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Ad hoc Committee of Senate on Fossil Fuel Divestment Final Report to Senate 

 January 19, 2016 

                        

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TableofContents1. Introduction ..................................................................................................................... 3 

Methodology............................................................................................................................................4 

2. General Comments from the Committee ........................................................................ 8 

RecommendedPathwayForward...............................................................................................11 

3. Summary of Submissions ............................................................................................. 14 

Moral&EthicalConsiderations...................................................................................................14 

Educational&EnrolmentConsiderations...............................................................................19 

Financial&ResearchConsiderations........................................................................................21 

ReputationalConsiderations.........................................................................................................25 

SummaryofSubmissionSuggestions........................................................................................27 

4. Analysis by Committee ................................................................................................. 28 

Moral&EthicalConsiderations...................................................................................................28 

Educational&EnrolmentConsiderations...............................................................................36 

Financial&ResearchConsiderations........................................................................................39 

ReputationalConsiderations.........................................................................................................41 

Appendix A: Terms of Reference ..................................................................................... 44 

Appendix B: Call for Submissions ................................................................................... 45 

Appendix C: Brief Discussion of Climate Change ........................................................... 46 

Appendix D: Summary of Responses Received ............................................................... 48 

    

 

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1. Introduction  

ThisreportistheproductofoversixmonthsofworkoftheSenate’sadhocCommitteeonFossilFuelDivestment.ThecommitteewasstruckbySenateinresponsetoanumberofeventsrelatedtotheissueoffossilfueldivestmentatDalhousieUniversityoverthepasttwoyears.Thechronologyofeventsisbrieflysummarizedhereforcontext,followedbyanoverviewofthemethodologyappliedbythecommitteeincarryingoutitsmandate.TheDalhousieStudent’sUnionunanimouslypassedamotioninNovember2013,callingonDalhousie’sBoardofGovernorstoendinvestmentsinfossilfuels.OnFebruary28,2014DivestDalpresentedtotheBoardofGovernorsInvestmentCommittee,requestingthefollowingthreeactionsfromtheBoardofGovernors.

1.Freezeallnewinvestmentfromenteringthefossilfuelindustry2.Increasethetransparencyoftheendowmentinvestmentpolicyandstructure3.Divestfromfossilfuelswithinfouryears(“fossilfuels”inthisrequestreferredtocompanieslistedontheCarbonTracker200,whichisavailableathttp://gofossilfree.org/top‐200)

InresponsetoDivestDal’sproposal,theInvestmentCommitteeexaminedthemeritsofDalhousieUniversitydivestingtheirholdingsinpubliclytradedcompaniesthatarelargecarbonproducers.Intheirreport,thecommitteeacknowledgedthatdivestmentmayhaveimplicationsfortheUniversityCommunityincludingstudents,alumni,fundingpartners,governmentandindustry,researchpartnersandgrantingagencies,andonfuture,presentandpastdonors.Thisraisedquestionsoftheacademicimpactofdivestment,beyondtheimplicationsthattheywereexaminingintheirreport.TheInvestmentCommitteerecommendedthattheBoardnotdivestanyofitsholdings,asitwastheiropinionthatdivestmentwouldnotadvancethegoalofreducedcarbonusage.ThefollowingthreemotionswereapprovedattheNovember25,2014BoardofGovernorsmeeting.

THATtheBoardofGovernorsdividethequestiontoaccepttherecommendationsoftheBoardInvestmentCommitteesothattherecommendationtorejecttheproposalthatDalhousiedivestholdingsinthe200companiesidentifiedbyDivestDalbeconsideredseparatelyfromtherecommendationsfortwootherinitiativesassetoutonpage15oftheCommittee’sreport.

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THATtheBoardofGovernorsaccepttherecommendationoftheBoardInvestmentCommitteetorejecttheproposalthatDalhousiedivestholdingsinthe200companiesidentifiedbyDivestDal.

THATtheBoardofGovernorsaccepttherecommendationsoftheBoardInvestmentCommitteethattheuniversityinvestigatewaystoallowdonorstodirecttheirendowmentstonon‐fossil‐fuelinvestments,thatitcommittogreateropennessandtransparencywithregardtoDalhousie’sinvestments,andthatitcontinuetopressfundmanagerstorespectESGinvestmentprinciples.

RealizingthatdivestmentmayhaveimplicationsfortheUniversity’sacademicmission,SenatecreatedtheadhocCommitteeonFossilFuelDivestmentonDecember8,2014tosummarizeandcriticallyexaminetheopportunitiesandthreatsoffossilfueldivestment(AppendixA),andappointedmembersonJune8,2015.Themembersofthecommitteeare:

JeremyBanks,studentrepresentative,FacultyofArchitectureandPlanningMeinhardDoelle,SchulichSchoolofLawandco‐chairAdamDonaldson,FacultyofEngineeringTomDuck,FacultyofScienceRuthForsdyke,FacultyofScienceKeithTaylor,FacultyofScienceandco‐chair

TheadhocCommitteesentoutseveralcallsforsubmissions,requestingacademicunitstosubmitamaximumtwo‐pagesummaryoftheprosandconsofdivestmentontheiracademicprogramsandresearchbyOctober14,2015(SeeattachedCallforSubmissions).Sincethen,theadhocCommitteehasmetweeklytoreviewandevaluatetheresponsesreceivedfromvariousfaculties,departments,groupsandindividuals.ThepreliminaryreportoutlinedandassessedtheperceivedrisksandbenefitsofdivestmentthatwerepresentedtotheCommittee.ThedraftreportwascirculatedtotheDalhousiecommunityforfeedbackanddiscussionpriortosubmissionofthisfinalreport.AnopenhousewasheldonJanuary7,2016withabout50participants.

MethodologyThemethodologyusedbytheCommitteetopreparethisreportisdetailedbelow.Inparticular,andinresponsetofeedbackonourdraftreport,ourinterpretationoftheTermsofReferenceprovidedbySenateissummarized.Thescopeandstructureofthereportfollowfromtheseconsiderations.

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a)TermsofReferenceTheTermsofReferenceprovidedbySenateareincludedinthisreportasAppendixA.Wewereaskedtoinvite“allacademicunitsthatself‐identifyaspotentiallyaffectedbyfossilfueldivestment”to“submitamaximumtwopagesummarystatementoutliningopportunitiesandthreatsofproposeddivestment”.Havingreceivedthereports,wewereaskedtoprovide“criticalevaluation”andprepare“asummarydocumentcollatingtheopportunitiesandthreatsofproposeddivestment”.WenotedattheoutsetthatthetermsprovidedbySenatewerebroad.SpecificinterpretationsofelementsfoundintheTermsareprovidedbelow.b)ConsensusmodelTheCommitteeagreedfromtheoutsettostrivetomakedecisionsonaconsensusbasis.Theconsensusmodelisfrequentlycriticizedforproducingpoorreportsthatreflectthelowestcommondenominator.Indeed,werecognizedthisrisktoourworkgiventhevariedbackgroundsandopinionsheldattheUniversityandrightlyreflectedbytheCommittee'smembers.Tomitigatethisrisk,wedebatedcontentiousissuesatlengthinordertoidentifyareasofagreement.TheresultisareportthatwehopereasonablyreflectsvaluesheldincommonacrosstheUniversity.c)AcademicunitsThetermsofreferenceprovidedbySenaterequiredustosolicitinputfrom“academicunits”.WenotethatSenatedidnotdirectustorequestinputfrom“facultiesanddepartments”.Weinterprettheirintentionasbeingbroadandinclusive.Thereisnostandarddefinitionof“academicunit”atDalhousie,andtheCommitteedebatedthepossibilitiesatlength.Weconcludedthatforthereporttobestreflectthe“opportunitiesandthreatsofproposeddivestment”,theinterpretationof“academicunit”shouldbeasbroadaspossible,including(butnotlimitedto)faculties,colleges,departments,departmentaldivisions,facultygroups,studentgroups(includingDSU)andindividualsattheUniversity.Inshort,weconcludedthatinordertogetthebestinformationabouttheimpactonacademicunits,weshouldhearfromunitsandindividualsassociatedwiththoseunitsinsignificantways.Ratherthanexcludeanypotentialacademicunitormemberofaunitfromthediscussion,weagreedthatargumentsshouldbeconsideredandevaluatedbasedontheirmerits.d)ScopeThecommunitywasaskedtocommunicate,andwewereaskedtoevaluate,the“opportunitiesandthreatsofproposeddivestment”.WenotethatSenatedidnotgivedirectiononwhatshouldbethreatenedorwheretheopportunitiesshouldlay.

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Nevertheless,inourCallforSubmissions(AppendixB)werequestedthatsubmissionsfocuson“academicprogramsandresearch”.Thefeedbackwereceivedfromthecommunityrevealedwide‐rangingconcerns,notallofwhichclearlyrelatedtoimpactsonacademicprogramsandresearch.ThefeedbackissummarizedinSection3.OurevaluationofthesignificanceofeachconcernisofferedinSection4.Wedidnotfeelitwasappropriatetorejectperceivedthreatsoropportunitiesoutofhand.Instead,forthesakeoftransparency,ouranalysisdetailswhichthreatsandopportunitiesweconsidertohavesupport,andwhichwedonot.ThethreatsandopportunitiesidentifiedbytheUniversitycommunityfallintofourbroadcategories:a)Moral&ethicalconsiderations;b)Educationalandenrolmentconsiderations;c)Financialandresearchconsiderations;andd)Reputationalconsiderations.ThefourcategoriesarereflectedinthesubsectionsofSections3and4.Theissuesraisedineachcategoryareinterlinked.Moralandethicalconsiderationswereraisedbymanysubmitters.TheseconsiderationsareimportanttoacademicunitsbecausetheyspeaktotheintegrityofDalhousie’sprograms,itsfaculty,andthevalueofthedegreestheUniversitygrants.TheDalhousiecommunityclearlyperceivesrisksandopportunitiesinaddressingorignoringmoralandethicalissues,includingimplicationsforfunding,studentenrolmentandretention,andonthesubstanceofthecurriculumofsomeunits.TheCommitteethereforeconcludedthattherewasnocompellingreasontoeliminatethemoralandethicaldimensionfromconsideration.Thethreatsandopportunitiestoeducation,enrolmentandresearchareofconsiderableinteresttofacultiesanddepartments,andfalldirectlywithinthepurviewofSenate.Financialconsiderations,however,traditionallydonot.Nevertheless,anythingthatimpactsbudgetsmustposerisksandopportunitiestoacademicprograms,enrolmentandresearch.Indeed,therecentUniversityofToronto“ReportofthePresident’sAdvisoryCommitteeonDivestmentfromFossilFuels”notesthatenvironmentalcrisesoriginatingfromclimatechange“…wouldhaveprofoundlynegativefinancialimplicationsfortheUniversityofTorontoandtheglobalcommunityuponwhichtheUniversitydependsforitsresearchandeducationmissionsaswellasforreturnsfrominvestments.”Wesharetheiropinionthatfinanceandmissionareultimatelyinseparable.Finally,academicunitsperceivereputationalriskandopportunitiestotheuniversityoranyoneofitsprograms.Anythingaffectingthesethingsisrightlyofconsiderableconcerntoallfaculty,students,andalumni.

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e)CriticalEvaluationTheCommitteewasaskedbySenatetopreparea“criticalevaluation”ofthesubmissionsfromthecommunity.Analysisnaturallyresultsinconclusionsfromwhichrecommendationsfollow.IntheinterestsofmakingthisreportasusefulaspossibletoSenate,theconclusionsandrecommendationsaresummarizedinSection2.f)WeightingofSubmissionsTheCommitteeagreedthatitwouldnotweighsubmissionsaccordingtothepositionofthesubmitterornumberofsignatories.Indeed,wechosenottodisallowanysubmissionstotheCommitteethatmetthebasicguidelinesofourCallforSubmissions.Thecommunity—andtheCommitteeitself—holdawiderangeofviewpoints.Ourconsensus‐buildingeffortwasaimedatidentifyingthecoreelementsofeachsubmissionandtheperceivedopportunitiesandthreatsexpressedtherein.Nevertheless,ifmembersofSenatewouldliketogivemorecredencetocertainopinions,itiscertainlypossibletoextractthemfromthereportorthesubmissionsthemselves(AppendixE).Section3,whichprovidesasummaryofsubmissions,includesthenamesofthefaculties,departments,groupsandindividualsthatproposedandsupporteachpoint.Thefullsubmissionsareappendedtothisreport.g)StructureofthereportTheCommitteerecognizesthattheremaybedisagreementwithourinterpretationofscope.Forthisreason,bothSections3and4havebeensubdividedaccordingtothedifferentriskandopportunitydimensions.Whilethesearesummarizedaspartofallsubmissionsandincludedinthisdocument,Senatecaninterpretthemasneeded.h)DelaysSomehavenotedthatthisreportwasdelayedbeyondtheoriginalrequestfromSenate.Thedelaysweremadetoaccommodaterequestsfromacademicunitswhoneededmoretimetopreparetheirsubmissions.ItistheopinionofthisCommitteethatthedelaysresultedinamorecomprehensivereportthatmoreaccuratelyreflectstheconsideredopinionoftheUniversity.

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2. General Comments from the Committee  

Thecommitteerecognizes,andmostsubmissionsreceivedbythecommitteeacknowledged,thedeepandprofoundimpactontheglobalclimatesystemandonhumanandecologicalsystemsthatdependonit.ThisreportincludesabriefoverviewofthescientificunderstandingoftheimpactsinAppendixC.Thereisnoquestionthatseriousandconcertedactionisneededonallscalesfromindividuallifestylechangestobindingagreementsattheinternationallevel.Universities,asthoughtleadersofsociety,needtoplayaleadershiproleincreatinganddisseminatingtheknowledgenecessarytoguidebothindividualsandgovernmentdecisionmakers.Thedegreeofcomplexityoftheissuesthatmustbeconsideredisenormous.Thedynamicsoftheocean‐atmosphericsystemaresuchthatalmostallmajoruniversitieshaveresearchscientists,sometimeswholedepartments,dedicatedtounderstandingthecontributionofanthropogenicforcingtoclimatechange.Theinternationaleconomicsystemissimilarlycomplexanddifficulttomodel,withimplicitcouplingbetweenthesetwosystemsatnumerouspointsofinterface.Achangingclimatehasmultipleimpactsoneconomiesandeconomicfactorsinfluenceenergygenerationandusageinmanyways.Itisclearthathumanitymustreducegreenhousegasemissionstoafractionofcurrentlevelsandwemustachievethisreductionquickly.Thereisagrowingrealizationthatdevelopedcountrieshavetobecomegreenhousegasemissionsneutralassoonaspossible,likelynolaterthanmid‐century.Universityresearchersandindustrywillholdkeyrolesingeneratingtheknowledgeneededtoguidethecomplexinteractingsystems–climaticandeconomic–inthisdirection.Hopefully,theywillalsoprovidedecisionmakerswiththeknowledgenecessarytoreducetheinevitablenegativeimpactseconomicchangehasoncertainpopulations,andtotakeadvantageoftheenormouseconomicopportunitiesinvolvedinthistransition.Inparallel,researchisneededtomitigateandadapttotheimpactofthechangingclimateduetoourpastexcessiverelianceonfossilfuels.DalhousieUniversityshouldprovideallpossibleopportunitiesforstudentstolearnaboutallaspectsofthiscriticalprocess.IntheTermsofReferenceforthisadhoccommittee(AppendixA)wewerechargedwithsolicitingfeedbackonperceivedopportunitiesandthreatsfromacademicunitswhoself‐identifiedasbeingpotentiallyaffectedbydivestment,andwithpreparingareportcollatingandcriticallyevaluatingtheresponsesreceived.Section3ofthisdocumentsummarizesthecontentoftheresponsesreceived,organizedsoastohighlightthedistinctpointsmadeinthosesubmissions.Section4attemptstocriticallyevaluatetheopportunitiesandthreatsidentifiedbyrespondingunits.

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Thecallforfeedbackissuedbythiscommittee(AppendixB)specificallyrequestedresponsestofocusonthe“prosandcons”asrelevanttotheacademicunits,providingevidencewhenpossible.Duetothenatureofthedivestmentissuebeingdiscussed,respondinggroupscommentedsignificantlyonmoralandethicalimplicationsofdivestmenttotheiracademicunits,DalhousieUniversityandthebroadercommunity.Inreviewingtheseresponses,thiscommitteenotedthatmanyoftheopportunitiesandthreatsaretiedtothemoralandethicalimplicationsofdivestmentwithinthecontextofspecificacademicunitsandtheimpactsuchadecisionmighthaveonreputationsbothataprogramandinstitutionallevel.IntheinterestofcapturingthisfeedbackwithinthebroaderdiscussionofpotentialimpactsofdivestmentforDalhousie,theresponsesreceivedwerecategorizedinto4sectionsandarediscussedindetailinSection4withcriticalevaluationprovidedbythiscommittee.ThesesectionsincludedMoral&Ethical,Education&Enrolment,Financial&Research,andReputational.TheMoral&Ethicalconsiderationswereafocusofmanyoftheresponsesreceived,andwereasignificanttopicofdiscussionbythiscommittee.WhilespecificconcernsandanalysiscanbefoundinSection4,thiscommitteenotesthefollowingkeypointswhichhaveformedthebasisofouranalysis.Webelievethattosafeguardouracademicmission,Dalhousiehasanobligationtotakealeadershiproleinaddressingclimatechange,whichincludesevaluatingthecorporatepracticesofthecompaniesitchoosestoinvestintodetermineiftheycoincidewiththeDalhousie’sownethicalprinciples.Bychoosingtoinvestincompanieswhofailtotakeconstructiverolesinaddressingclimatechange,Dalhousiehasmissedopportunitiestoexerciseitsethicalobligationsandtomeetcommitmentsithasmadethroughnumerousdeclarations.Dalhousiehasalsomissedpotentialopportunitiestoenhanceitsreputationasaleaderinresearchinsustainability,withpotentialimplicationstosustainability‐basedacademicprogramsandresearch.Divestment,however,carrieswithitpoliticalconnotationsbeyondthecontroloftheuniversity.Inresponsetothisconcern,arangeofrespondentswithdiverseviewsondivestmenthavesuggestedanuancedapproachtoethicalinvestmentbasedonguidelinesdevelopedthroughinternalconsultationwiththeDalhousieCommunity.Suchanapproachwouldbesupportiveofpositiveclimatechangeaction,highlightandleverageexistingpositiverelationships,improvethetransparencyofinvestmentpracticeswithinDalhousieUniversity,andenhanceitsreputationintheareaofsustainability.Fromaneducationandenrolmentperspective,therearecredibleargumentsthatsuggesttheremaybebothpositiveandnegativeimpactsonoureducationalprogramsshoulddivestmentdecisionsofsomeformbemade.Sustainability‐orientedprogramsofferedatDalhousiewouldbeabletopointtoadivestmentstrategybothduringrecruitingforstudentsandintheclassroom;potentiallylendingcredibilitytotheprogramsandattractingmorestudents.Ontheotherhand,thereareprogramswhereenhancedlearningexperiencessupportedbyfundsfromindustrysectorscurrentlytargetedfordivestmentcouldpotentiallylosetheir

