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What is Divestment?
Glad you asked!
Divestment as a concept involves revoking funds, subsidies and payments that support the fossil fuel industry, who’s mining, exploration and extraction activities require a constant supply of capital.
It can have significant financial implications for an industry, but this is not the only, or even the most important reason why institutions choose to divest.
"The main aim of fossil fuel divestment is not what many people tend to think. It's not about reducing carbon risk. It's not even primarily about financially wounding the fossil fuel industry. It's about taking away its social licence - turning fossil fuel firms into social pariahs, just like big tobacco."
- Luke Kemp, ANU
Why is divestment important at UWA?
Targeting the source of the problem
While it is important to identify solutions to the climate crisis that can give us hope for the future, such as renewable energy, we must also target the main source of the problem. Over 70% of carbon pollution since 1988 has been emitted by only 100 companies (Carbon Majors Report, 2017), and without facing these giants the tap will not turn off and the atmosphere will continue to grow warmer. Divestment challenges society's perception of the fossil fuel industry, which is a key way of attacking its immense power.
Universities have a unique role to play
Universities have a unique role to play
Universities have reputations in our society as leaders of progressive thought, and as such have a unique ability to shape the narrative about the value (or lack thereof) brought to society by the fossil fuel industry.
By continuing to have financial ties with an industry that disrespects human rights, disregards humanity’s responsibility to the environment and largely ignores the advice of climate scientists, UWA sides with the oppressor and lends it the social license it relies on to continue operating. The tacit support of the university sector therefore underpins its hegemony and significant political influence of the fossil fuel industry.
Strategic alignment
Strategic alignment
UWA has committed to the Sustainable Development Goals (SDGs) through its research, Grand Challenges program, participation in the Times Higher Education Impact Rankings and membership in the United Nations Sustainable Development Solutions Network. It has also set goals to achieve carbon neutrality partially (for energy) by 2025, and fully by 2040. The University produced an Environmental Sustainability Strategy in 2020, and is developing a more holistic Sustainability Strategy in 2022-23.
UWA is clearly keen to transform itself into a sustainably-focussed institution, and a divestment strategy aligns with this goal.
Does UWA currently have any investment ties to the fossil fuel industry?
UWA currently has an investment portfolio of over $1 billion (UWA Annual Report, 2021). These investments are managed by Mercer, an American management fund. UWA does not disclose information about the carbon intensity of its portfolio, so it is not known for sure the extent to which fossil fuel companies are featured.
However, this question is likely to be answered at an event in the second half of Sem 2, 2022. Watch this space for more information.
UWA's ties to fossil fuel companies like Woodside have also been documented in great details by Sustainable Universities Network (SUN).
Scroll down the document on the left and find out the list of fossil fuel ties UWA has.
(You'll be shocked by the length of that list!)
You can sign the petition, and read more about the campaign and UWA’s ties with Woodside here.
Our campaign
Theory of Change
If we can demonstrate the student support for divestment and bring the university community together to discuss the issue, then we can give this issue visibility and effect change through a transparent, consensus-based approach.
What is a theory of change?
What is a theory of change?
A theory of change is a hypothesis about how social change can be accomplished. It ties together cause and effect in a single sentence, and highlights the route you plan to take to achieve your ultimate goal.
The case for divestment at UWA
Fossil Free UWA has developed a comprehensive 'Case for Divestment' document, which outlines the definition, purpose, historical context and argument for fossil fuel divestment in the Australian higher education sector.
We look specifically about how this policy action would apply to UWA- it's values, current strategic direction and financial set-up. We explore several avenues that UWA could pursue to respond to our recommended policy actions (see below), but most of all this document should act as a stimulus for productive and constructive discussion within the University community.
Our 3 asks:
Publicly and fully divest from the Carbon Underground 200 by 30th of June 2026. This should be written into the UWA Policy Statement in Section 13.5, Exclusions, where tobacco and controversial weapons are already identified.
Develop a Divestment Roadmap within the Sustainability Strategy, a plan which will communicate the sequence of steps to be taken towards achieving fossil fuel divestment.
Publicly take active leadership through making climate-positive investments and cease any new carbon intensive investments.
You can support our cause by reading and sharing our 'Case for Divestment at UWA' paper and signing our petition!
Make sure to check out this 3-part infographic series for further explanation of our campaign:
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