-politics/political-news/anu-defends-divestments-says-fossil-fuels-companies-must-diversify-into-new-energy-20141012-114ypp.html