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currentsupportmechanism.Themethodbywhichethicalinvestmentpracticesareadoptedandpublicizedbytheuniversityislikelyakeyfactorthatmayaffectresponsesfromcurrentindustrypartnerships,andshouldbeapproachedwiththeintentofpromotingproductivecollaborationsandeducationalopportunitieswhichraiseawarenessofclimatechangeissuesandtechnologiesandprocessesbeingusedtoaffectchange.Byadoptinganuancedapproach,thiscommitteeexpectsanynegativeimpactsonEducation&Enrolmenttobereduced.Anuancedapproachwouldincludeconsultingwithunitswhoself‐identifyasreceivingsignificantsupportfromaffectedsectorswithagoaltodevelopcontingencyplansforfundingwhichenablescontinuityofexperientialprogramsthroughalternativefundingmechanisms.ThemostpredominantexampleisthecurrentpartnershipswithShellandtheirCampusAmbassadorProgram,whichcontributestouniquefield‐basedtraininginEarthSciencesthatwouldotherwiserequireanalternativefundingmechanismtomaintaintheeducationalexperiencecurrentlyinplacewithinthatprogram.IntheFinancial&Researchcategory,theperceivedopportunitiesandthreatsofdivestmentrevolvearoundtwoissues;predictingstockpricesandaccesstoresearchfunding.Thiscommitteerecognizesthecyclicalandvolatilenatureofcompanieswhosevaluedependslargelyonfossilfuels,andresponsesreceivedwhichquestionthepotentialover‐valuationofthesestocksgiventhelimitationsonfossilfueldevelopmentthatwillberequiredtoaddressclimatechange,unlesssociallycosteffectivecarboncaptureandstoragetechnologiesaredeveloped.Thiscommitteealsorecognizesconcernsraisedoverdivestmentwithinaweakmarket,andthechallengesthisplacesonfiduciaryresponsibilities.WedonotpossesstheinformationorexpertiserequiredtoevaluatethefinancialimplicationsthatadoptionofethicalinvestmentguidelineswouldhavetoDalhousie’sendowmentfunds(andpotentiallyotherinvestmentvessels),andnotethatwedonotbelieveitiswithinthiscommittee’smandatetodoso.Concerningaccesstoresearchfundswithintheacademicenvironment,webelievethattwodistinctareasmustbeconsidered:individualresearchersandinstitutionalinitiatives.Forcollaborationsdevelopedbyindividualresearchers,thiscommitteesupportsresponsesreceivedwhichnotethatcompaniesarelikelytomaketheirdecisionsonfundingbasedonthequalityofresearchproposalsanddevelopedrelations,limitingtheimpactofadivestmentdecision.Forinitiativesdrivenataninstitutionallevel(endowedfacultypositions,multi‐institutionalstrategicgrants,capitalfundraising),divestmentmayimpactfutureopportunitiesandtherenewalofcurrentpartnerships.Aswitheducationandenrolmentconsiderations,itistheopinionofthiscommitteethatanuancedapproachwouldenableDalhousietohighlightandbuildoncurrentpartnershipsaspartofitsbroaderstrategicplan,highlightingtheseactivitiesaspositiveexamplesofindustrypartnershipswithnetbenefittotheclimatechangediscussion.Intheinterestsofquantifyingpotentialrisk,historicalfinancialdatafromthepastfiveyearswasrequested,indicatingthatthefossilfuelsectorcontributesonaverage

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1milliondollarsperyeartoresearchactivitiesatDalhousie.Thiscorrespondstoalmost1%ofDalhousie’stotalannualresearchandcontractfunding,andisviewedassignificantbytheprogramswherethisresearchistakingplace.IndevelopingfuturepoliciessurroundingethicalinvestmentguidelinesandthenuancedapproachtoaddressingthisissuewithintheDalhousiecommunity,thiscommitteestressestheneedtoconsultwithspecificgroupscurrentlyengagedinactivepartnershipstounderstandthenatureoftheseinteractionsandtheirvaluewithinDalhousie’sbroaderstrategicresearchplan.Oneadditionalconcernraisedwithintheresponsesreceivedandtheopenforumwastheimpactofdivestmentand/orinvestmentdecisionsonacademicfreedomandacademicintegrity.Whileusedinterchangeablywithinresponsesreceived,thiscommitteerecognizesthesetermsasseparateissues,bothofwhichareimportantwithinthecontextofinstitutionalinitiativesandindustrypartnershipsineducationandteaching.Inkeepingwiththecommittee’ssuggestiontoengageinactiveconsultationwithfacultyhavingpartnershipswithsectorspotentiallyaffectedbyaninstitutionaldivestmentdecision,thecommitteerecognizesthatconcernswereraisedregardingacademicfreedom.Thecommitteefeelsthatdivestmentwillnotexplicitlypreventafacultymemberfromacademicpursuitsinagivenareaandthereforedoesnotviolatetheprinciplesofacademicfreedom.Withrespecttoacademicintegrityconcernsraisedduringthisprocess,thiscommitteewoulddrawattentiontoaseparateinitiativecurrentlyinprocesswhosemandateisthedevelopmentofguidanceoncorporategifts.

RecommendedPathwayForwardInlightoftheopportunitiesandthreatsidentifiedbytheDalhousieCommunityinthefourcategoriesconsidered,thelandmarkglobalclimateagreementreachedinParis,andacomparabledivestmentdiscussionreleasedbytheUniversityofToronto,thiscommitteeisrecommendingthefollowingpathwayforward:

ThatSenateinitiateandpursuemeaningfuljointdiscussionswiththeBoardofGovernorstoengagethebroaderDalhousieCommunityunderamandatetodevelopandenactformalinstitutionalpolicyonethicalinvestmentandotherstrategicinitiativestoaddressclimatechange.

ThisrecommendationisnotintendedtodelayactiononwhattheDalhousieCommunityhasidentifiedasanimportantissuethroughon‐goingdiscussion.Theneedforjointdiscussionsstemsfromthiscommittee’sconclusionthatanuancedapproachisrequiredtomeetDalhousie’smoralandethicalobligations,takeadvantageofpotentialopportunitiesidentifiedwithinthisreport,andmitigatepotentialthreatsthroughopportunitiestoenhanceexistingpartnershipsanddeveloppolicieswhichaddressthepressingissueofclimatechange.Westrongly

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encourageSenatetoinitiatethisprocesswithinthe2015/2016academicyearwiththeintenttoenactpolicybynolaterthantheendofthe2016/2017academicyear.Developmentofsuchapolicyorsuiteofguidelinesisbeyondthescopeofthiscommittee.However,giventhefeedbackreceivedduringthisprocessandintheinterestoffacilitatinginitialdiscussions,thisreportsummarizesanumberofrecommendationsreceivedfromtheDalhousieCommunityrelatedtobothinternalinitiativesandactionsDalhousiecanpursue(forexample,targetingcarbonneutralityby2020)andresponseswhichmaycontributetothedevelopmentofethicalguidelinesforinvestmentwhichwouldenableasystematicprocessbywhichindividualinvestmentsofconcerncouldbeassessedinanopenandtransparentstructure.ThiscommitteeisproposingthefollowingguidelinesandcriteriaasinitialpointsofdiscussioninanattempttocapturetheconcernsraisedbytheDalhousiecommunityoverclimatechange,divestment,andmeetingethicalobligationswhilerespectingDalhousie’sinherentdiversityandthedesiretoencouragepositiveengagementwiththisindustry.Onepotentialmethodofimplementingethicalguidelinesforinvestmentisareverseonusapproach,wherebyDalhousiewouldnotifycompaniesforwhichethicalconcernshavebeenraisedoftheintenttowithdrawinvestmentwithinaspecifiedtimeperiodunlessthecompanydemonstratestothesatisfactionoftheUniversitythatitsbusinesspracticesandhistoryalignwithDalhousie’sethicalinvestmentguidelinesonclimatechangeandenvironmentalstewardship.Asastartingpointwithinthisprocess,thiscommitteerecommendsthattheuniversityexploreproposedpoliciesthroughandinitiallyreviewtheirinvestmentsincompaniesidentifiedbyothercredibleorganizationsasproblematic,suchasthe200companieslistedontheCarbon Tracker 200 withintheethicalguidelinesdeveloped.TheCommitteerecognizesthatthepreferredapproachtoinvestmentofmanyinstitutionsisthroughmutualfundswheredaytodaydecisionsonstocktradesarenotunderthecontroloftheinvestinginstitution.Inthisregard,wenotethatdivestmentandtheethicalinvestmentmovementshaveresultedinagrowthofmutualfundswithguidelinesthatmaybeconsistentwithanethicalinvestmentpolicy.Fromaclimatechangeandenvironmentalstewardshipperspective,thefollowingcriteriaforinitiatingethicalreviewofinvestmentinagivencompanyareproposedfordiscussionandrefinement:

Lobbyingofthepublic,governmentdepartmentsorgovernmentdecisionmakers,eitherdirectlyorindirectlythroughpoliticalorfinancialsupport,againsteffectiveclimatepolicy,environmentalstewardshiporothermeasuresconnectedtothetransitiontogreenhousegasemissionsneutrality.

Oppositiontoglobalcooperationonclimatemitigation,adaptationandimpactevaluation,orthetransitiontogreenhousegasemissionsneutrality.

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Supportoformembershipinorganizationsactivelypromotingclimatechangedenialoractivelyattemptingtoconfusethepublicabouttheoverwhelmingscientificconsensusaboutthehumancontributiontoclimatechange.

Financialvaluationsbasedonsignificantassetholdingsintheformofrightstofossilfuelreservesthat,basedoncurrenttechnology,wouldneedtoremainundevelopedtoavoidtheworstimpactsofclimatechange.

Theprimaryrequirementwithinareverseonusapproachisthatacompanyproveithasnotcontravenedtheseprinciplesorthatithasceaseddoingso.Forcompaniesthathaveceaseddoingso,thiscommitteerecognizesthattheintentofethicalinvestmentpracticesistofacilitatepositiveactionandtheadoptionofcorporateethicswhichsupporteffectivemitigationofclimatechangeandimprovedenvironmentalstewardship.Examplesofpositiveactionsinclude:

Publicacknowledgementofthethreatclimatechangeposes,anddemonstratedsupportfordecisiveaction.

Activetechnologyinvestmentandcorporateleadershipininitiativestargetingreducedfossilfuelrelianceandincreasedenergyprovisionthroughfossil‐freesources.

Recognitionofdevelopmentlimitsonassetholdingsthroughdisclosuretoinvestorsofreservoirpotentialandvalue,accountingforthesignificantportionoftheseassetswhichmustremainundevelopedtoavoidtheworstimpactsofclimatechangegivencurrenttechnologies.

Demonstratedpriorityinclimateresponsibleenergythroughsignificantinvestmentinnon‐fossilfuelenergysourcedevelopment,carbonfootprintreductionoffossilfueldevelopmentandprocessing,improvedenvironmentalstewardship,andimpactmonitoringandpublicreporting.

Adoptionandsupportofcurrentglobalbest‐practicesinenvironmentalstewardship,corporateethics,operationaltransparencyandreporting.

Activeengagementineducationonclimatechange,mitigationmethods,sustainabledevelopment,globalresponsibilityandknowledgetransferofadvancementsinthefieldofcarbonemissionreductionandsequestration.

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3. Summary of Submissions ThefollowingsummariesarederivedfromtheresponsesreceivedfromtheDalhousieCommunity,andhavebeenpresentedinanattempttoexpressthecommonelementsandviewpointsencompassedinthesesubmissions.Alistofsuggestedsolutionscanbefoundattheendofthesection.DetailsregardingthereferencedsubmissionsandlevelofstatedsupportcanbefoundinAppendixD.Throughanalysisoftheseresponses,thiscommitteehasproposedkeyviewpoints,whicharediscussedindetailinSection4.

Moral & Ethical Considerations ViewpointssupportiveofdivestmentAlanFine(1)describesdivestmentasa“right‐mindedcourageousstep”.IDS(3)findsBoard’sreasonsfornotdivesting“neitherunreasonablenorincorrect”butarguesthesereasonshavebeen“outweighedbymoral,ethicalandfinancialargumentsinfavourofdivestment”.Env.Sci.’s(4)primaryobjectiontonotdivestingis“moralandenvironmental”;theystatethat“Dalhousiemustnotbeseentoprofitfromindustriesthatunderminetheresilienceofourplanet”anddescribeclimatechangeasan“existentialthreattohumanexistence”.Law(6)statesthat“fossilfueluse‐andthusfossilfueldivestment”are“mattersofjustice”dueto“unevendistributionaleffects”ofclimatechange,whichconfirm“theneedforCanadatobecomecarbonneutralassoonaspossiblebasedonindisputablescienceandethicalpositionsthatarereallybeyondchallenge”andthat“Divestment’spossibleeffectsonDalhousie’sacademicprogramsandresearchshouldnotbethesoledeterminantofwhethertheUniversitychoosestotakethatstep”.SocialWork(8)seesdivestmentas“reinforcingDalhousie’sowncommitmentto“principledandethicalactions”,theFSPA(9)seesitatbeingconsistentwith“moralconvictionsoffaculty,students,andstaff”,whileEconomics(10)seesdivestmentasbeing“requiredprimarilyonethicalgrounds”,warningagainsta“shortsightedcalculus”whichwouldtakeintoaccountpotentialyetuncertaincoststotheuniversitysuchastheresponseofpotentialdonorsand“complexoperationaldecisionsrelatedtoadivestment”.DSUSO/DSU(11)statesthatalthoughthey“know…thattherearefearsoffinancialinstability”andapotentialbutuncertain“reductioninstudentenrolmentandfundingcutstospecificprograms”thatitistheirmoralresponsibilitytosupportdivestment.”SomePhys.&Atm.Sci.facultysupportdivestmentasa“concreteactionsupportingtheessenceofresponsibleenvironmentalpolicies”,whiletheColl.ofSust.(19)reachednoconsensusonthedivestmentissuebutstatesthat“Investmentincompanieswithholdingsofcarbonreservesareaformofcomplicityinthemanagementofthosecarbonreserves.”Lastly,analumnus(22)drewattentiontotheInvestmentCommittee’sconcernaboutdivestmentfrustratingthe“goalofreasonable(riskadjusted)returnsbutdescribesnotdivestingas“approachingmoralbankruptcy”.

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IDS(3)notesthattheyworkwithcommunitiesaroundtheworld,whichare“directlyandadverselyaffectedbyclimatechange”andthatDalhousie,hence,hasa“verystrongresponsibilitytoactineverywayfeasibletoreduceDalhousie’simpactsonclimatechangeandtocontributetothesearchforgenuinelysustainablestrategiesforglobalhumandevelopment”.Env.Sci.(4)statesthatDalhousie“shouldnotinvestincompanieswhosefinancialworthispredicatedonabusinessmodelthathasirremediablycatastrophiceffectsfortheplanet”.Law(6)notesifCanadafailstobecome“carbonneutralassoonaspossible”thatthis“eitherputsanunfairburdenonfuturegenerationsorasksothercountriestocarryanunfairshareoftheburdenofaddressingtheproblem.”SocialWork(8)is“committedto“Universalentitlementandaccesstotheservicesandopportunitiestomeetbasichumanneedsintheareasofhousing,healthcare,childcare,educationandoldagesecurity”.FSPA(9)statesthat:“Thescientificconsensusisclearthatfossilfuelextractionatthecurrentpacewillresultincatastrophicclimatechangesthatthreaten…vulnerablepeoplearoundtheglobe.”Economics(10)statesthatclimatechangecostsfromfossilfuelsare“underminingtheverysociety”they“helpedtocreate”and“thesecostswillweighmostheavilyonthepoorestamongusandonfuturegenerationsincludingourstudents”and,thatfossilfuelshave“generatedheavilycontestedresourcerents…,whichhaveledtowarsandviolationsofhumanrights.”DSUSO/DSU(11)statethattheirowndivestmentwasmotivatedbythefactthatthey“valueasustainablefuture”,amatterofintergenerationaljustice.Similarly,thePhys.&Atm.Sci.submission(14)statesthat:“Itisimperativethatweinvestinourstudentsfutures,notincompaniesthatresistchangingtheirpractices,whicharehelpingtodestroythatfuture”.Analumnus(22)statedthatbyfailingtodivest,“Dalhousieiscomplicitinthegreatsufferinganddeaththatcouldresultfromcatastrophicclimatechange”;theyarguedthat“it’snotaquestionofifyoudivest,butwhenyoudivest”.IDSprovidesargumentsandreferencesliteraturetosupportitsstatementthat:“Divestmentisincreasinglybeingembracedasaviablestrategyforeffectingmeaningfulchangeinthefightagainstclimatechange.”Env.Sci.(4)writesthat“apublicdivestmentpolicyfromaworld‐classCanadianuniversitysendsaboldpublicstatementwithpoliticalsignificancetothesecompanies,aswellastoourstudents,staff,faculty,alumniandgreateruniversitycommunitythattheuniversityis“walkingthetalk”.Law(6)describesdivestmentasa“powerfulsymbol”whileSocialWork(8)seesdivestmentassettinga“positiveexample”.FSPA(9)statesthat“todayinstitutions…includingUniversityofGlasgowandSyracuseUniversity,aredivesting.Theyhaverightlygarneredwidespreadpositivepublicityfortheirleadershiponthisissue,andDalhousieshouldjointheminthisbold,principledstand.”Economics(10)statesthat:“divestmentwouldsendaprincipledsignal…”andthatthis“willhelptocreateafocalpointaroundwhichenvironmentalandhumanrightsconcernscanbeexpressedandpoliciesdeveloped.”DSUSO/DSU(11)seesdivestmentasfulfillingtheir“mandatetoberecognizedasaleadingadvocate,andproviderofinnovationandvaluedservicesforstudentsatDalhousieUniversity”andthatthishasenabledthe“DSUtobecomealeaderintheabilitytoshiftsocietalnormsandinstitutionalizeclimatejusticeandequitythroughresponsible

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investments.”ThePhys.&Atm.Sci.submission(14)seesdivestmentassending“aclearsymbolicmessagethatthingshavetochange”.IDS(3)notesthattheEconomist(2014,11,02)findssuggestivebutnotconclusiveevidencethattheSouthAfricanandIsraelidivestmentmovementsraisecompanies’borrowingcosts.Theynote,however,“thatthemotivebehindsuchcampaignsismuchbroaderthansimplyfinancial:thegoalofdivestmentistodepriveenergycompaniesthepolitical,socialandculturalcapitaltoinfluencedebatesoverclimatechange…thegoalistogalvanizeoppositiontothesecompaniesandputpressureonthemtoleavethebulkoftheircarbonholdingsintheground.”Similarly,theFSPA(9)statesthat“HistoryhasprovendivestmenttobeaneffectivestrategyforachievingmajorandnecessaryreformsaswhenDalhousiejoinedawaveofinstitutionsthatdivestedfromcompaniessupportingapartheidinSouthAfricainthe1980s.Todayinstitutions…includingUniversityofGlasgowandSyracuseUniversity,aredivesting.Theyhaverightlygarneredwidespreadpositivepublicityfortheirleadershiponthisissue,andDalhousieshouldjointheminthisbold,principledstand.”Asacounterargumentagainstargumentsthatdivestmentwillslowresearchanddevelopmentofrenewableenergiesbecausefossilfuelcompaniesinvestinthese,Env.Sci.(4)statesthat“fossilfuelcorporationshavealimitedhistorywithrenewablesandtheoverwhelmingmajorityareentirelydedicatedtofossilfuels”.Theynotethat“BeyondPetroleum”hadrecentlychangeditsnamebackto“BritishPetroleum”andthatTotalS.A.’sphotovoltaics,ifinstalledwouldproducelessthan0.5%oftheirtotalenergyproductionandthatTotalS.A.hasrecentlyinvested$12billioninOilSands.Theyarguethatfossilfuelcompanieshavelittleincentivestoswitchbecauseprofitsfromfossilfuelextractionaresohigh.IDS(3)disagreeswiththeDalhousieInvestmentCommittee,whichtheyreportassayingthat“divestmentwillhavelittleornoimpactontheglobalproblemofclimatechangeasourholdingswouldsimplybeboughtbyanotherinvestor”.Theystatethatthey“commonlyencountersimilarsentimentsamongtheirstudents:howcantheactionsofoneperson(oroneuniversity!)possiblyimpactsuchwidespreadandentrenchedproblems?Ouranswer:Yes,theimpactofoneindividual,oroneorganization,isminimal.Buttogethertheseindividualactionscombinetotrulypowerfulscalesandhavesucceededinovercomingtheworld’smostintractableproblemsandconflicts…TheInvestmentBoard’smessagehereunderminesmuchofthecurrentIDScurriculum,whichisexplicitlystructuredtoimparttheknowledgeskillsandattitudesneededtoembarkuponalifeasanactiveandengagedglobalcitizen”.Env.Sci.(4)arguesthatDalhousiehassignedavarietyofinternationalagreements,which“commitDalhousietobecomingaleaderincreatingasustainablefuture.”Law(6)referstoitsMissionandVisionStatement,whichstatesthatitsmission“servessociety–locally,nationallyandinternationally”andpartofitsvision“isa…sustainablecommunity”.Itsvaluesinclude“integrity,respect,courage,socialjustice,andunselfishpublicservice.”1SocialWork(8)notesthatdivestment 1 http://www.dal.ca/faculty/law/about/history-of-schulich-school-of-law/mission---vision.html

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reinforcesDalhousie’sMissionStatement,whichcommitsDalhousieto“principledandethicalactions”and“isconsistentwiththeCanadianAssociationofSocialWorkersCodeofEthics”.FSPA(9)statesthat“investinginfossilfueldevelopmentprofoundlycontradictstheintellectual,artisticandmoralconvictionsoffaculty,studentsandstaffoftheFSPA”.Economics(10)findsdivestmenttobeconsistentwith“Universityteachingprioritiesinoceans,agricultureandsurvivalofcoastalcommunities,manyofthempoor”.DSUSO/DSU(11)statesthatdivestmentisconsistentwithitscommitmentsof“avoidinginvestmentsinbusinesseswhoseactivitiesareinconsistentwiththeStudentUnions’missionsandvalues”.Analumnus(22)statedthatearlydivestmentwouldenableDalhousietoachieve“goalsofstrategicdirection”andimproveitsreputationin“academicexcellence”bothnationallyandinternationally.

