The UCL administration are hypocrites for continuing to invest in Fossil Fuels

In 2015, UCL’s Institute for Sustainable Resources published a study that concluded if global temperature was to stay below the 2°C international target, then a third of oil reserves, half of gas reserves, and over 80% of the world’s coal reserves would have to remain unused by 2050.

Although the study was funded and published by UCL, the university management has repeatedly ignored the study’s conclusions and has continued to invest an estimated £14.4 million in fossil fuel companies.

The companies listed on UCL’s stock portfolio include petroleum companies, BHP Billiton, Royal Dutch Shell and BP.

The contribution these companies have for their greenhouse gas emissions is leading to dramatic climate change and ecological devastation that is not only harming wildlife but has the potential to endanger millions of people worldwide.

Back in 2010, BP was responsible for the biggest oil spills in history off the Gulf of Mexico. The spill saw the equivalent of 49 million barrels of oil spread across the central American coastline and was caused by an oil-rig explosion linked to a series of cost-cutting measures that BP had introduced a few years prior.

Aside from the 11 people who are presumed to have died in the explosion, the disaster had a devastating impact on local marine life as well as on fragile coastal ecosystems, such as estuaries, beaches and wetlands, with adverse effects still having a negative effect on marine life today.

In July this year, the Commission on Human Rights of the Philippines accused fossil fuel companies, including BHP Billiton and BP, of breaching people’s fundamental rights because of their greenhouse gas emissions.

What makes matters worse is UCL has yet to see any returns on their investment, losing over a quarter of a million last year. Instead of investing substantial sums into renewable forms of energy, UCL remains committed to companies that are losing them money and also causing irreparable damage to the ecosystem.

Many believe UCL’s actions are inconsistent with their university’s own research. In 2015, over 200 members of UCL and SOAS were behind a motion calling for their employers to divest in fossil fuels. UCL academics voted for UCL to divest from fossil fuel companies in the coming five years with 50-18 voting in favour.

Furthermore, there are nearly 2,600 signatures on a petition calling for UCL to disclose their links to fossil fuel companies, to end all financial and written agreements with fossil fuel companies, and to stiffen administrative criteria to insure ethical partnerships and investments.

However all is not lost, Fossil Free UCL are planning to stage a “die-in” today in front of the office of UCL Provost, Michael Arthur in order to demonstrate the harm caused by supporting these industries.

If you’re interested, the event’s Facebook page can be found here.

Justine is a student activist and part of Fossil Free UCL