University of Toronto to Divest All Fossil Fuel Investments

Companies from which the fund will divest are primarily owners of coal, oil and gas reserves, a University of Toronto spokesperson said, without naming the companies.

Reuters

The University of Toronto will sell off all fossil fuel investments from its CA$4 billion (US$3.2 billion) endowment fund and aim to create a “climate-positive” campus by 2050, the university said on Oct. 27.

The endowment fund, beginning immediately, will divest from all direct investments in fossil fuel firms within the next 12 months. It will divest from indirect investments by 2030.

“The growing severity of the climate crisis now demands bold actions that have both substantive and symbolic impact,” University of Toronto President Meric Gertler said in a statement.

Already have an account? Log In

Sign up for FREE access to view this article now!

Unlock Free Access