Summarypoints:(i)ItisunethicalfortheUniversitytocontinuetoinvestinfossilfuelcompanies.(ii)Therewillbecostsofdivesting,buttheyarewarrantedonethicalgrounds.(iii)Divestmentisamatterofjustice,protectingthemostvulnerable,manyofwhichhavenocontroloverwhathappensindevelopedcountrieswheremostoftheemissionstakeplace.(iv)Dalhousieandotheruniversitiesneedtoshowmoralandethicalleadershipinsocieties.(v)Divestingisanimportantsymbolicgesturetosupportthetransitiontoafossilfuelfreeworldthatcouldleadtoameaningfulimpact.(vi)Theattitudeagainstdivestmentisthesameattitudethathaspreventedtheworldfromsolvingtheproblem,nottakingresponsibilityforonescontributiontotheproblemandwaitingforotherstoactfirst.(vii)DivestingcampaignsinSouthAfricaagainstapartheidarecomparableandweresuccessful,theimpactsarenotprimarilyfinancial,andtheyarepoliticalandethicalinnature.(viii)DivestingissupportiveofsomeexistingprofessionalcodesofethicsgoverningpracticebyDalhousieemployeesandsustainabilityagreementstowhichDalhousieisasignatory. ViewpointsagainstdivestmentEarthSci.(21),Engineering(13)andIanHill,ActingDeanofF.o.S.(5)allexpressethicalconcernoverclimatechange,butdonotsupportdivestment.EarthSci(21)statesthat“Ourdepartmentisunitedinconcernforthesignificantanthropogenicdisruptionoftheglobalcarboncycle,andresultanteffectsinclimateandtheoceans.”Engineering(13)statesthattheyare“keenlyawareoftheseriouschallengespresentedbyclimatechangeandofthedireconsequencesthatwillresultfromnotaddressingtheissuedecisively.WebelievethatCanadaneedstodoallitcantoweanitselfofffossilfuelsandtodevelopmoresustainableenergysources.”IanHill(15)statesthathehasdevotedhisprofessionallifetothedevelopmentof

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newsolarcelltechnologies.“EverydayIworktowardsafuturewheresocietyisfreeofthedamagescausedbytheburningoffossilfuels.”Nevertheless,hedoesnotsupportdivestmentbecause“itwillhaveminimumpositiveeffect,largenegativeeffects,anddoesnotaddressthecoreproblemsoffossilfuels:lackofgovernmentregulation,largegovernmentsubsidies,insufficientorlackofpricingoncarbonemissions,andthecontinuedover‐consumptionbyvirtuallyeveryindividualinCanada(andelsewhere).”Engineering(13)arguesdivestmentwouldbeharmfuldueto“symbolicallyisolatingenergycompanies”whoare“repositoriesofknowledgeandexpertise”andare“alreadyinvestinginalternativeenergysources,andit’simpossibletoseeaworkableanswerthatdoesn’tinvolvethem”becausegovernmentlacksthedepthandglobalreach.EarthScience(21)notesthat“divestmentisinsensitivetothevariationsbetweenpubliclytradedfirmswithinthefossilfuelindustry.Forexample,somefirmshavemovedrelativelyquicklytowardalternativerenewablesourceswhileothersprovidefinancialsupportfordenialgroupsandtheirpropaganda.AsauniversityDalhousieshouldtakeanuancedandinformedviewratherthanapplybroad‐brushedgeneralizations.”Instead,theysuggest“developingandimplementinganaggressivesustainableinvestmentstrategywhichisappliedacrosssectors…”Engineeringstatesthat“itcanbearguedthatamovetowardsdivestituremayonoccasionhavetheforceofanethicalimperative,suchaswasthecaseforuniversitiesinthe1980sthathadSouthAfricanholdings,wedonotbelievethatanysuchclaimcanbemadeinthisinstance.Theapartheidregimewasmorallyrepugnantrootandbranchforitsinception.Toplacetheenergycompaniesintothesamecategorysimplyputsthemoutsidethecircleinawaythatallowsustoforgetthattheresponsibilityforclimatechangeextendsfarbeyondthem:theyarepartofawebthatincludesourownpersonalchoicesandthechoicesthatgovernmentmakesonourbehalf.”IanHill,ActingDeanF.o.S.(5)statesthat“divestmentofuniversityholdingsinfossilfuelcompanieswillnot,initself,hurttheselargecompaniesbutwillstandasastatementofvaluesthatwillhopefullyinfluenceothers.”Engineering(13)arguesthatdivestmentwillharmfossilfuelcompany’s“investmentsinresearchintoalternativeenergysources”,alsonotingthat“evenifouraimweretodrivedownthepriceofsharesorbondsissuedbythesecorporations,Dalhousie’sholdingsarenotlargeenoughtoachieveeventhismodestgoal”andwouldhave“nodirecteffectonthefundingofnewoilandgasprojectsoroncompanyoperationsingeneral.”BothEarthSci.(21)andEngineering(13)suggestthatotherapproachescouldhaveamoremeaningfulimpactthandivestment.AnM.Sc.EarthSciencesStudent(18)drawsattentiontotheuseoffossilfuelsforfoodandclothingproduction,heatandshelter,healthandeasytravelwhileM.Sc.EarthSciencesStudentCharlesCarlisle(20)statesthatfossilfuelsenableusto“liveintheluxurywedothroughair‐conditionedsummersandheatedwinters”addingthat“whilethefutureholdsalternatives,itisstillquitefaraway.”IanHill(15)arguesthatthedivestmentmovementis“hypocritical”whileweall,individuallycontinuetoburnfossilfuelsasamatterofnecessity.”Inparticular,henotesthatwe

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havenotyetsolvedtheproblemofintermittencyofrenewableenergy,whichrequiresustodevelopmeanstostorethisenergy.

Summarypoints:(ix)Divestmenttreatsalargenumberofcompaniesthesame,regardlessoftheirdegreeoftransparencyandon‐goingactivitiestowardsaddressingclimatechangeandalternativeenergysolutions.(x)Amoralrequirementtoaddressclimatechangedoesnotequatetoamoraljustificationfordivestment.(xi)Divestmentisnotcomparabletoapartheid.Toplacethefossilfuelcompaniesintothesamecategoryasapartheidisanattempttoattributeresponsibilityforclimatechangetoafeworganizationswhenitisafarbroaderissue.(xii)Divestingishypocriticalasitsinglesoutthosewhoextractfossilfuelswhileweallstillrelyonthemandwillcontinuetoforsometime.(xiii)Divestingwillnot(oronlyminimally)contributetoaddressingclimatechange.

Educational & Enrolment Considerations ViewpointssupportiveofdivestmentEnv.Sci.(4)statesthattheirstudentsandthoseinotherdegreeprograms“arehighlylikelytoseethehypocrisyandinconsistencyofDalhousieUniversityteachingandengaginginresearchonclimatechangeontheonehandandthenliterallysponsoringindustrythatsignificantlycontributestoclimatechangewiththeother.”Law(6)notesthat“Beingpartofalargerinstitutionthat,throughitsinvestmentstrategy,seekstoprofitfromfossilfuelexploitationbeliesthisclaimandopenusalluptothechargeofhypocrisy.”SocialWork(8)seesdivestmentas“anopportunityforDalhousietopositionitselfasagloballeaderinenvironmentalaccountabilityandsustainability.”FSPA(9)thinksthatdivestmentwould“vastlyincrease”Dalhousie’sappealtostudentsinhumanitiesandsocialsciencewhoareinterestedinsocialjusticeandenvironmentalissues.Economics(10)statesthatbynotdivesting,Dalhousieprovides“tacitapprovalfortheongoingplunderingofourenvironment”.ThePhys.&Atm.Sci.submission(14)arguedthatnotdivestingcouldmakethecreationoftheCollegeofSustainabilitya“ruse”.Analumnus(22)suggeststhatitishypocriticalforDalhousietoincreasea$600,000contractwithShellCanadawhilestatingthatithasrecentlyinvested$45millioninsustainabilityprojectsoncampuswhichare“demonstratingthatDalhousieistakingaleadershiproleasenvironmentalstewardindaytodayoperations.”Law(6)statesthatdivestmentwouldattract“bothstudentsandnewfacultywhomightnototherwiseplaceapriorityoncomingtoDalhousie”especiallyintheEnvironmentalLawInstituteandHealthLawInstitute.FSPA(9)statesthatdivestmentwould“increasetheappeal”ofsocialscienceandhumanitiesprogramsbecausethesestudents“tendtobeparticularlyinterestedinsocialjusticeand

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environmentalissues.”IDS,Env.Sci.,Law,SocialWork,FSPA,Economics(3,4,6,8,9,10)seeeithernoorpositiveimpacts.Economicsspecificallyusestheword“direct”toqualifyimpacts.Summarypoints:(i)Divestingmightenhancethecredibilityofsustainabilityorientedprogramsthroughouttheuniversity.(ii)Divestingmayincreaseenrolmentinsustainabilityorientedprograms.(iii)Divestingmaybeattractivetosomecandidatesforfacultypositions.(iv)Manydepartmentsseeeithernoorpositivedirectimpacts. ViewpointsagainstdivestmentDeanoftheFacultyofScience(5)isconcernedthatdivestmentwouldlimitfreedomofinquiry,whichhenotesisaSenatevaluestatedintheproposedpreambletotheSenateconstitutionasfollows:“freedomofinquiry–opennesstofreeinquiry,thefreeexpressionofideas,andopendiscussioninallmattersinternalandexternaltotheUniversityandinallcontextsinternalandexternaltotheUniversitymustberespected.”Similarly,ActingDeanofF.o.S.,IanHill(15)statesthatdivestmentwill“indirectlyandperhapsintentionallystifleacademicfreedom”.Proponentsagainstdivestment(13,15,5,21)allstatethattheirprogramsaresignificantlyinvolvedinsustainabilitywithEngineeringnotingthatithas“oneofthefewenvironmentalengineeringprogramsinCanada”.Allwereconcernedthatadecreaseinfossilfuelfundingcouldharmresearchandteaching.Thismightindirectlyreducethecredibilityoftheirsustainabilityprograms.IanHill,ActingDeanF.o.S.(15)statesthat:“Diversityofresearchandviewsarehallmarksofauniversity.Iwouldarguethataneffectiveuniversitymusthouseinternalcontradictions.”AMSc.StudentinEarthSci.(18)statesthatthey“havebeenproudtosayIcomefromaschoolwherediverseandcontrastingviewsarepresented,wherethestudentsaretaughtalltheevidenceavailableandthenencouragedtoresearchfurther.”Argumentsthatdivestment“mayadverselyaffectacademicprograms,whichworkinpartnershipwiththefossilfuelindustry,reducingsupportforacademicenhancementprograms”isprovidedunder“FinancialandResearchConsiderations”.Summarypoints:(v)Divestingmaylimitacademicfreedom(freedomofinquiry)byrestrictingfundingopportunitiesforresearchersstudyinggeologicalstructuresorprocessesofinteresttofossilfuelextractionindustries.

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(vi)Diversityofresearchandeducationalviews,eventhoseinapparentcontradiction,isahallmarkofauniversity.(vii)Studentsandfacultyworkinginacademicunitswhoworkwiththefossilfuelindustrymayfeelalienated.(viii)Divestingmayadverselyaffectacademicprogramsthatworkinpartnershipwiththefossilfuelindustry,reducingsupportforeducationenhancementprograms.

Financial & Research Considerations ViewpointssupportiveofdivestmentAlanFine(1)stateshethinksdivestmentwouldhave“minimaladverseeffectsforuniversityfinances”.IDS(3)statesthat“recentempiricalstudieschallengethevalidity”ofthecontentionthatdivestmentwouldundermineDalhousie’sfiduciarydutywithregardstomanagementofitsendowment.TheynotethattheformerChairmanofShellonJuly4th,2015statedthat“divestmentremainsaperfectlyrational(andprofitable)moveforinvestors”andrefertoarecentanalysisinTheEconomist2,whichpresentscompellingevidencethatdivestmentmakesgoodeconomicsense.”Evidenceincludes:astudybyMSCI,anindexfirmundertakenbetween2007and2015,whichstatisticallyfoundthat“investmentportfolioswithlessexposuretofossilfuelcompaniesoutperformedthemarketasawhole”;and,astatementbyMercer,anactuarialconsultancy,whichrecentlycautionedthat“investorscannotassumethateconomicgrowthwillcontinuetobeheavilyreliantonanenergysectorpoweredpredominantlybyfossilfuels”and“predictsthatannualreturnsfromcoalcouldfallbyanywherebetween18%and74%overthenext35years”.IDSstatesthatarecentreportintheGlobeandMailcorroboratesbyshowingthatthe“‘FTSEDevelopedindexexcludingfossilfuelsoutperformedthemaindevelopedindexinfourofthepastfiveyears.’3”ThePhys.andAtm.Sci.submission(14)questions“whetherDalhousieUniversitycanreasonablyexpecttomakemoneyinvestinginfossilfuels”andstatethatJeffRubin,authorof“TheCarbonBubble:WhathappenstouswhenItBursts”andchiefeconomicadvisorofCIBCfor20years“clearlyrebutsthisstatement.”Similarly,FSPA(9)statesthatleadinganalystshavearguedthatfossilfuelmarketsareheadingforincreasedvolatilityandthatcurrentinvestmentsinfossilfuelindustriesarevastlyovervalued,asituationeconomistshavecalleda“carbonbubble”.4Theyalsorefertolistofover250majorinstitutions,whichhavecommittedtodivestingfossilfuels.5Economics(10)statesthat“Divestmentmayprovetobeconsistentwithgoodlongtermmanagementoftheendowment.”andthat“Companiesthatexhibitresponsible

2TheEconomist(Feb.11th,2015)DivestmentCampaignsFightthePower.3Tavia,Grant(2015,June15)Thegrowingmovementawayfromfossil‐fuelinvestment”,GlobeandMail‐ReportonBusiness,pg.B1,B4.4Leaton,J.UnburnableCarbon‐AretheWorld’sFinancialMarketsCarryingaCarbonBubble?CarbonTrackerInitiative.5DivestmentCommitmentsOverviewhttp://gofossilfree.org/commitments/

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environmentalbehaviour,socialbehaviour,andinternalgovernancemaybemanifestingcharacteristicsthatidentifygoodinvestmentopportunities”.Fromaresearchperspective,Phys.andAtm.Sci.(14)arguesthat“theuniversityjeopardizesattractingotherpartnershipswithstrongcommitmentstocleanenergy”.Law(6)thinksthatdivestmentcouldincreaseresearchfunding.Forexample,theRockefellerFoundation,whichhasdivested,mightbemorelikelyto“favourextendinggrantstootherinstitutionsthathavethemselvesdivested”.Theyalsostatethat“itseemslikelythatinthenextfewyearsmanyCanadianuniversitieswilltakethisstep.”andthatthebenefitsofdivestmentwouldbehigherifDalhousieisanearlymover,butwouldbelower,thelongerDalhousiewaitstodivest,andcouldbecomenegativeifDalhousieisalaggard.Env.Sci.(4)inrespondingtotheanti‐divestmentargumentthat“weneedtoputpressureonthefossilfuelindustry,butthroughtraditionalmeanslikeshareholderresolutions”,statesthat“shareholderresolutionshaveattemptedtochangebehaviourinthefossilfuelindustrybuthaveyieldedfewresults.”andthat“themajorityofshareholdersinthefossilfuelindustrieswillnotvotetokeep80%...ofreservesintheground.”Withregardstothe80%number,IDS(3)providesdetailsfroma2015synthesisarticlepublishedinNature6,which“arguesthat‘keepingitintheground’istheonlyviablestrategyforkeepingglobaltemperatureincreasesbelow2oC,recommendingthatone‐thirdoroilreserves,one‐halfofgasreserves,and80%ofcoalreservesmuststayinthegroundinordertomeetthistarget”.Env.Sci.(4)statesthatdivestmentdoesnotpreventindividualswithintheuniversitypursuingtheirownresearchinterestsandcontracts(i.e.ascholarcouldstillengageinresearchwithafossilfuelcompany).“Divestmentdoesnotimpingeonacademicfreedom.Rather,itisaclearstatementthattheuniversitywillnotsupportinvestmentsthatcontributetothedeclininghealthoftheplanet,andthereforehumanity.”FSPA(9),agreesthatdivestmentmayputatriskprivatesectorcontributionsto“researchfundingandacademicendeavor”butarguesthat“tosafeguardprinciplesofacademicfreedom,decisionsaboutuniversitiesinvestmentandendowmentshouldremainentirelyseparatefromourprocurementofoutsideresearchfunding”,whichshouldbebasedon“meritsoftheresearch,notontheextenttowhichtheuniversitysupportstheinterestofoutsidedonors.”Summarypoints:(i)Itisfinanciallyriskytocontinuetoinvestincompaniesthatholdsignificantstrandedassetsintheformoffossilfuelsthatcannotbeused.(ii)Divestingwillopenupnewopportunitiesforfundingfromsourcesthatsupportthetransitionawayfromfossilfuels.

6McGlade,Christophe&PaulEkins(2015)“Thegeographicaldistributionoffossilfuelsunusedwhenlimitingglobalwarmingto20C,Nature,517.7533,187–90.

