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Group Description

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UQ Climate Action Now! (formerly Fossil Free UQ) is a climate action collective, part of the global movement for climate action and the international campaign calling on institutions to divest from fossil fuels and reinvest in solutions to climate change See less
UQ Climate Action Now! (UQCAN!) Is part of an international campaign calling on institutions to divest from fossil fuels and reinvest in solutions to climate change. Learn more at gofossilfree.org. One important aspect of UQ’s ecological footprint that we would like to bring the University’s attention to is responsible financial investment.

UQ’s 2012 financial statements list $105 million of UQ’s assets invested either in a managed portfolio or directly in listed and unlisted shares. It is reasonable to expect that a significant fraction of this is currently invested in companies that produce fossil fuels.
It is now widely understood that we cannot safely burn even one-third of global fossil-fuel reserves without dangerously warming the planet for several thousand years. We are already witnessing the increasing impacts of a warming planet more and more consistently; in the last year alone our country experienced record-breaking heat, droughts, and extreme rainfall. These events had a grave impact on hundreds of thousands of people and cost our country billions of dollars. Experts agree that global warming caused by humans burning fossil fuels will continue to accelerate and intensify these tragic climate disasters. Adopting the Brundtland definition of sustainability, continued fossil fuel extraction and consumption is inconsistent with the rights of future generations to a safe and habitable world and is therefore unsustainable.

Through its current investment portfolio, UQ is facilitating and profiting from the continued and expanding extraction and burning of fossil fuels, despite the harm that these practices are known to be causing to many millions of people worldwide.
Over past decades, universities have shown vision and leadership through divesting from the South African Apartheid regime, cluster munitions, and tobacco, and increasingly now from fossil fuels. We believe such action on behalf of UQ will contribute to the wellbeing of current and future students who deserve the opportunity to graduate with a future not defined by climate chaos. We also believe such action would be a sound decision for our institution’s financial portfolio, given falling coal and gas prices, rising costs and a high exchange rate all associated with fossil fuel projects, current and prospective. Furthermore, policies which effectively mitigate climate change pose a risk to the value of fossil fuel companies’ assets. To preserve the quality of life for this and future generations worldwide, we call upon you to join a growing movement of universities and institutions around the world that have committed to preventing a more extreme climate by moving UQ’s investment portfolio beyond fossil fuels. (sourced from Facebook page 7/6/21)

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Action Group

Climate

Local

Brisbane

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