Vested interests stop universities from divesting in fossil fuels
This places them behind faith organisations, not for profits, local councils, banks, superannuation funds and a host of others moving capital away from fossil fuels.
Why is this?
Strong links to the mining sector have put universities in a difficult position.
They are conflicted between climate concerns and the income they derive from vested interests with big mining companies.
While many Australian universities engage in the climate change debate, their commitment to divestment has, at best, been minimal.
Divestment involves the withdrawal of capital by public and private investors in response to unethical business interests or practices.
By divesting in this way, universities would be taking a moral and political stance.
To understand why Australian universities are reluctant to divest fossil fuels, it is useful to examine the impact big mining has on university life, policy decisions, research integrity and academic freedom. Australian universities, from all tiers, often have deep-seated links to fossil fuel mining. These range from training agreements, to research centres funded by donations from multi-national mining companies.
This is a significant dimension of the increasing privatisation of Australian universities, which may be stopping climate change action.
While there are “fossil free” campaigns at at 15 major Australian universities, no university has committed to completely divesting their interests in fossil fuels, and just two have committed to a partial divestment.
In 2014, the Australian National University (ANU) announced a partial divestment amid much controversy. This year, Sydney University, in response to pressure from its students and staff, announced that it would reduce 20% of its fossil fuel portfolio over a three-year period.
Strong reactions to ANU’s divestment from then Prime Minister Tony Abbott, and Finance Minister Joe Hockey, highlight the power of the mining sector in Australian public life……..https://theconversation.com/links-to-mining-sector-are-preventing-australian-universities-from-divesting-in-fossil-fuels-43698
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