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(iii)DecisionsabouttheUniversity’sinvestmentandendowmentshouldremainindependentfromourprocurementofoutsideresearchandacademicfunding.ViewpointsagainstdivestmentEarthSci.(21,17,18,20),Engineering(13),FacultyofScience(5),andIanHill,ActingDeanF.o.S.allnotethatdivestmentcouldadverselyaffectfundingfromtheoilandgasindustryforacademicprograms.Moore(5)emphasizesthatsome“researchcontractsgeneratesubstantialoverheadthatcanthenbeusedtosupportotherresearchprogramsbyprovidingenhancedinfrastructuresupport.”IanHill(15)arguesthatdivestmentwillhave“…nofinancialimpactonthefossilfuelcompanies”butwouldbe“aclearandverypublicstatementthatDalhousiehastakenamoralstandagainstthefossilfuelcompanies.Thiswillobviouslyleadthesecompaniestowithdrawingtheirsupportfromoureducationalandresearchprograms.”Engineering(13)statesthereare“significantfinancialrisks”totheirFaculty,whichreceivesfinancialsupportfromfossilfuelcompanieslikeShell.TheydidnothoweverthinksuchcompanieswouldrespondtodivestmentbyendingtheirrelationshipwithDalhousie”butthoughttheremightbea“chillingeffectacrosstheboard”.DeanMoore(5)notessomepotentiallyaffectedacademicprograms.TheseincludeMathCircles,anoutreachprogramofDept.ofMath&Statisticswiththemissionof“enhancingmathematicsliteracyintheK‐12system”(5).ImperialOilprovided$100,000/yoffundingbetween2009and2013.Also,theShellCampusAmbassadorProgram(ShellCAP)andotherfundingfromtheoilandgasindustryprovides“avarietyofenrichedstudentexperiences”includingintroductoryandadvancedfieldschoolsinEarthSci.supportedbyShellExperientialLearningFund(SELF).Moorenotesthatthese“exposeallEarthSciencestudentstogeneralfieldmethods”,notjustpetroleum‐focusedstudents.Theseincludea2‐week‐longfieldtriptostudythepetroleumindustryinCalgaryandaweek‐longfieldtriptoTrinidadtostudy“exposedpetroleumreserves”.FundingalsoenablesstudentstocompeteintheImperialBarrelAwardcompetition,inwhichMoorenotesthatDalhousiestudents“haveanenviablerecordofsuccess”.ProfessorGrantWach,EarthSci.(17)notestheywontheworldcompetitioninMadridinJune.EarthSci.(21)notesthatSELFintheirdepartmenttotaled$294,000(2015‐2018)andthat17%ofthisiscommittedtotheOffshoreEnergyFund,whichsupportsa“widevarietyofteachingandresearchactivities”andthattheindustrypartnerhasexplicitlyrequested“thatthefundsbeusedtosupportexperientiallearninginallfieldsofEarthScience,nottargetedtowardspetroleumgeoscience”andthatUniversityfinancialsupportisinsufficientto“providethelabs,fieldschools,andequipmentneededforamodernEarthSciencedegree.”Wachstatesthat“therearefantasticsalariedinternshipopportunitiesforourstudentsofteninCalgary,forcoursecredit”.Henotesthat:“Mostimportantly,wealsoeducateourstudentstounderstandandrespecttheenvironmentandtheytakethisknowledgewiththemupongraduation.”Engineering(13)notesthatSELFhasbroughtover$1milltoEngineering,EarthSci.andManagementoverthepast10years,whichhasbeenrenewedforanotherthree

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yearsatalevelover$500,000.Inengineering,mostofthismoneygoestowards“enhancingstudentexperiencebyhelpingusto(a)upgradelabs,(b)purchaseequipment,(c)refurbishcommonspaceforstudents,and(d)sendstudentstoconferences.TheynotethatShell“hiresDalhousiestudentsforco‐opjobsandinternshipsandmanyofourgraduateshavefoundemploymentwithShell.”Moore,(5)statesthat“divestmentwouldworkbothways”intermsofpositiveandnegativeimpactsandisuncertainbutcouldimpactEarthSci.andOceanographyandF.o.S.negativelyifoilindustryresearchfundingfalls.Moorestatesthat:“AseniorexecutiveatShell(whofundtheCampusAmbassadorProgram(CAP)thatcontinuestobenefittheFaculty)toldmedirectlythatthecompanyismonitoringtheuniversitydivestmentmovementcloselyandwouldlookunfavorablyonanyuniversitythatdivestedinregardtofutureinvestment.Certainly,Dalhousie’sdivestmentwouldsendaclearsignalthattheuniversityisnotsupportiveoftheoilandgasindustryandcouldwellleadtowithdrawalornonrenewalofinvestmentbyoilandgascompaniesinDalhousieactivities.”Someofthisresearch,“(particularlymarineresearchrequiringshippingtime)isextremelyexpensivetocarryoutandwouldbealmostimpossiblegiventhetypicallevelsoffundingavailablethroughgovernmentagencies.”HedrawsattentiontoExxonMobilfundingofEarthScienceandOceanographyresearchat3.26mill.(from2010–2013)and$23mill.(from2012–2020).Healsonotesthat:“Thefederalgovernment,throughgrantingagencies…hasmovedsteadilytowardsanindustryengagementandpartnershipmodel”suchastheNSERCIndustrialResearchChairProgram,whichallowshiringofnewfacultymembersthroughacombinationofgrantingcouncilandindustrymoney.Oilandgascompaniesarepotentialpartnersforsuchchairs;indeedwehavebeeninnegotiationwithEncanaoversuchachair.”DavidAnderson,DeanofMedicine(12)expressesconcernthatdivestmentmightaffecttheIrvingendowmentof2.0mill,whichsupportstheResearchChairinOccupationalMedicine.Atm.Sci.&Phys.(7)notetherewouldbenoornegativeimpactononedepartmentmember’sresearchonfogdatacollectionfromHiberniaManagementandDev.Corp.oilrigs.EarthSci.(21)isconcernedthatdivestmentwillcompromisetheirCFRERresearchinitiativeon“Resources,risksandsustainabledevelopmentoftheoceanfrontier:science,technology,policyandeducationleadership”.TheyareaskingtheFederalGovernmentfor$70mill.and“areintentonraisingasimilarmatchingamountintheformofgiftsfromprivatedonorsandcompanies,includingthoseinthenaturalresourcebusiness”.Thisresearchwouldincludean“innovativestudyofriftedmargins,withthegoalofmakingfundamentalsciencecontributionstoourunderstandingofplanetearth…”andwillhave“practicalapplicationsforoffshorenaturalresourceexplorationandriskassessmentandmitigation”.TheyalsostatethatShell,BPandtheirpartnershavecommittedtoinvestnearly$2bill.inhydrocarbonexplorationofNovaScotia’scontinentalmarginandthatDalhousiewouldhavean“importantroletoplayinongoingexplorationandeventualextractionandtransportation”andthat“DivestmentwillreduceDalhousie’s

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capacitytoperformthiswork,byreducingourabilitytoteachanddoresearch”.TheyalsoarguethatthisresearchcanaidNovaScotia’senergysecurity.Wach(17)citesfundingonMarionMcCainArtsbuildingfundingdonorboardsaslistingthefollowingenergyrelatedcompaniesascontributorstoDalhousie.Theseare:ExxonMobilOilCanadaLtd.(+1million),ImperialOilLtd.($250,000–$499,000),Emera($250,000–$499,000),PetroCanada($250,000‐$499,000),ShellCanada($250,000–$499,000),TransCanadaPipelines($100,000–$249,000),Schumberger($24,000–$90,000).Henotesthat:“Todateourresearchhasgenerated,ordirectlycontributedtosignificantfunding,softwareandaccesstodatathatallowourteamofstudentsandassociatesfromaroundtheworldtoconductourresearch.”Fromafundamentalinvestmentperspective,Engineering(13)notedthat“Dalhousiewouldsimplybeoneinvestorsellingthesesecuritiestootherinvestors(andatdepressedprices)…”IanHill,ActingDeanF.o.S.(15)notesthat:“Thedivestmentmovementseekstocircumventthemanagersanddictatethesaleoffossilfuelholdings.Icertainlywouldn’twantmyinvestmentportfoliotobedirectedinthisway.”AnEarthSci.M.Sc.Student(20)worriesabout“heftyfinesleveragedbyfinanciersforearlywithdrawal”.Summarypoints:(iv)Divestingwillreducefundingfromthefossilfuelindustryforacademicprograms.(v)Divestingwillreduceindustryresearchfundingincludingthefundingofindustrialresearchchairs.(vi)Divestmentcouldleadtothereturnofendowments(e.g.fundedchairs)fromfundingsourceswithfossilfuellinks.(vii)DivestingwillreducedonationstoDalhousie.

Reputational Considerations ViewpointssupportiveofdivestmentLaw(6)thinksdivestmentwillincreasestudentenrolmentandnewfacultyandresearchfundingmightimprovefrommajorfoundationssuchastheRockefellerFoundationwhohavethemselvesdivestedand“seemlikelytofavourextendinggrantstootherinstitutionsthathavethemselvesdivested.”DSUSO/DSU(11)’sstatementthat“over1800Dalhousiestudentshaveshownsupportforthisgrowingmovementasawaytotakeastandonclimatechange”issuggestiveofthepotentialforincreasesinenrolment.Analumnus(22)statesthattheythinktheeffectofafulldivestmentonDalhousie’snationalandinternationalreputationwillbegroundbreaking.

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FSPA(9)believesthat“divestingfromfossilfuelsisperhapsthesinglemosteffectivewayforDalhousietoprojectapositiveimageasaninstitutioncommittedtoprogressivevaluesandethicalengagementwiththeregionalandglobalcommunitiesitserves”.ThePhysicsandAtm.Sci.submission(14)statesthat:“Thereisarealriskthatfundingfrommajorplayersinthefossilfuelbusinessmaywithdrawtheirinstitutionalsupport,butwearguethattheuniversityjeopardizesattractingotherpartnershipswithstrongcommitmentstocleanenergy.”Analumni’s(22)submissionsuggeststhatsustainabilityalumnimightincreasedonations.Summarypoints:(i)BeinganearlyadopterofdivestmentwillpresentadvantagesforDalhousieintermsofmarketingandreputation(forenrolmentandfunding).(ii)DivestmentwillincreaseDalhousie’sreputationasanorganizationfocusedonsustainabilityandtheenvironment.ViewpointsagainstdivestmentAnEarthSci.M.Sc.Student(18)statesthatfaculty,alumni,andcurrentandfuturestudentsinEarthSciencewill“feelstigmatizedanddiscriminatedagainstforchoosingtopursuetheircareers.Weseeandareworkingontheenergychallengesfacingthepopulationasmuchasanyoneelse,sowhyarewebeingostracizedandourworkdisregarded?”Similarly,EarthSci.ProfessorGrantWach(17)statesthathefeels“stigmatized”and“undercontinuingpressuretodefendhisresearch”.Hestatesthat“WemustreflectonthemessagedivestmentwillsendacrossCanada,amessagethatpotentialstudents,alumnusandenergycompanieswillhearwhentheycometorecruit,supportofourprogramsandphilanthropicrequests”.Engineering(13)arguesthat“symbolicisolation”offossilfuelcompanieswouldbeamistakebecausetheyare“repositoriesofknowledgeandexpertisethatwillalmostcertainlyhavetobeasolutiontotheproblem”.Similarly,anEarthSci.M.Sc.Student(20)statedthat:“Muchofthetechnologyanddataemployedinthestudyoftheearthhasbeendevelopedbythefossilfuelindustrywiththegoalofgreaterunderstandingofitsprocesses.Itmustbenotedthesetechniquesanddatasetsarenotexclusivetothesearchformorehydrocarbons,butalsoincludeenvironmentalregulation,riskmitigationandflowmodelingforrenewableenergysources”.AnEarthSci.M.Sc.student(18)alsoarguedforengagementwithfossilfuelsandthatDalhousiecanbecomeamoreactiveshareholderthroughattendanceatannualinvestormeetings.

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Summarypoints:(iii)Divestingwillalienatesomealumnifromprogramsthathavestronglinkstothefossilfuelindustry,specificallyinearthsciencesandengineering.(iv)DivestingwillaffectDalhousie’sreputationandexistingrelationswithindustrysectors,isolatingfossilfuelcompanieswhentheyhavetobepartofthesolution.Assuch,divestingwillbecounter‐productive.

Summary of Submission Suggestions  Asummaryofsuggestionsisprovidedbelow:

“declare[a]moratoriumonfutureinvestinginfossilfuelcompaniesanddevelopafiscallyresponsibledivestmentplanforcurrentinvestmentsoverthenext5years”.(Env.Sci.,4)

“decisionsaboutuniversitiesinvestmentsandendowmentshouldremainentirelyseparatefromourprocurementofoutsideresearchfunding”(FSPA,9)

“takeseveralyearstoimplementastrategyofdivestment”whichwillinvolve“complexoperationaldecisions”(Economics,10)

Dalhousiecommittoinvesta“definedportionofitsportfolioinwaysthatsupportthedevelopmentofnewenvironmentallyresponsibleenergytechnologies‐thiscouldbecoupledbya“commitmentbyDalhousietoprovideadditionalsupportforresearchintothescientific,technological,andpolicydimensionsofthesenewtechnologies…”(Engineering,13)

atminimum,divestfrom“coalproducersandthoseoilcompanies,whichfocusonexploitingtarsandsashaveseveralleadingacademicinstitutions,suchasOxfordUniversity,TheUniversityofCalifornia,StanfordUniversityandothers…”havedone(Phys.&Atm.Sci.,14)

“faculty,students,andstaffparticipate…toachievethegoalofacarbon‐neutralcampusby2020.Thiswouldrequire1)commitmentthatallfutureinfrastructurebecarbonneutral,2)establishapolicythatacademicunitsdevelopaplantoachievethisgoal”(GrantWach,EarthSci.Prof.,17)

maintainrelationshipswithfossilfuelcompaniesinordertoincreaseDalhousie’s“opportunitiestocompletecollaborativeresearchoncurrentenergychallenges”and“becomeamoreactiveshareholderbyattendingannualinvestormeetings,askingquestionstoexecutivesandboardmembersifthereisconcernaboutthedirectionbeingtaken,andbymakingshareholderproposals.”(EarthSci.M.Sc.Student,18)

“meaningfuluniversity‐wideengagementinthedevelopmentofabroadly‐heldmorallygroundedpolicyonfossilfueldivestmentofuniversityendowments”withthePresident’sAdvisoryCouncilonSustainabilityasavenueforinitiatingthisengagement.TheCollegerecommendsthatthe“scopeofthispolicyextendtoincludeabroadsocialandethicalreviewofalluniversityinvestments,includingpensionfunds”(CollegeofSustainability,19)

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spendmoneythatwouldhavebeenspentonpossibleearlywithdrawalfinesduetoearlydivestmentoninfrastructure(EarthSci.M.Sc.Student,20)

developandimplementan“aggressivesustainableinvestmentstrategy,whichisappliedacrosssectors”andnotjustfossilfuelsand“renewedeffortstolowerDalhousie’sCO2footprints‐includingeffortsspanningpersonaltraveldecisionstooperationsmanagement”.

lookfurtheraheadwhenmakingdecisions(Alumnus,22)

4. Analysis by Committee 

Moral & Ethical Considerations  Priortodiscussingthemoralandethicalpositionsintheresponsesreceived,wewanttonotethattherewasconsensusamongstthemajorityofrespondentsontheseriousandurgentneedtoaddressclimatechange,irrespectiveoftheirviewsondivestment.ThissuggeststhatthebroaderDalhousiecommunityacceptsanthropogenicclimatechangeasfact.Theattimesconflictingmoralandethicalviewpointsexpressedrelatedspecificallytodivestmentasausefulactioninthefightagainstclimatechange. 

Viewpoints supportive of divestment 

ItisunethicalfortheUniversitytocontinuetoinvestinfossilfuelcompanies.TheassessmentofthemoralorethicalimplicationsofDalhousie(andotherinstitutions)continuingtoinvestinfossilfuelsisafocalpointofthedivestmentinitiative.Someconsideritimmoraltoinvestinandprofitfromfossilfuelextractionandcombustionduetoitsstatusasthelargestcontributortogreenhousegas(GHG)emissionsandhistoricalpracticesbysomecompanieswithinthisindustrytosponsoreffortstodelayclimatechangeactionandundermineenvironmentalstewardship.Anumberofacademicunitsconsidertheseethicalconsiderationstobelinkedtoeducationalconsiderations,enrolment,abilitytofundeducationalandresearchprograms,andthereputationofDalhousie.OthershavearguedthattheglobalimpactofdevelopingcarbonholdingsultimatelyresultsfromconsumptionandassociatedGHGemissions,whereextensionandadoptionoftheethicalpremisefordivestmenttoindustrieswithsimilarGHGemissions7wouldintroducecomplexfactorsintotheassessmentofutilityandbenefitofthisapproachtoaddressingclimatechange.ThesearesomeofthemanyfactorswhichhaveresultedinsuchdiversityandpolarityofviewsondivestmentbothatDalhousieandinotherinstitutions.Thecommitteefeelsthatitisimportanttokeepinmindthatthereisnoethicalimperativetoinvestinfossilfuelcompanies.Whileitmaybeimportantforfinancial 7https://www.ec.gc.ca/indicateurs‐indicators/default.asp?lang=en&n=F60DB708‐1

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andotherreasonstotrytoavoiddivestingfromcompanieswhoareactingethicallywithrespecttotheclimatecrisis,thereisnoethicalimperativetopursuenewinvestmentsintheseorothercompanieswhenalternativestrategiesexist.AkeyquestionforDalhousietoconsideriswhetherourcurrentinvestmentapproachisconsistentwiththemoralandethicalstandardssharedbytheDalhousiecommunity,andifitisconsistentwithDalhousie’scommitmentstotakeadefiningroleinaddressingclimatechangeandimprovingenvironmentalstewardship.Thecommitteeagreesthatinvestinginacompanywhosecurrentworthissignificantlydependentonitsabilitytoexplorefossilfuelassetsisunethicalwithinthecontextofglobalclimatechange,especiallygiventhatknownreservesalreadyexceedlevelswhichwouldleadtosignificantriskofclimatechangeiffullydeveloped.However,thiscommitteealsorecognizesthatthereisstillapercentageofpetroleumresourceswhichwillneedtobedevelopedresponsiblyduringthetransitiontocarbonneutrality,andthatDalhousie’sinvestmentpolicycanbeadjustedtomaintaininvestmentwithinthissectorbasedonclearlydefinedethicalguidelinesandtherequirementforactiveinitiativesbycompaniestoaddressclimatechange.Responsibilityforclimatechange,effortstosupportcontinueddenialofclimatechange,oreffortstootherwisesystematicallyundermineenvironmentalstewardshipshouldallbeconsideredaspartofanethicalapproachtoinvestmentatDalhousie.Abalancedassessmentwouldalsoconsiderconstructiveeffortstosupporteffortstoaddressclimatechangeandenvironmentalstewardship.BydevelopingandadoptingethicalguidelinesforinvestmentatDalhousiewhichincludesprovisionsonclimatechangeandenvironmentalstewardship,thedecisiontoinvestordivestcanbemadethroughsystematicconsiderationofthecorporateactionsofindividualcompanies.ThiswouldenableDalhousietoselectivelysupportcompanieswhichareactingasconstructivepartnersinsolvingtheclimatecrisiswhilestrategicallydivestingfromcompanieswithhistoricallypoorrecordsinthisareawhohavenotdemonstratedsignificantreform.Thiswouldalsoallowforanuancedapproachwhichdoesnotinferbroad‐basedcondemnationofthefossilfuelsector.Therewillbecostsofdivesting,buttheyarewarrantedonethicalgrounds.Thereappeartobetwoformsofpotentialcostsassociatedwithdivestment:directcostsfromthefinancialdivestmentprocessitself,andindirectcostsresultingfromthepoliticalramificationsofpubliclywithdrawingsupportfromanindustrialsectorwhichprovidesfinancialsupporttoacademicprogramsandactivitiesatDalhousie.Withrespecttodirectcostsandportfolioperformance,theBoardofGovernorsinvestmentcommitteeindicatedthattheydidnotexpectasubstantialdifferenceintheinvestmentportfolio’sperformanceunderadivestmentscenario,butcould

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incurafinancialpenaltyassociatedtochangingthecompositionofthecurrentportfoliotocomplywiththeoriginallyproposeddivestmentinitiative.Giventhecurrentconditionofthemarket,theinvestmentcommittee’sviewondivestmentandportfolioperformancemayhavechangednowthatcommoditypricesaredepressed,andshouldberevisited.Thepotentialforindirectcostsassociatedwithdivestmentwereraisedbyseveralrespondents.Withintheareasofconcernidentified,thedegreeofriskwasnotquantified,likelyduetothechallengesassociatedwithpredictingexternalpartyresponsestovaryingdegreesandformsofdivestment.Asageneralprinciple,thiscommitteesupportsthesuggestionthatethicalconsiderationsshouldformpartofDalhousie’sapproachtoinvestment.Iftheuniversitycommunityconcludesthatthereareethicalconcernswithsomeofourcurrentinvestments,itisimperativethatweaddressthisproblemanddonotallowfinancialconsiderationstoout‐weighethicalobligations.ThekeywouldbetodevelopclearandtransparentethicalrequirementsforDalhousie’sinvestmentpracticesthathavebroadsupportfromtheDalhousiecommunity,andaformalmechanismbywhichethicalconcernsoverspecificexistingholdingscanberaisedwithinthecontextoftheseguidelinesonanindividualbasis.Thisprocessmustbetransparentandfocusedinpracticeastheperceptionofbroad‐basedcondemnationofaspecificindustrialsectorratherthanspecificdivestmentofinvestmentsofconcernmayleadtounintendedfinancialconsequences.Thisisconsistentwiththeapproachestakenbyseveraluniversitieswhohaveconsidereddivestmentandpotentialsolutionstotheseethicalobligations.Outeffortinsection2toextractprinciplesfromthesubmissionsreceivedisintendedtostartthisimportantdialogue,notreplaceit.Divestmentisamatterofjustice,protectingthemostvulnerable,manyofwhichhavenocontroloverwhathappensindevelopedcountrieswheremostoftheemissionstakeplace.Thiscommittee,andtheDalhousiecommunity,appeartoagreethattheneedtoactonclimatechangeisamatterofdistributivejustice,wherebytheimpactsofclimatechangeareexpectedtobedisproportionallyfeltbyyouth,futuregenerations,developingcountries,andbydemographicswhohavecontributedlittletotheproblem.Inter‐generationaljusticeisaparticularlysignificantissueintheuniversitycontext,asyouthstudyingatouruniversityhavelimitedavenuestoaffectpoliciesgoverningthestateoftheenvironmenttheywillinherit.Societyreliesonuniversitiestobringcomplexissuesofjusticetothefore,andthestudentsandstaffatDalhousiewhohaveraisedtheseissuesshouldbecommendedontheiractivismandinitiative.Ifwewantourstudentstobeleadersforchange,wemustencouragethem,whilehelpingthemunderstandthecomplexityoftheissuesinvolved.

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Dalhousieandotheruniversitiesneedtoshowmoralandethicalleadershipinsocieties.Universitieshavehistoricallyservedaleadershiproleonavarietyofsocialjusticeissues,includingfeminism,civilrights,LGBTrights,andapartheid,tonameafew.Theworldisabetterplacebecauseofcampusleadership,andthiscommitteesuggeststhattheactionstakenbyDalhousieneedtobesensitivetoitsroleinsociety.Akeyrole,onethathasgrowninimportanceinatimewherecommercialinterestsdominatesomanyaspectsofourlives,istobeavoiceforfacts,truth,andjustice.AnumberofsubmissionsreceivedduringthisprocesshighlightDalhousie’sexistingcommitmentsunderavarietyofdeclarationstotakealeadingroleinenvironmentalstewardshipandsustainability.The1991HalifaxDeclaration8,whichincludedpresidentsandseniorexecutivesfrom33universitiesfrom10countries,attemptedtoassess“theroleofuniversitiesregardingtheenvironmentanddevelopment”,openingwiththefollowingdeclaration:

“Humandemandsupontheplanetarenowofavolumeandkindthat,unlesschangedsubstantially,threatenthefuturewell‐beingofalllivingspecies.Universitiesareentrustedwithamajorresponsibilitytohelpsocietiesshapetheirpresentandfuturedevelopmentpoliciesandactionsintothesustainableandequitableformsnecessaryforanenvironmentallysecureandcivilizedworld.”

IntheDeclaration,thethenPresidentofDalhousie,HowardClark,isquotedassaying:

“Iftheuniversityistoprovideleadershipinsustainabledevelopment,mustitnotfirstsetitsownhouseinorder?Canuniversitiesprovideleadershipindebateonthesocialandethicaldimensionsofsustainabledevelopmentatatimewhenmanyquestiontheuniversity’sroleinthedevelopmentofethicsandethicalpositions?Andyetiftheuniversitydoesnotprovidesuchleadershipanddoesnotproducegraduateswhogenuinelylivetheprinciplesofsustainabledevelopment,whowill,andwhathopeisthereforus?”

DalhousiewasalsoasignatoryofTheTalloiresDeclaration9,whichcontainsaten‐pointactionplanfortheAssociationofUniversityLeadersforaSustainableFuture,specificallyhighlightstheuniversity’sresponsibilityto:

“Useeveryopportunitytoraisepublic,government,industry,foundation,anduniversityawarenessbyopenlyaddressingtheurgentneedtomovetowardanenvironmentallysustainablefuture.”

8https://www.iisd.org/educate/declarat/halifax.htm9http://www.ulsf.org/programs_talloires.html

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TheUNEPInternationalDeclarationonCleanerProduction10,whichare“guidelinesdevelopedforgovernment,company,and‘facilitatingorganization’(i.e.academia,institutes,industryassociations,etc.)...”includesadditionalcommitmentsmadebyDalhousieUniversity,suchas

“Leadership:usingourinfluencetoencouragetheadoptionofsustainableproductionandconsumptionpracticesthoughourrelationshipswithstakeholders.”

Also,alongwith23otherUniversityPresidents,ViceChancellors,Provosts,andCEOs,TomTravis,thethenpresidentofDalhousiesignedtheUniversityandCollegePresident’sClimateChangeStatementofActionforCanada(2008)(UCPCCSAC),whichstates:

“WebelievethatCanadianuniversitiesandcollegeshaveauniqueopportunitytoadvancesocietytowardssustainabilitythroughteaching,research,demonstrationandacceleratingsocietalsolutionsbeyondcampus.”

Assignatorytothesedocuments,DalhousieUniversitybroadlysupportstakinganactiveroleinmoralandethicalleadership.Thiscommitteeviewsdivestment,ifimplementedthoughtfullyandoncarefullydevelopedethicalguidelinesbroadlysupportedbytheDalhousiecommunity,asanimportantpartofdemonstratingethicalleadershipontheclimatechangeproblem.Otherapproacheshavebeensuggestedintheresponsesreceivedthroughthisprocess,whichshouldpromptincreaseddialogueandstrategicevaluationofcurrenteffortsataninstitutionalleveltoensureDalhousie’seffortstomaintainleadershipstatusintheareaofsustainability,environmentalstewardshipandadvocacyofresponsibledevelopmentdonotstagnate.Divestingisanimportantsymbolicgesturetosupportthetransitiontoafossilfuelfreeworldthatcouldleadtoameaningfulimpact.Proponentsofdivestmentsometimesadvocateitsuseasapoliticalgesturetocreateconsensusforpolicychange.ThemajorityofrespondentswithinDalhousie’scommunitywouldsupportthetransitiontoafossilfreeworld.Thewithdrawalofsupportforaspecificindustrysectorwasrecommendedbyseveralsubmissionsbutwasraisedasanareaofconcernbyothers.Thisisanimportantconsiderationtobeincludedinformulatinganethicalinvestmentstrategyandimplementingitataninstitutionallevelasafinancialmeansofinfluencingclimatechange.Manyweresupportiveoftakingaleadershiproleindevelopingpoliciesandtechnologieswhichaffectedclimatechange,butopinionsvariedacrossrespondentsonwhetherornotthepubliclyportrayedsymbolismofdivestmentwasconsistentwiththismorebroadlyacceptedgoal. 10http://www.unep.fr/scp/cp/network/pdf/english.pdfhttp://www.unep.fr/scp/publications/details.asp?id=WEB/0134/PA

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Itisthiscommittee’sviewthatdivestmentitselfcouldprovideoneofanumberofmechanismsformakingasymbolicgestureregardingclimatechange.ItisimportantthattheintentbehindDalhousie’sactiononethicalinvestmentpracticesbeexpressedexplicitlyandtransparentlywithfullengagementoftheDalhousiecommunity,asconfusionexistedamongsttherespondentsofthisprocessastothenatureofthesymbolicgesturebeingsought.Theattitudeagainstdivestmentisthesameattitudethathaspreventedtheworldfromsolvingtheproblem,nottakingresponsibilityforonescontributiontotheproblemandwaitingforotherstoactfirst.ThiscommitteeagreesthatDalhousieneedstoconsidertheunderlyingconcernsthathaveledtothedivestmentmovementandtakeactionataninstitutionalleveltoaddresstheseconcerns.Continueddeferralofthisissueisnotrecommended.DivestingcampaignsinSouthAfricaagainstapartheidarecomparableandweresuccessful,theimpactsarenotprimarilyfinancial,andtheyarepoliticalandethicalinnature.Adistinctionmustbemadebetweenthemoralorethicalcomparisonofthefossilfuelsectortotheapartheidregimeandthereferencemadetothehistoricalroledivestmenthasplayedinaffectingchange.Thiscommitteeagreesthatitissimplistictodrawoverallcomparisonsbetweenclimatechangeandapartheid.However,therearesomeparallels,includingtheneedtosignaltothosewhoopposeaneffectiveandadequateresponsetotheclimatecrisisthattheirconductisunethicalandwillnotbeendorsedorcondonedbyDalhousie.Thecomparisontoapartheidhasbeenmadebecausedivestmentwasanimportantsymbolicactthatledtotheeliminationoftheapartheidregime,andmayhelptocreateapoliticalconsensusforsubstantiveclimatechangepolicy.ThefactthatthereareimportantdifferencesbetweenapartheidandclimatechangedoesnotexemptDalhousiefromitsobligationtocarefullyconsiderwhetheritscurrentapproachtoinvestmentisethicallysound,andmorespecificallywhetherthecurrentapproachisconsistentwithitsethicaldutytodowhatitcantohelppreventaclimatecrisis.ThiscommitteesuggeststhatanypotentialresponsefromDalhousieUniversitytotheclimatecrisisbecarefullyconsideredonitsownmerits.Asuperficialcomparisondoeslittletoensurethatwetakeaprincipledconstructiveapproachtoourinvestmentsandmorebroadlytoensuringwearepartofthesolution.DivestingissupportiveofsomeexistingprofessionalcodesofethicsgoverningpracticebyDalhousieemployeesandsustainabilityagreementstowhichDalhousieisasignatory.

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ItisencouragingthatthereareexistingcodesofethicsandsustainabilityagreementsthatcommitindividualswithinDalhousietobeingpartofthesolution.ThiscommitteefeelsthatthereshouldbenodoubtaboutDalhousie’sethicalobligationtodowhatitcanontheissueofclimatechange.Whiletheexistenceofsuchindividualandprofessionalcommitmentsishelpful,Dalhousie’sethicalobligationsinthisregardarenotinanywayconditionalorotherwisedependentonsuchpriorcommitments.Dalhousieshoulddetermineitscourseofactionbasedonaninstitutionalassessmentoftheethicalimperativesandavailableevidence. 

Viewpoints against divestment 

Divestmenttreatsalargenumberofcompaniesthesame,regardlessoftheirdegreeoftransparencyandon‐goingactivitiestowardsaddressingclimatechangeandalternativeenergysolutions.ThiscommitteeagreesthatDalhousiemustdevelopandadoptnuancedethicalguidelinesforinvestmentthatmayormaynotresultincompaniesidentifiedinotherdivestmentcampaignsfallingoutsideDalhousie’sacceptableguidelines.Itisimportantthatdecisionstowithdrawormaintaininvestmentinspecificcompaniesareseentobetheresultofourownethicalguidelinesandcarefulconsideration,ratherthanexternalsocio‐politicalpressuresandbroad‐basedcondemnationofagivenindustrysector.TheoriginalproposalsubmittedtotheBoardofGovernorsbyDivestDalshouldbeviewedasacatalystfordialogue,providingfeedbackonethicalandmoralstandardssharedbythisgroupandofferingastartingpointforthesediscussionswithinthebroaderDalhousieCommunity.Manyofthespecificitemsraisedwithinthisresponsemayalsoformelementsofthebasisforassessingthesuitabilityofspecificinvestments.OnceguidelinesenactedatDalhousieidentifyaninvestmentasnotjustifiedonethicalgrounds,financialandotherpracticalconsiderationsshouldnottrumplegitimateethicalconcerns.Thedevelopmentand/orrefinementofsuchguidelinescanonlyaidDalhousieinidentifyingnewopportunitiesandrisksinthefuture.Amoralrequirementtoaddressclimatechangedoesnotequatetoamoraljustificationfordivestment.Dalhousie’sinvestmentdecisionsarenotshieldedfromitsethicaldutytocontributetosolvingclimatechange.Asaninstitution,weshoulddoeverythingreasonablywithinourpowertohelpsolvethiscriticalproblem,andshouldbeseendoingso.Thismeanswehaveanobligationtoconsiderwhetherourcurrentinvestmentpolicyisethicallydefensiblewithrespecttoclimatechange,andwhetheritshouldbealtered.

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Thiscommitteeisingeneralagreementwiththeresponsereceived,butviewsthestatusofmoralequivalencyasirrelevantwithinthecontextofthesharedethicalrequirementtoaffectclimatechange.Divestmentisoneofanumberofpotentialapproachestoenactingsolutionstoclimatechange,andshouldbeevaluatedonitsownmeritswithinthelargersuiteofavailableactionsDalhousieshouldtake.Thisisneitheranendorsementnorrejectionofdivestment,butrecognitionofitsuseinavarietyofformatsbyinstitutionsaspartoftheirstrategiceffortsinmeetingtheirmoralandethicalobligationstopromoteasustainablefuture.Whetherdivestmentisausefultoolverymuchdependsontheimplementationissueswehavediscussedindetailthroughoutthisreport.Divestmentisnotcomparabletoapartheid.Toplacethefossilfuelcompaniesintothesamecategoryasapartheidisanattempttoattributeresponsibilityforclimatechangetoafeworganizationswhenitisafarbroaderissue.Someproponentsofdivestmenthaveattributedgreaterresponsibilitytothefossilfuelindustryduetohistoricalandon‐goingpracticesbysomecorporationswithinthissectortosupportclimatechangedenial,therebydelayingactiononclimatechange.Thiscommitteerecognizesthatthebroaderclimatechangephenomenaislinkedtoourcurrentstateofdevelopmentandhistoricalchoicesmadebyindividuals,governmentsandcorporations,andcannotbesolelyattributedtooneindustry.Atthesametime,historicalandcurrentactionstoactivelyundermineeffectiveactiononclimatechangeataglobal,nationalandsubnationallevelshouldbetakenintoaccountindevelopingandimplementinganethicalapproachtoinvestmentatDalhousie.Greenhousegasemissionsarecausedbyvirtuallyallsectorsoftheeconomythroughtherequirementforenergy,andinthecaseofsomesectorsthroughnon‐energysourcesofgreenhousegasemissions.Divestmentfromfossilfuelcompaniesandtheadoptionofpolicieswhichreducesupportforthefossilfuelindustrymayincreasethebasecostoffossilfuels,whichisthemostdirectmeansofenactingchangefurtherdownthesupplychain.Whenenergy‐intensivesectors(includingtheoilandgassector)andindividualconsumersexperiencehigherpricesduetohigherenergycosts,financialincentivesexisttoincreaseefficiency,reduceconsumptionandseekoutalternativeenergysources.Divestingishypocriticalasitsinglesoutthosewhoextractfossilfuelswhileweallstillrelyonthemandwillcontinuetoforsometime.Companieswillbeneededtoprovidetheworldwithfossilfuelsuntilthetransitionawayfromfossilfuelsiscomplete.Thefactthatacompanyisprovidingfossilfuelsduringthistransitionaloneisnotanappropriatebasisfordivestment,justasitisnotnecessarilyhypocriticalforanindividualtocontinuetousefossilfuelsinareas

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whereareasonablealternativeisnotyetavailable.Anethicalconsideration,however,iswhethercompaniesarepartnersinthetransitiontoafossil‐freeworld.Divestingwillnot(oronlyminimally)contributetoaddressingclimatechange.Addressingthecomplexissueofclimatechangewillinherentlyinvolveadiverserangeofinitiativesandactions.Itisthusconstructivetoconsidertheimpactaparticularmeasurewillmakerelativetoothermeasureswithsimilaroutcomes.Thatbeingsaid,theclimatecrisisistoocomplexanissuetojustifyselectingonlymeasuresthatareproventobethemosteffectiveinsolvingtheproblem,andistoourgentanissuetocontinuallydelayactionthroughdebateabouttherelativemeritsofactionsthathaveanopportunitytocontribute.Divestmentshouldbeevaluatedalongsideothersimilarinitiativeswithinthecontextofadiverseapproachtoaddressingclimatechange,withtheintentofDalhousiedevelopingandimplementingstrategicinitiatives.

Educational & Enrolment Considerations   

Viewpoints supportive of divestment 

Divestingmightenhancethecredibilityofsustainabilityorientedprogramsthroughouttheuniversity.Thereareasignificantnumberofsustainability‐orientedprogramsatDalhousieandmanypeople–students,parentsandemployers–couldreasonablyviewthoseprogramsmorecrediblyifadivestmentstrategywasadopted.Weagreethataprincipled,wellthoughtoutapproachtodivestmenthastheopportunitytoenhancesustainabilityorientedprogramsatDalhousie.Atthesametime,anapproachtodivestmentthatignoresoronlysuperficiallyconsidersthecomplexityoftheissuerisksbeingharmfultothecredibilityoftheuniversity.Divestingmayincreaseenrolmentinsustainabilityorientedprograms.Potentialbenefitsinenrolmentwithinsustainabilityorientedprogramswouldbeasecondaryresultofdivestment,linkedmoredirectlytothemediaexposureDalhousiewouldgainthroughthisactionratherthantheactionitself.Anumberofuniversitieswhichhavepartiallydivestedhaveusedtheopportunityasamarketingstrategytopromotetheirsustainability‐orientedprogramsandon‐goingresearchlinkedtoreducedgreenhouse‐gasemissionsanduseoffossilfuels.ItisreasonabletoassumethatasimilarapproachbyDalhousiewouldyieldbenefitsintermsofincreasedenrolmentintheseprograms.ItislikelythattheUniversitywouldbeabletoincludethefactthatittookaleadingpositionwithadivestmentstrategyinpromotionalmaterials.Thiswouldbeafactorinthechoiceofwheretostudyforsomestudents.Wehavenobasistoreachconclusionsontheactualimpactonqualityandnumbersofapplicantsunderadivestmentscenario.

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Themarketingbenefitoftheethicalinvestmentguidelinesthatweproposewilldependuponthecommunicationsapproach.ShouldDalhousietreatitas“partialdivestment”thensimilarresultstootheruniversitiesmightberealized.IfDalhousiedecidestoadoptethicalinvestmentguidelineswithoutdeclaringdivestment,thensomeofthemarketingadvantagesmaybelost.Divestingmaybeattractivetosomecandidatesforfacultypositions.Enhancingthepoolofcandidatesforopenpositionstendstoimprovetheoverallqualityofappointmentsovertime.ItseemslikelythatsomecandidateswouldbemoreinclinedtoconsiderapplyingforapositionatDalhousieifadivestmentstanceistaken.However,itisalsopossiblesomeothercandidatesarediscouragedbysuchastance.Weagreethataprincipled,wellthoughtoutapproachtoinvestmentofferseveryopportunitytomakeDalhousieattractivetocandidatesforfacultypositions.Atthesametime,anapproachtodivestmentthatignoresoronlysuperficiallyconsidersthecomplexityoftheissuerisksbeingharmfultothecredibilityoftheuniversity.Weagreethattheadoptionofethicalinvestmentstandardswillbeviewedpositivelybycandidatesforfacultypositionsacrossalldisciplines.Manydepartmentsseeeithernoorpositivedirectimpacts.Thisseemslikely.Thereareonlyafewdepartmentsthatseemlikelytobeimpacteddirectly,andeventhentheimpactsarenotentirelyobvious.Wearegenerallyencouragedbytheconstructivemannerinwhichacademicunitsacrosstheuniversityhaveengagedonthisissue.Viewpoints against divestment 

Divestingmaylimitacademicfreedom(freedomofinquiry)byrestrictingfundingopportunitiesforresearchersstudyinggeologicalstructuresorprocessesofinteresttofossilfuelextractionindustries.Itmaybethatsomesourcesoffundingdecrease(suchasgrantsorcontractsforoilorgasextractiontechnologies),butthisisnotalimitonacademicfreedom.Almostallscholarsfacelossofresearchfundsatsomepointintime.Wewereprovidedwithnoevidencethatdivestmentlimitsacademicfreedom.TheclosestanysubmissioncametomakingaconcretelinkisthesuggestionthatdivestmentwouldaffectthefundingDalhousiewouldreceiveforeducationandresearch.Inourviewthisdoesnotjustifyaconclusionthatdivestmentwouldlimitacademicfreedom.Onthecontrary,ifanything,itsuggeststhatourcurrentrelianceonfundingfromfossilfuelcompaniesmaylimitouracademicfreedom,asthisconcernsuggeststhatDalhousieasauniversitycannotspeakoutagainstactionsofitsfunders.Likewise,theCommitteeagreesthattheadoptionofethicalinvestmentstandardsdoesnotconstitutearestrictiononacademicfreedom.

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Diversityofresearchandeducationalviews,eventhoseinapparentcontradiction,isahallmarkofauniversity.WefullyagreethatDalhousieshouldembraceadiversityofviewsonclimatechangeandonpossiblesolutionstothisproblem.Weshouldbecarefultoensurethatourdecisionsondivestmentdonotinanywaylimittheabilityofacademicstoexpresstheirviews.Thisdoesnotmean,however,thatDalhousiecannottakeastandonwhethertoinvestincompaniesthatitconcludesaretakinginadequatestepstoaddresstheproblemofclimatechange,companiesthatareorhaveproactivelyfoughtagainstsolutionstoclimatechange,orcompaniesthatareovervaluedbecauseoftheirinvestmentinpartsoftheeconomythatarenotpartofthesolutiontoclimatechange.Studentsandfacultyworkinginacademicunitswhoworkwiththefossilfuelindustry(suchasearthsciences)mayfeelalienated.Toaddressthisconcern,wefeelthatitisimportantthatanydecisiononthisissueisprecededbyathoroughandopenconversationinvolvingallinterestedmembersoftheDalhousiecommunity.ThereisnoreasonforanymemberoftheDalhousiecommunitytofeelalienatedbyDalhousie’sultimatedecisionsonthisimportantissue.ThefactthatthishasbeenraisedasaconcernisinourviewanindicationthatdecisionsonthisissuesofarhavenotbeenadequatelytransparentandhavenotbeenbasedonadequateengagementoftheDalhousiecommunity‐oneithersideofthedebate.Divestmentisacontentiouspoliticalissue.Weproposethatonewaytodepoliticizetheissue(shouldthatbedesirable)whilemeetingtheunderlyinggoalsapparentinthemajorityofsubmissionsistoadoptanethicalinvestmentstrategy.Divestingmayadverselyaffectacademicprogramsthatworkinpartnershipwiththefossilfuelindustry,reducingsupportforeducationenhancementprograms.Thismayhappenwithafewprogramsandthepossibilityoffindingreplacementfundsstillneedstobeexplored.Atpresent,studentsinsomeindustrysupportedprogramshavebenefittedwithlearningexperiencesnotavailabletostudentsatotheruniversities.Thelossofindustrysupportwouldnotmeantheendofadegreeoption,butcouldmaketheexperiencelessexceptional.Theriskofnegativereactionfromindustrycanbereducedbymakinganinformeddecisionfollowingfullengagement,andbycarefullyconsideringandarticulatingthenatureofthechangeandthereasonsforit.Attheendoftheday,however,Dalhousieneedstodowhatitconsiderstoberight,notwhatitfeelssomeofourindustrypartnerswouldlikeustodo.

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Financial & Research Considerations   

Viewpoints supportive of divestment 

Itisfinanciallyriskytocontinuetoinvestincompaniesthatholdsignificantstrandedassetsintheformoffossilfuelsthatcannotbeused.Weagreethatthefinancialriskposedbythe"carbonbubble"isaseriousconcern,buthavereceivedlimitedevidencetodatetohelpusquantifyit.Fullconsiderationwouldrequirecarefulanalysisofthecompaniesinquestion,theirassets,andtheirfullrangeofactivitiesandplans.Thisisbeyondthemandateofthiscommittee.Divestingwillopenupnewopportunitiesforfundingfromsourcesthatsupportthetransitionawayfromfossilfuels.Thiscouldbesignificant.Donorsareverymuchmovedbytheirheartsandbeliefs.Wehavealreadybeenbeneficiariesofgiftstohelpusimproveourunderstandingofenvironmentalissues.Theopportunityfordonorstospecificallyoptfortheirdonationstobeplacedinfossil‐freeportfolioswouldprovideopportunitiesformoregiftsbyenvironmentally‐consciousinvestors.Similarly,previousdonorsmayappreciatetheopportunitytoexpresstheirdesirefortheirpriorinvestmentstobere‐directedtowardsadivestedportfolio.DevelopmentofanethicalinvestmentstrategyingeneralmightencouragemoredonationstoDalhousie.DecisionsabouttheUniversity’sinvestmentandendowmentshouldremainindependentfromourprocurementofoutsideresearchandacademicfunding.Academicfreedomwasraisedasapotentialjustificationfordivestment,implyingthatcontinuedinvolvementoncampusbyindustriescontributingtogreenhousegasgenerationbiasesacademicprogramsandstrategicallocationofresourcestosupporttheseindustries.Themajorityofconcernscurrentlyexpressedwithlinksbetweenendowmentsandacademicpositionsimplythatfacultypositionssponsoredthroughindustryareheavilytiedtotheinterestsofthoseindustrypartners,thuslimitingthefreedomoffacultywithinthosepositionstopursueotherresearchareasandbiasingthecurriculumdeliveredbythesefaculty.

Itisunlikelythatthesetiesseverelylimittheacademicfreedomofthefacultymembersoracademicunitsinvolved,astheformationofthesepositionsareonlypossiblethroughthesupportofspecificacademicgroupsandsharedresearchinterestsbetweenthefacultymemberandthesponsoringindustrypartner.Whatisviewedasbiasexposurebyoneacademicgroupmaybeconsideredrelevantindustry‐basedtrainingbytheacademicunitsengagedinmoredirectpartnerships.

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Universitiesshouldembracetheinternalcontradictionsanddiversityofviewsinherentinthewayvariousfieldsaretaughtandresearched,andshouldtakecareinadoptingpoliciesorpoliticalviewswhichmayspecificallyimposelimitationsonprogramsinvolvedwithtargetedindustrysectors.Asacounterpoint,itisalsoimperativethattheuniversityensurespartnershipsdonotaffecttheabilityforprogramstodeliverbalancedcurriculum;highlightingthesocio‐economicissuesinherenttoactivitiesleadingtoclimatechange. 

Viewpoints against divestment 

Divestingwillreducefundingfromthefossilfuelindustryforacademicprograms.Itisnotpossibletoassessinadvancetheresponsefromindustrywhichwouldresultfromthepoliticalstatementaccompanyinganyformofdivestment.Companieswithintheenergysectorcouldchoosetolimitorwithdrawfunding,ormaychoosetoincreasefundingandusetheopportunitytomarkettheircommitmenttoreducinggreenhousegasemissionsandsupportresearchandteachinginitiativeswhichwouldallowthemtoimprovetheirownstandardsandpolicies.Intheinterestsofquantifyingpotentialrisk,historicalfinancialdatafromthepastfiveyearsindicatesthatthefossilfuelsectorcontributesonaverage1milliondollarsperyeartoresearchactivitiesatDalhousie.Thepotentialimpactofthepoliticalstatementwhichcouldbeconstruedastargetingasingleindustrymightbemitigatedbychoosingtoadoptanethicalinvestmentpolicyinstead.

Inanefforttoquantifythepotentialimpact,onemightconsidercurrentindustry‐sponsoredinitiativeswhich,underaworst‐casescenarioofwithdrawalofexternalsupport,wouldneedtobefundedthroughothersources.ExamplesmightincludeShell’sinvolvementthroughtheexperientiallearningfund($500,000over3years),industry‐sponsoredacademicpositionswhichmayrequireindependentfundingtobesoughtfromalternativesources,andcapitalfundraisingforinfrastructurerenewalwhichcouldfeasiblybeimpactedbydivestment.Ifdivestmentwerepursuedataninstitutionallevel,improvedunderstandingisneededofthefinancialimplicationsofwithdrawalofindustrysupportfromtheseandsimilarprogramssothatalternativefundingsourcescouldbebroughtintoplacetomitigatelossofsupport.Divestingwillreduceindustryresearchfundingincludingthefundingofindustrialresearchchairs.Wehavenoconcretebasisonwhichtoestimatetheneteffectofadivestmentdecisiononresearchfunding.Itisreasonabletoexpectthatsuchadecisionwouldcomewithfinancialrisksandopportunities.Theextentoftheriskandopportunitywouldundoubtedlydependonthespecificchangesthatareactuallymadeto

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Dalhousie’sinvestmentpolicy.Divestmentcouldleadtothereturnofendowments(e.g.fundedchairs)fromfundingsourceswithfossilfuellinks.Tobeclear,thedivestmentproposalconsideredbytheBoardofGovernorsdidnotaffectendowments,otherthanthepossibilitythatadonormightinthefuturemakedifferentdecisionsaboutendowmentsinlightofadivestmentdecision.Itisreasonabletoexpectthatanyinvestmentordivestmentdecisionwouldcomewithfinancialrisksandopportunities.TheextentoftheriskandopportunitywillundoubtedlydependonthechangesthatareactuallymadetoDalhousie’sinvestmentpolicy.Itwouldbeprudenttoinvestigatetheserisksandopportunitieswhiletheappropriatepolicyisdeveloped,assuchaninvestigationwillenableDalhousietominimizetherisksandtakeadvantageoftheopportunities.DivestingwillreducedonationstoDalhousie.Themeritsbehindthisconcernaresimilartothosebehindperceivedbenefitsofdivestmentintermsofimpactondonationsandgifts.Ifitisreasonabletoassumethatdivestmentwillleadtoincreaseddonationsbygroupssupportiveofthedivestmentmovement,thenitisalsoreasonabletoassumethatdonationswilldecreasefromgroupsnotsupportiveofdivestment.Dalhousie’scurrentfundraisinginitiativeslinkedtocapitalexpansionandacademicprogrammingshouldbereviewedtoidentifythepotentialimplicationsofreducedsupportfromtheenergysectorontheseactivities.Whiletheactualimpact,ifany,ofdivestmentontheseactivitiesisdifficulttopredictinadvance,thefinancialriskassociatedwithanegativeresponsefromindustrycanbequantifiedtodetermineifcompletelossofsupportfromthissectorwouldsignificantlyaffectcurrentactivitieswithintheUniversity.

Reputational Considerations  Viewpoints supportive of divestment 

BeinganearlyadopterofdivestmentwillpresentadvantagesforDalhousieintermsofmarketingandreputation(forenrolmentandfunding).Themarketingvalueofdivestmentiscurrentlyuncertain,willdependondevelopingawell‐reasoneddefensiblepositionandshouldbeexploredalongsideothercommunicationavenues.ThiscommitteefeelsitisreasonabletoassumethatDalhousiecouldleveragethemarketingpotentialsurroundingasoundinvestmentordivestmentpolicytopromotespecificacademicandscientificprograms,aswellasthesustainabilityinitiativesoncampus.IfDalhousiewereoneoftheleading

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institutionstopursuedivestmentinCanadathenitwouldlikelyreceivegreatermediaattentionthanifitpursuedthisactionafterotherinstitutionsinCanada.DivestmentwillincreaseDalhousie’sreputationasanorganizationfocusedonsustainabilityandtheenvironment.ThiscommitteeagreesthatitisreasonabletoassumepropermarketingofstepstowardsethicallytransparentfinancialinvestingpoliciesandchangesinstrategicinitiativescouldbenefitDalhousie’sreputationandenrolmentinthisarea.Thiswould,however,onlybesustainedifaccompaniedbyincreasedactivitybyfacultymemberswithcomplementaryresearchinterestsandimprovedexternalrelationshighlightingDalhousie’sroleinadvancementsintheseareas.Dalhousie’sreputationintheareasofsustainabilityandtheenvironmentisnotsolelydefinedbyitsstatusasadivestedinstitution.Viewpoints against divestment 

Divestingwillalienatesomealumnifromprogramsthathavestronglinkstothefossilfuelindustry,specificallyinearthsciencesandengineering.Allformsofdivestmentcarrywiththemasymbolicgestureofwithdrawingsupportfromthefossilfuelindustrybeyondsimplythefinancial,asevidencedinthemediareleases,terminologyandtoneofcurrentpro‐divestmentcampaigns.Thiscommitteeagreesthatdivestmentwillpossiblyresultinalumni,studentsandstaffofsomeprogramsfeelingalienatedduetothemessagesurroundingthismovement.Theinverseofthisisalsotrue:failingtotakeintoconsiderationtheconcernsraisedoverclimatechangeandDalhousie’sneedtobecomeamorevisibleandactiveleaderinthisareathroughstrategicactionwillleadtodisenfranchisedstudents,facultyandalumniinprogramsstronglylinkedtosustainability.Toaddressthisconcern,thiscommitteestressestheimportanceofthoroughandopenconversationinvolvingallinterestedmembersoftheDalhousiecommunity,includingalumni,priortoanydecisiononthisissue.ThisisnottosaythatanyonepartyshouldhaveavetoovertheethicalchoicesmadebytheDalhousiecommunityonthisimportantissue,buttheirviewsshouldbeheard,carefullyconsidered,andthereasonsfortheultimatechoicesmadeshouldbecommunicatedtothebroadercommunity,includingalumni,funders,andthebroaderpublic.RegardlessofthepaththatDalhousiechooses,theremaybesomedisappointedwiththeoutcome,thoughanopendialogueandacarefullythoughtoutinvestmentpolicycanservetoreducethisrisk.Thefactthatsomemightopposeanyactionshouldnotbeusedasareasonfornotmakingadecision.

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DivestingwillaffectDalhousie’sreputationandexistingrelationswithindustrysectors,isolatingfossilfuelcompanieswhentheyhavetobepartofthesolution.Assuch,divestingwillbecounter‐productive.AnydecisionregardingfinancialholdingsinagivencompanyshouldconsidertheappropriatebasisonwhichDalhousiedecideswheretoinvestitsmoney.Thisshouldincludewhetheraparticularcompanyisaconstructivepartnerinsolvingtheclimatecrisis.Thereisnodoubtthatindustrywillbepartofthesolution,aswasthecasewiththeMontrealProtocolforphasingoutCFCs.Whilethechemicalindustrystronglyopposedthisinitiativeduringformation,theyexpandedtheirmarketssignificantlyfollowingtheagreementbyreplacingoutmodedrefrigeratorsandcoolingsystems.Actiononclimatechangewillsimilarlyprovidegreateropportunitiesfortheenergyindustry,whichcouldextendintotheuniversitysector.StrategicdivestmentcouldprovideavenuetohighlightexistingpositiverelationshipsandinitiativesbetweenDalhousieandcompaniesinthissectorwhoareaidinginresearchtoaffectclimatechange,creatingproductiveopportunitiestoexpandDalhousie’sreputationinthisareaandfostergrowthofsustainability‐basedprogramswitheffectiveavenuesforchangeintoindustry. 

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Appendix A: Terms of Reference  

  Terms of Reference 

AD HOC COMMITTEE OF SENATE ON FOSSIL FUEL DIVESTMENT 

Revised by Senate, September 28, 2015 

 

(i) there be a renewed, well‐informed discussion of fossil fuel divestment at a 

January 2016 meeting of Senate.  

  (ii) to ensure that the discussion is well informed, that all academic units that self‐

identify as potentially affected by fossil fuel divestment be invited to submit a 

maximum two page summary statement outlining opportunities and threats of 

proposed divestment to an ad hoc committee of Senate, no later than 

September 30, 2015 

  (iii) that an ad hoc committee of Senate composed of no more than 6 

knowledgeable persons be charged with receiving and providing critical 

evaluation of these reports and preparing a summary document collating the 

opportunities and threats of proposed divestment 

  

(iv) this document be brought to Senate for review and discussion in January, 2016 

and, in the interests of transparency, be made available to all Dalhousie faculty 

members and the DSU.  

ADHOCCOMMITTEEONFOSSILFUELDIVESTMENTMEMBERSHIP:JeremyBanks,StudentRepresentative,FacultyofArchitectureandPlanningMeinhardDoelle,SchulichSchoolofLawAdamDonaldson,FacultyofEngineeringTomDuck,FacultyofScienceRuthForsdyke,FacultyofScienceKeithTaylor,FacultyofScience   

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Appendix B: Call for Submissions  

DearMembersofAcademicUnits:OnDecember8,2014Senateapprovedamotioncreatinganadhoc committee toexamineFossilFuelDivestment.ThecommitteeanditsmandatewerefinalizedinJune,andithelditsfirstmeetinginJuly.Bywayoffollow‐uptothenoticefromSenateinvitinginputintoitswork,theadhocCommitteeofSenateonFossilFuelDivestmentwould like to invite all academicunitswho self‐identify as potentially affectedbyfossil fuel divestment to submit to the ad hoc committee a two page summarystatementoutliningpossibleprosandconsfromeitherdivestingornotdivestingtotheir academicprogramsandresearch.Units areencouraged toprovideevidencewherepossible.Appendicesandattachmentsarepermitted.Tobeclear,theadhoccommitteewelcomessubmissionsfromalldepartments,eveniftheirfacultyhasalreadydoneso.The committee’s mandate identifies September 15th as the formal deadline forsubmissions,butthecommitteewillcontinuetoreviewsubmissionsreceivedonorbeforeSeptember30,2015.TheadhoccommitteedoesnotrequirethesubmissionstobeapprovedbyeachFacultyCouncil,butwouldencourageunitstodeveloptheirsubmission with open consultation throughout the unit, including studentsocieties. The level of support the submission has received should be clearlyidentified.Theadhoccommitteewillreceivethesereportsandprepareasummarydocumentcollatingthepossibleprosandconsofproposeddivestmentandsubmitthis to Senate.Additionally, all submissionswill be attached to the final report asappendices.Please distribute this request for a two page submission to all members of youracademicunitsthatmaypotentiallybeaffectedbyfossilfueldivestment.Pleasenotethat the two page submission should be received by Andrea Power, AssociateSecretary, Senate, University Secretariat by September 30, 2015 atandrea.power@dal.ca.Ifyouhaveanyquestions,pleasecontactAndreaPower,AssociateSecretary,Senate.Thankyou.ADHOCCOMMITTEEONFOSSILFUELDIVESTMENT:MeinhardDoelle,SchulichSchoolofLawAdamDonaldson,FacultyofEngineeringTomDuck,FacultyofScienceRuthForsdyke,FacultyofScienceKeithTaylor,FacultyofScienceJeremyBanks,FacultyofArchitectureandPlanning

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Appendix C: Brief Discussion of Climate Change  Thescientificconsensusonclimatechange,asexpressedinreportsoftheIntergovernmentalPanelonClimateChange,is:

“Warmingoftheclimatesystemisunequivocal,andsincethe1950s,manyoftheobservedchangesareunprecedentedoverdecadestomillennia.Theatmosphereandoceanhavewarmed,theamountsofsnowandicehavediminished,sealevelhasrisen,andtheconcentrationsofgreenhousegaseshaveincreased.”(IPCCAR5/WG1,2013)

Greenhousegasemissionsfromtheburningfossilfuels(coal,oilandnaturalgas)haveresultedinatmosphericCO2concentrations42%abovepreindustriallevelsandrisingeveryyear(WMOGreenhouseGasBulletin,2014).Theseemissionsaretheprimaryanthropogenicdriverofclimatechange,althoughothergases(includingmethane,themaincomponentofnaturalgas)contributeaswell.Arecordhighannualglobalaveragesurfacetemperaturewassetin2014,andtheaveragetemperatureforJanuary‐November2015surpassedallpreviousrecordswiththeDecemberanalysisstilltocome(NOAAStateofClimateReports,December2014andNovember2015).Projectionsindicatethatgreenhousegasemissionswillneedtobeeliminatedinthe21stcenturytolimittotalgreenhousewarmingto2 (IPCCAR5/WG1).Nomorethanone‐thirdofprovenreservesoffossilfuels(IEA,WorldEnergyOutlook,2012),andone‐tenthofpotentiallyrecoverableresources(McGladeandEkins,2015),canbeconsumedpriorto2050iftheworldistoachievethe2°Cgoal.Asuiteofmitigationoptions,includingatransitiontozero‐carbonenergysources,energyefficiencymeasures,andapriceoncarbonareneededinadditiontoadaptation.Failuretoreducegreenhousegasemissionswillresultinconsiderableriskstofoodandwatersecurity,biodiversity,ecosystems,coastalregions(fromsealevelrise),infrastructure,health,andoceanacidification(IPCCAR5/WG2,2013).Therewillbesignificanteconomiccosts:ItisestimatedthatwithoutactionclimatechangecouldcostCanadabetween$21and$43billionannuallyby2050(NRTEE,PayingthePrice,2015).Inresponse,theG8groupofnations—includingCanada—agreedtoreducegreenhousegasemissionsby80%by2050(G8,2009).TheParisAgreementonclimatechange(UNFCC,2015)hassetanew“besteffort”targetof1.5°Cglobalwarmingabovepreindustriallevels.Achievingthenewtargetwillrequireaccelerationofeffortstoreducegreenhousegasemissions.Itimportanttorecognizethatthefossilfuelindustryhasnottakenaneutralpositiononthescienceofclimatechange,despiteearlyrecognitionoftheproblembyindustryscientists(Nuccutelli,2015).ThehistoricfundingofclimatedenialgroupsbyExxonMobil(UCS,2007)andKochIndustries(Greenpeace,2010)inparticulariswellknown.Totalfundingforclimatechangecounter‐movementgroupsintheUSreached$900millionannuallyby2010(Brulle,2013).Althoughsomefossilfuelcompaniesarebeginningtopubliclyacknowledgethedangersofclimatechange,fundingfordenialgroupscontinues(FrumhoffandOreskes,2015).Nevertheless,owingtotheirsubstantialresourcesandcapabilities,fossilfuelcompaniescouldplayapositiveroleinfightinggreenhousewarming.IPCCAR5(2013):http://www.ipcc.ch/report/ar5/index.shtml

47|Page

WMOGreenhouseGasBulletin(Nov.2014):http://www.wmo.int/pages/prog/arep/gaw/ghg/GHGbulletin.htmlNOAAStateofClimateReport(Dec.2014):https://www.ncdc.noaa.gov/sotc/global/201412https://www.ncdc.noaa.gov/sotc/global/201511IEA,WorldEnergyOutlook(2012):http://www.worldenergyoutlook.org/publications/weo‐2012/McGlade,C.andP.Ekins,Thegeographicaldistributionoffossilfuelsunusedwhenlimitingglobalwarmingto2oC,Nature,517,2015.doi:10.1038/nature14016NRTEE,PayingthePrice:TheEconomicImpactsofClimateChangeforCanada,2011:http://www.collectionscanada.gc.ca/webarchives2/20130322143115/http:/nrtee‐trnee.ca/climate/climate‐prosperity/the‐economic‐impacts‐of‐climate‐change‐for‐canada/paying‐the‐priceG8,ResponsibleLeadershipforaSustainableFuture(2009):http://www.g8italia2009.it/static/G8_Allegato/G8_Declaration_08_07_09_final,0.pdfUnitedNationsFrameworkConventiononClimateChange(UNFCC),AdoptionoftheParisAgreement:http://unfccc.int/resource/docs/2015/cop21/eng/l09r01.pdfNuccitelli,D.,Isthefossilfuelindustry,likethetobaccoindustry,guiltyofracketeering?,TheGuardian(29September2015).http://www.theguardian.com/environment/climate‐consensus‐97‐per‐cent/2015/sep/29/is‐the‐fossil‐fuel‐industry‐like‐the‐tobacco‐industry‐guilty‐of‐racketeeringUCS,ExxonMobilReport:SmokeMirrors&HotAir(2007):http://www.ucsusa.org/global_warming/solutions/fight‐misinformation/exxonmobil‐report‐smoke.htmlGreenpeace,KochIndustriesSecretlyFundingtheClimateDenialMachine(2010):http://www.eenews.net/features/documents/2010/03/31/document_cw_03.pdfBrulle,R.J.,Institutionalizingdelay:FoundationfundingandthecreationofU.S.climatechangecounter‐movementorganizations,ClimaticChange,DOI10.1007/s10584‐013‐1018‐7(2013):http://goo.gl/A7TjHFFrumhoff,P.C.andN.Oreskes,Fossilfuelfirmsarestillbankrollingclimatedeniallobbygroups,TheGuardian(25March2015):http://www.theguardian.com/environment/2015/mar/25/fossil‐fuel‐firms‐are‐still‐bankrolling‐climate‐denial‐lobby‐groups

48|Page

Appendix D: Summary of Responses Received  Thefollowingtablesummarizestheresponsesreceivedfromthiscommittee’scallforfeedbackfromtheDalhousieUniversitycommunity.TableC‐1:ListofSubmissionsbyNumber

# AcademicUnits&Corporations: Scope of Input for SubmissionReceived

1 AlanFine,Professor,Dept.of Physiology &Biophysics,Medicine(Neurology),andPediatricsandSchoolofBiomedicalEngineering

Individual

2 EastLink Information Submission

3 IDS Approved by unit

4 Env.Science Approved by unit

5 FacultyofScience Approved by unit

6 SchulichSchoolofLaw 21 faculty from unit

7 Phys.&Atm.Science Impact statement

8 SchoolofSocialWork Chair for School

9 FountainSchoolofPerforming Arts 86 signatures from unit

10 Economics 13 faculty from unit

11 DSU/DSUSO 1800 students, DSU Council

12 DavidAnderson,Dean,Faculty of Medicine Individual submission

13 FacultyofEngineering Approved by heads ofdepartments

14 Phys.&Atm.Science 6 faculty from unit

15 IanHill,ActingDeanF.o.S. Individual Submission

16 SRES Approved by unit

17 GrantWach, ProfessorEarth Science Individual Submission

18 CarlaDickson,EarthSci,MSc Cand. Individual Submission

19 CollegeofSustainability Director, reflects CollegeMeetingdiscussion

20 CharlesCarlisle,MScCand., Earth Sci Individual Submission

21 EarthScience Approved by Unit

22 GeorgeTjensvollKitching,Alumnus Individual Submission

49|Page

23 DalhousieArts&SocialSciences Society(DASSS)

DASSS Executive

24 DepartmentofSociologyand SocialAnthropology(SOSA)

8 faculty from unit

Thefollowingtablesummarizestheresponsesreceivedfromthiscommittee’spreliminaryreportandrequestforfeedbackfromtheDalhousieUniversitycommunity.

# AcademicUnits&Corporations: Scope of Input for SubmissionReceived

25 DivestDal DivestDalandour1900petitionersand125facultyendorsers

26 TarahWright,Environmental Science, FacultyofScience

Individual Submission

27 SimonGreenland‐Smith,B.Sc.(Dalhousie)2011;M.E.S.(Dalhousie),2014

Individual Submission

28 KurtSampson,Alumniand Staff member Individual Submission

29 DivestDal Divest Dal Organization

30 GrantWach, ProfessorEarth Science Individual Submission

31 CharlesCarlisle,BSc(Hons)FGS,

MastersStudent,DepartmentofEarthScience

Individual Submission

32 FionaHenderson,BScDouble Major in EarthScience&Environment,Sustainability,andSociety

Individual Submission

Thanks  Alan  for  sharing  this.    We’ve  been  monitoring  Harvard  on  the  divestment  issue,  and  it  was  very  helpful  to  have  this  latest  update.    Give  us  more  to  think  about  as  we  consider  this  important  and  complex  issue.

Best  Regards,RichardDr. Richard Florizone, PresidentDalhousie UniversityOffice: 902-494-2511 dal.caFollow me on Twitter - @dalpres

From:  Alan  Fine  <A.Fine@Dal.Ca>Date:  Monday,  April  7,  2014  at  9:40  PMTo:  Richard  Florizone  <richard.florizone@dal.ca>Subject:  Climate  leadership

Dear  Richard,  I  know  you  are  concerned  that  the  university  demonstrate  leadership  in  devising  effective  strategies  to  help  reduce  the  effects  of  climate  change.    I  personally  am  in  favour  of  divestment  from  carbon  emission-­‐intensive  industries:  I  believe  it  would  be  a  right-­‐minded,  courageous  step,  with  minimal  adverse  risk  for  university  finances.    Economists  and  portfolio  managers  may  have  other  views,  however,  as  I  appreciate.    While  you  contemplate  this  issue,  I  thought  you  might  be  interested  to  read  what  the  President  of  Harvard  University  is  doing:http://www.harvard.edu/president/news/2014/confronting-­‐climate-­‐change?utm_source=news&utm_medium=email&utm_campaign=all_alumni_email&utm_content=aad_comm_all_alumni_2014-­‐04-­‐07

If  you  have  difficulty  accessing  this  linked  webpage,  I  can  download  it  and  send  it  to  you  as  an  attached  file.

With  best  wishes,

Alan

Alan  FineUniversity  Research  ProfessorDepartments  of  Physiology  &  Biophysics,    Medicine  (Neurology),  and  Pediatrics;    and  School  of  Biomedical  EngineeringDalhousie  University  5850  College  StreetPO  Box  15000Halifax,  Nova  Scotia  B3H  4R2    Canada      tel:  1-­‐902-­‐494-­‐1251      fax:  1-­‐902-­‐494-­‐2050

Richard Florizone <richard.florizone@DAL.CA>To: Alan Fine <A.Fine@Dal.Ca>Re: Climate leadership

8 April, 2014 4:06 PM

Electricity & Sustainability

100 % Renewable Electricity is: • Technically Feasible • Economically Advisable • Socially Imperative • Environmentally Inevitable

and we must all contribute in any way we can ---------

A master-full document produced by many Canadian Scholars from many disciplines on Energy Solutions for

Canadians.

Sustainable CANADA DIALOGUES

Do a National Carbon tax Eliminate fossil fuel subsidies Decarbonizing initiatives: All Cut urban sprawl Electricity 100% renewable by 2035 Emissions reduction of 80% by 2050 Smarter electricity grids: East / West Nova Scotia at 75% fossil worst offender Conserve electricity number one goal Maximize Canada’s vast wind and solar

renewable energy potentials: integrates very well with our existing hydro

YOUR Future is OUR Inspiration: Note to all kids who will be 35 or older by

2050

Presented 18 March 2015

Average Wind Energy 350 W/m² at 50 M (in NS)

Solar Energy 1100 KWh per installed KW per year (in NS)

Predicted Changes in Average Annual Temperatures

With GHG emissions

stabilized by 2050

GHG Emissions

Remain strong until 2100

Vancouver + 2⁰ c Winnipeg + 4⁰ c Arctic + 6⁰ c Nova Scotia + 3⁰ c

Vancouver + 4⁰ c Winnipeg + 7⁰ c Arctic + 14⁰ c Nova Scotia + 5⁰ c

Credit: OURANOS

David Suzuki Foundation

Solutions are in our nature

Who says a better world is impossible?

Issued 26 March 2015

According to some replacing fossil fuel with clean energy is beyond our reach:

FALSE: FALSE: FALSE. Clean energy sources and better grid technologies continue to get us closer to mass

reductions in our use of polluting fossil fuels We simply must do more to shift away from fossil, despite the naysayers and

traditional thinkers Things are only impossible until they are not. We cannot let those who are stuck in

the past, unable to imagine a better future, hold us back from creating a Safer, Cleaner, Healthier and more Just World.

Source

LCA Years*

gCO2e per KWhr

Large Scale Hydro 50 25

Wind Turbines 20 plus 30

Nuclear 40 - 60 40

Photovoltaic 20 plus 45

Natural Gas 30 550

Petroleum ( Oil ) 30 870 ++

Coal ( Black - Lignite ) 30 1000 – 1300 ++

Energy: Electricity is Most Effective

but

WE MUST SELECT the SOURCES WISELY

One KWhr consumed is: running a 4000 watt electric water heater for 15 minutes or a 100 watt light fixture for 10 hours

Sissiboo Falls: Hydro: 25g KWh

Pubnico Point: Wind: 30g KWh

Point Lepreau: Nuclear: 40g KWh

Solar Ontario: Photovoltaic: 45g KWh

This is the Sissiboo Falls system near Weymouth NS rated at a nameplate of 29 MW

This system comprises 10 dams and 3 generators Enough electricity is produced to serve 8,000 homes year after year

(36 % of nameplate)

Sissiboo Falls Hydro: 8,000 Homes

8,000 homes

Pubnico Point: Wind Energy Centre: 10,000

Homes

Located in Yarmouth County

In operation since 2005 17 Vestas V-80 turbines for

a nameplate of 30.6 MW Well accepted by the

community Provides employment plus

substantial property tax contributions

Electricity to serve 10,000 homes year after year (41 % of Nameplate)

10,000 homes

Kaizer Meadow a single ENERCON E82: ( 2.3 MW ) owned by the

Municipality of Chester: 600 Homes

Mar. 2015

Apr. 2015

May. 2015

Jun. 2015

Revenue 83,600 71,800 60,300 63,100

KWh 638,100 548,000 460,000 482,000 600 Homes

Commissioned summer 2014 Extra tall concrete tower made in

Quebec Twenty KM’s north of Chester

town Revenue at 0.131 cents per KWh

to the Municipality

Solar Ontario: Photovoltaic

A pro-renewable government with subsidies for solar installations Rates for rooftop mount PV arrays is 34.3 cents KWh: for large ground

mount PV arrays is 27.5 cents KWh Installation shown is 45,000 panels, on posts anchored in rock, covering

120 acres in the Kawarthas. Production from 10 MW array will power 2,000 homes year after year

Point Lepreau, NB: Nuclear

Major rehabilitation complete and back in full operation Nov. 2012 Project time 3.5 years and 2.4 billion $ both over estimates Production is 660 MW BASE for the next 40 years at 93 % continuous Jan. 2014 production was 99.8% continuous ( 39% of the total New

Brunswick demand for that month) Electricity provided is for 333,000 homes year after year

Mechanism Example Listing

Electric generator and motor Round Trip 94 %

Electric car with advanced battery Tesla 80%

Nuclear generating station Point Lepreau 75 %

Hydrodynamic water wheel Water turbine 60 %

Aerodynamic wind blade Wind Turbine 60 %

Driving a diesel engine car VW TDI 30%

Driving a gasoline engine car 15 %

Solar thermal panels Water pre-heat 15 %

Photovoltaic (PV) panels Electricity generation

14 %

Air source Heat Pump Systems vs Resistance heater (baseboards)

Home /Water heating

200 – 300 % better

ENERGY: Relative % Efficiencies

Global Notes, Comments, Reports,

Information, for Review

• The Pope: calls for phasing out fossil fuel emissions and phasing

in 100 % renewables with sustainable energy access for all

• Chasing Ice: An exposé of melting glaciers over time, sea level rise

and climate change: James Balog

• National Geographic Feb. 2015: Florida Builds and Sea Level Rise

and Treading Water. Most issues have climate issues detailed

• Empire of Ice: Arctic Ice edge retreat and pollution: Gretel Ehrlich

• The Climate is Changing: The evidence mounts

Furnace oil: early years averaged 2,495: last 4 years1,063 litres year

Electricity: early years averaged 10,100 KWh: last year 6,797 KWh

Projection for 2015 with Heat Pump for Hot Water: 5,000 KWh

Century Home: old sections and some newer sections and

many up-grades

Conservation: Must Be a Top Priority for Each of Us

• Closed cell foam, most effective insulation

• Vapour tight • Air tight: no air ingress • Continuous from concrete

floor to underside of floor above

• Walkthroughs for spiders and ants and the occasional mouse gone.

Spray Foam Basement Insulation Project: Spring 2013

• Spray Foam Insulation

covered with ½ inch ply on

wood studs

• Ply and studs on metal

standoffs at floor in case of

water seepage

• Walls sufficiently strong for

shelves or hanging storage

Minimal snow melt at concrete block wall after 3.5

inches of Spray Foam on inside block / rock

foundation and new triple glazed basement

windows

New Basement Windows Project: Spring 2013

Room air in at 17⁰ C

Heat pump air out at 12⁰ C

GeoSpring Hybrid Water Heater (GE)

with Air Source Heat Pump

Cost approximately $1000 more than same capacity resistance type

Installed October 2014 All hot water use for home with two

people Consumption 1 Jan 2015 to 30 June

2015: 385.38 KWh ( or 770 KWh for the year )

Replaced 25 year old resistance type that consumed 2700 KWh per year

Figure 2

Summary • KWh saved per year using Heat Pump only

1905 ( $345. per year) • KWh saved per year with addition of

insulating blanket 2200 ( $ 398. per year)

Freezer, 17 Cubic Foot: 15 plus years old Yearly electricity 825 KWh ( $150. )

Replace with ENERGY EFFICIENT 16 Cubic Foot: Yearly electricity 275 KWh ( $50. )

or downsize With ENERGY EFFICIENT 9 Cubic Foot:

Yearly electricity 220 KWh ( $40. )

PV solar panels installed May 2014. Estimated production to be 8,000 KWh year House heating is by heat pump; now hot water by heat pump; June 2015 Annual consumption now estimated at 9,000 KWhr

Be a Micro Generator: 7.5 KW installed: 30 panels

34 Acciona Turbines for 102 MW $200 Million Capital Project; $80 Million spent in NS Over 430,000 construction manhours

32,000 Homes

Power to supply 32,000 Homes Full operation July 2015 Located near South Canoe Lake New Ross

Opening Celebration 21 June 2015 All Turbines named by school children Turbinater: 3 MW nameplate, 1 of 34

SOUTH CANOE has been developed, managed and built by Nova Scotians. Some of the great benefits for Nova Scotia are:

All consultant, environmental, engineering and legal works were completed in Nova Scotia

Nova Scotia steel fabricators, transport services, heavy lift cranes, and other services were sourced in Nova Scotia

Nova Scotia construction supervisors and trades personnel were engaged for a total of 430,000 hours to put this major project in operation

The 34 Acciona Windpower Turbines represent world class technology, efficient electricity production, a major new industrial plant with a long and productive life for this province

And “TO TOP IT OFF” South Canoe is a local producer of clean energy that will reduce greenhouse gas emissions by up to 85,000 tonnes year after year for Nova Scotia

SOUTH CANOE has been developed, managed and built by Nova Scotians: Some of the great benefits for the New Ross area

and a Future snapshot

Local residents comment that this wind farm is the largest industrial development in their communities’ history

Operational and maintenance teams were sourced locally Tourism and green technology is engaging, and people want to see wind

energy develop Local sponsorship projects for non-profit groups benefits total some $200,000 Tax revenue to the Municipality of Chester is $600,000 each year (15% of the

annual budget for the municipality) AND to the FUTURE: renewable energy is being discussed in the schools, a

new generation of students will look at energy differently and this will create new understanding and greater opportunities

Ellershouse Wind Farm: another important electricity producer for Nova Scotia and West Hants

17 MW total project using 7 ENERCON turbines Phase One, 4 turbines, to be completed and online November 2015

July 2015

Circular gravity base with rebar completed Next step is continuous concrete pour Martock Ridge turbines on horizon

July 2015

Precast concrete tower section arriving from Quebec On-site collection system power pole being installed

July 2015

Turbine site with crane: for size note supervisor under counterweight First concrete tower section painted and sitting on foundation, right Second concrete tower section painted and ready to lift in place, left

July 2015

Ellershouse Community Hall with crew installing PV Panels An 18 panel array for an installed 4.5 KW capacity Annual production will equal the hall’s annual electricity demand Awarded to the community by Bullfrog Power as a thank you for

assisting Nova Scotia to move forward with green energy

Newfoundland and Muskrat and Nova Scotia Nova Scotia will not get electricity from Muskrat Falls but from Bay

d’Espoir (near St. John’s) instead, and from any source Nalcor has available. Business Week March 2015 edition

Newfoundland and Labrador has a major cash shortfall of some 9 billion

over 2015 / 2017 for Muskrat and Current Accounts requirements

All options are on the table according to the NL Government

Has Emera’s plan for electricity from Muskrat to meet Nova Scotia targets for renewable energy

and the reason for the Link evaporated ??

What to do in Nova Scotia, for Nova Scotians, by Nova Scotians

Superior Leadership by the Nova Scotia Government, Nova Scotia Power and Emera working together can redefine our electricity / energy side

Get out of the LINK Survey every home in NS for energy saving opportunities (estimate of

400,000 homes in Nova Scotia) Using available technologies plan on an average of a 1,200 KWh reduction

in electrical consumption per home (10 %) Where financial assistance is needed provide it (from money not spent on

the LINK) Survey each hydro station and hydro dam in NS to improve efficiency and

production and ensure long term reliable operation ( pumped storage ) Survey the provincial grid and repair, upgrade, clean-up, other Use the internet and Appliance Communication Technology (ACT) to allow

NS Power to cut power to discretionary appliances in our homes to lower and control peaks

Develop Additional Generating Assets

Encourage more homeowners to install PV roof arrays

Encourage more communities to benefit from Comfit Wind

Consider large commercial ground mount PV installations

Consider offshore wind installs

Contract base load from New Brunswick / Hydro-Québec as required

Support tidal experiments / developments

Very Important “To Does”

Get out of biomass

Get out of existing coal mining in Nova Scotia

Say NO to Donkin, say NO to fracking, and NO to other fossil projects

Phase Out & return to greenfield all fossil fuel electricity generation sites in

Nova Scotia; THE EARLIER THE BETTER

FOSSIL FUELS = HISTORY

RENEWABLES = FUTURE

Nova Scotia Students

Amsterdam Students

Future Student

Parent: in 2050 how would you answer: “in 2015 if you knew what was happening why did you not do something?”

A GROUNDSWELL of CHANGE: will it be enough ???

INFORMATION SOURCES TO REVIEW / STUDY: google these

SUSTAINABLE CANADA DIALOGUES: Acting on Climate Change - 54 very important pages for Canadians to digest (A MUST READ BY EACH of US)

NORTHLAND POWER: a great, vertically integrated Canadian energy company “With Wind in Their Sails” (RENEWABLES)

TESLA: an electric car available now (INNOVATION) POWERWALL: a superior home battery, stackable in 10 KW units, for homes

with PV arrays that are “grid” tied or wish to go “off grid” (INNOVATION)

So much to learn So much to do So much to change

To leave FOSSILE FUELS in the ground as an UN-BURNABLE RESERVE

Faculty of Arts and Social Sciences

International Development Studies • Room 339, Henry Hicks Academic Administration Bldg • Dalhousie University • Halifax NS B3H 4H6 Canada

Tel: 902.494.3814 • Fax: 902.494.2105 • E-mail: ids.dal.ca • Web:: www.dal.ca/ids

August 4, 2015 To the Ad Hoc Senate Committee examining Fossil Fuel Divestment: We, the undersigned, represent the full faculty complement of the Department of International Development Studies (IDS) in the Faculty of Arts and Social Science. We are writing to share our unit’s response to Dalhousie University’s Board Investment Committee decision to maintain its holdings in ‘carbon-holding’ companies and the implications of this decision for the faculty, students and staff within our department. As a matter of principle, the IDS Department does not have any direct relationships with any ‘carbon-holding’ companies in the form of research grants, endowments or student internships, so would not be directly affected by a decision to divest from such companies. However, faculty members and students in the IDS Department are involved in a multitude of research projects that work closely with communities around the world which are directly and adversely affected by climate change. As a result, we believe that the IDS Department and Dalhousie University bear a very strong responsibility to act in every way feasible to reduce Dalhousie’s impacts on climate change and to contribute to the search for genuinely sustainable strategies for global human development. As professional researchers, our predilection is towards the synthesis of empirical evidence as the most rigorous strategy for evaluating complex problems. As such, we would like to examine four of the Committee’s recommendations, with particular emphasis on the opportunities and threats of the proposed divestment plan to our specific academic programs and research: Investment Committee Recommendation: Fracturing relationships with carbon-intensive companies would undermine Dalhousie’s commitment to collaborative research and innovation. Our commitment as teachers and researchers in IDS is to help our students and society more broadly understand the persistence of poverty, inequality and environmental degradation, and foster new approaches that seeks to redress these trenchant issues. In our professional view, climate change is one of the fundamental challenges our world is facing today: one that requires a radical reconceptualization of ‘business as usual’. It is true that some collaborative research and innovation might be sacrificed through divestment, but it is equally true that such a large-scale change will promote and create new opportunities for research and collaboration, centered around values such as justice, equity and prosperity that all members of the Dalhousie community adhere to. Investment Committee Recommendation: Divestment would restrict the diversity of holdings, thereby undermining Dalhousie’s fiduciary duty. Recent empirical studies challenge the validity of this contention. As the former Chairman of Shell noted in his widely-cited remarks made on June 4th of this year, divestment remains a perfectly rational (and profitable) move for investors. More broadly, a recent analysis appearing in The Economist presents compelling evidence that divestment makes good economic sense. One study conducted by MSCI, an index firm, undertaken between 2007 and 2015 found that investment portfolios with less exposure to fossil fuel companies outperformed the market as a whole. Mercer, an actuarial consultancy, recently cautioned that “investors cannot assume that economic growth will continue to be heavily reliant on an energy sector powered predominantly by fossil fuels”. They predict annual returns from coal could fall by anywhere between 18% and 74% over the next 35 years.1 A recent report in the Globe and Mail’s Report on Business corroborates the financial viability of divestment by showing that “the FTSE Developed index excluding fossil fuels outperformed the main developed index in four of the past five years.”2 Moving away from fossil fuels is thus consistent with Dalhousie’ fiduciary duty: no one knows where markets will go, but the preponderance of

Dalhousie University 2

evidence suggests that returns will be higher outside of this sector than within it. Investment Committee Recommendation: Divestment would have little or no impact on the global problem of climate change, as our holdings would simply be bought by another investor. Our commitment as researchers and instructors in the IDS department is to help students and society more broadly understand the local impacts of global change. We commonly encounter similar sentiments among our students: how can the actions of one person (or one university!) possibly impact such widespread and entrenched problems? Our answer: Yes, the impact of one individual, or one organization, is minimal. But together these individual actions combine to truly powerful scales and have succeeded in overcoming the world’s most intractable problems and conflicts. By succumbing to this paralyzing logic of inaction Dalhousie University is absolving itself of its institutional responsibility to implement small changes that will lead to larger impacts. The Investment Board’s message here undermines much of the current IDS curriculum, which is explicitly structured to impart the knowledge, skills and attitudes needed to embark upon a life as an active and engaged global citizen. We further disagree with the second point regarding the impact on each company’s capital holdings. Evidence from similar divestment campaigns in South Africa and Israel reveal competing interpretations of the impact of such measures on the cost of capital (i.e. bond yields). But the motive behind such campaigns is much broader than simply financial: the goal of divestment is to deprive energy companies the political, social and cultural capital to influence debates over climate change.3 The major impacts of divestment are more than financial: the goal is to galvanize opposition to these companies and put pressure on them to leave the bulk of their carbon holdings in the ground. Investment Committee Recommendation: Dalhousie is already a world-leader in sustainability studies We participate in these endeavours, and we support them. But to argue as the Investment Committee has done that these initiatives constitute a commitment that is equal or sufficient to divestment is far-fetched. Yes, Dalhousie has exciting initiatives underway in the realm of sustainability studies. But we need to be doing more. We teach our students that any meaningful change begins with ‘me’. Dalhousie should be looking for more ways to meaningfully contribute to the global campaign against climate change; indeed, divestment would cement Dalhousie’s commitment to the goals of sustainability and global justice and show that we are willing to ‘walk the talk’. The empirical evidence showing the anthropogenic nature of climate change is overwhelming. A 2015 synthesis published in Nature argues that ‘keeping it in the ground’ is the only viable strategy for keeping global temperature increases below 2 degrees 0C, recommending that one-third of oil reserves, one-half of gas reserves, and 80% of coal reserves must stay in the ground in order to meet this target.4 In our view, divestment is a logical, rational and evidence-based strategy to deal with one of the defining issues of this generation. The Investment Committee concludes its report by emphasizing Dalhousie’s duty to donors. We choose to conclude our letter by emphasizing Dalhousie’s broader duty to global society and to the faculty, students and staff who make up this institution, and care deeply about the role it plays in this crucial debate. The reasons that the board uses to oppose divestment are neither unreasonable nor incorrect. But these same reasons have been presented in a variety of other contexts and, increasingly, have been outweighed by the moral, ethical and financial arguments in favour of divestment (see, for instance, recent decision by Stanford University and Norway’s sovereign-wealth fund). The tide is turning. Divestment is increasingly being embraced as a viable strategy for effecting meaningful change in the fight against climate change. Dalhousie has an opportunity to be a national leader in this campaign. We urge the Board of Governors to reconsider its position, to ensure that Dalhousie University is on the right side of history. Sincerely, John Cameron, Robert Huish, Nissim Mannathukkaren, Theresa Ulicki

(Faculty members in the Department of International Development Studies)

Dalhousie University 3

1 The Economist, “Fight the Power”, June 27 2015. Available from: http://www.economist.com/news/finance-and-

economics/21656204-investors-are-being-pressed-sell-their-holdings-coal-oil-and-gas-fight 2 Tavia Grant. 2015. “The growing movement away from fossil-fuel investment” Globe and Mail – Report on Business.

June 15, Page B1, B4. 3 The Economist, “Fight the Power”. 4 McGlade, Christophe, and Paul Ekins. "The geographical distribution of fossil fuels unused when limiting global

warming to 2 [deg] C." Nature 517.7533 (2015): 187-190.

Dalhousie University Senate Ad Hoc Committee on Fossil Fuel Divestment Submission by the Environmental Science Unit, Faculty of Science - June, 2015

Environmental Science, a unit in the Faculty of Science, asserts that it is unethical and untenable for universities, which seek to advance global development and health, to invest in the fossil fuels that are significant contributors to climate change. As with many other Dalhousie units, a considerable part of the unit’s program addresses the damaging effects of climate change. We argue that Dalhousie University should not invest in companies whose financial worth is predicated on a business model that has irremediably catastrophic effects for the planet. To invest in fossil fuels is both morally and fiscally irresponsible. We urge Dalhousie University to follow the lead of higher education institutions like Stanford, Washington, California State, Syracuse and Glasgow, which have all committed to divest from fossil fuel holdings, and to join them in becoming university leaders in the transition to a sustainable future. We suggest that a full and immediate divestment from fossil fuel companies within the Dalhousie portfolio is neither feasible nor financially prudent. Rather, we call upon Dalhousie University to declare a moratorium on future investing in fossil fuel companies and develop a fiscally responsible divestment plan for current investments over the next 5 years. The need to divest Dalhousie University funds from fossil-fuel companies is urgent. Numerous scholars within the Faculty of Science and throughout Dalhousie University engage in research that confirms the pressing need for action on climate change. The international scientific community is unwavering in its assertion that climate change threatens our very existence as a species1, and over 18 international scientific organizations around the world have published statements on the dangers posed by climate change. The United Nations has called climate change "an existential threat to human existence" and the United States Secretary of State recently termed it "the world’s most fearsome weapon of mass destruction". Universities, as institutions are tasked to tackle the major problems of our times, must be leaders in moving society as quickly as possible off the path of catastrophe associated with climate change. Dalhousie University is a recognized as a sustainability leader, with over 360 courses offered at the university related to sustainability, 45% of all departments offering at least one sustainability course, and 14% of salaried faculty members engaging in sustainability research. Further, Dalhousie is a leader in public engagement regarding sustainability. For example, Dalhousie is involved in collaborative partnerships that have led to transformative sustainability changes in the community, and over 7.5% of continuing education courses offered through Dalhousie address sustainability issues. In terms of operations, 25% of dining services food and beverage purchases are either local and community-based or third-party certified, and 87% of student and 47% of employees use sustainable commuting options. While this is laudable, the recent STARS report identified that university leadership necessitates not only teaching and research activities but also better modeling of sustainable behavior in all aspects of operations within the university, including investments.2 From the viewpoint of the Environmental Science unit in the Faculty of Science, not divesting from fossil fuel investments is unconscionable. Human-induced global climate change is a reality that will have devastating impacts on the planet and the degree to which humans act will significantly impact how disruptive climate change will be to the ecosystems that support all life. The entire mandate of our Environmental Science unit is to document and understand the anthropogenic effects of humanity on the environment and to develop solutions, both within the context of our courses and in all of the scholarly research that we engage in within the unit. Divestment of the university from fossil fuel companies demonstrates that the university acknowledges the severity of the current climate crisis that we teach about within our program, and shows that the university rejects the myriad of political and economic arguments that use false logic to support continued investing in destructive practices (see below for more details). From the perspective of the Environmental Science unit, the university as an institution of scholarly excellence and societal leader must respond to the evidence presented by the international scientific community on climate change, must take a stand against investing in industries that are reeking havoc on the planet that supports humanity, and must not be seen to profit from industries that undermine the resilience of our planet. To do otherwise would be seen as hypocritical from the viewpoint of our students, faculty, alumnae, and the surrounding community. While the Environmental Science unit in the Faculty of Science primarily objects to the investment of Dalhousie University financial resources in fossil fuel companies on a moral and environmental basis, we recognize there are also a number of financial and political arguments to support divestment as well. Further, we recognize that there is a lot of rhetoric around the anti-divestment movement. For our submission to the Senate Ad Hoc Committee on Fossil Fuel Divestment, the Environmental Science unit has chosen to highlight the fallacious reasoning that we see present in many of the arguments put forward by various parties who argue against divestment. We hope that these counter arguments help to highlight the major issues that our unit sees related to Dalhousie University investing in fossil fuel companies. ARGUMENT #1: Dalhousie deals with climate change issues through research and education—the University does not need to divest. ENVIRONMENTAL SCIENCE COUNTER ARGUMENT: The contributions that Dalhousie University makes through its research and teaching are crucial to finding solutions to the issue of climate change, but that does not excuse the University for investing in companies that are continuing to discover, access, and sell fossil fuels, thus contributing significantly to the environmental problems associated with climate change. Dalhousie University is a signatory of the 1991 Halifax Declaration, the Talloires Declaration, the United Nations Environment Programme International Declaration on Cleaner Production and the University and College Presidents’ Climate Change Statement of Action for Canada. Each of these international agreements commit Dalhousie to becoming a leaders in creating a sustainable future. Students in Environmental Science, as well as other degree programs, are highly likely to see the hypocrisy, and inconsistency of Dalhousie University teaching and engaging in research on climate change on the one hand and then literally sponsoring industry that significantly contributes to climate change with the other.

ARGUMENT #2: Divestment is counterproductive because fossil fuel companies are some of the largest investors in renewable energy research. ENVIRONMENTAL SCIENCE COUNTER ARGUMENT: Fossil fuel corporations have had a limited history with renewable energy investments, and the overwhelming majority are entirely dedicated to fossil fuels. For example, several years ago, BP changed its named to Beyond Petroleum, but the company has recently terminated its solar investments and changed the name back to British Petroleum. The Dalhousie Investment Committee cited Total S.A. as an example of a hydrocarbon company that has promoted renewable energy through its share holdings in the publically traded company SunPower, suggesting that divestment would hinder such developments. However, Total S.A. is one of very few companies to maintain such holdings, and SunPower’s photovoltaic products would, if installed, be equivalent to only <0.5% of Total’s energy production,3 which seems very little in terms of overall investment in alternatives. Further, Total S.A. recently tried to secure investment to finance a $12 billion project in the oil sands, so it’s environmental record is questionable. Fossil fuel corporations have the capital to invest in transforming our energy system into one based on renewables but they are not going to do it without incredible pressure because they can make so much money by proceeding with “business as usual”. History has shown us that voluntary divestment is unlikely. It is also prudent to be realistic about the impact we have through divestment at Dalhousie University. If Dalhousie University withdraws its small investment in fossil fuel industry it is unlikely to have any financial impact on the industry itself. There will be others in the market who will choose to purchase shares in fossil fuel companies. However, a public divestment policy from a world-class Canadian university sends a bold public statement with political significance to these companies, as well as to our students, staff, faculty, alumni and greater university community that the university is “walking the talk”. Recognizing that fossil fuels will remain part of the energy mix for Dalhousie and global society for a long time to come, the purpose of divestment is to encourage institutions of every kind to formulate a serious, long-term strategy for emission reductions and investigation into alternative energy supply. In support of this view, the Editor of the Guardian newspaper has recently moved the newspaper’s reporting of climate change into the realms of politics, finance and economics, divesting its US$1.2 billion fund from fossil fuels over 2-5 years2, and noting in editorials that reasoned argument over decades has yielded little progress in addressing this central crisis of the 21st Century. When a university with credibility divests it is an explicit acknowledgement that the ethics of climate justice must be part of the institutional fabric that makes up our society. It is time for Dalhousie to make this bold statement. ARGUMENT #3: We should be fighting climate change through individual and community action, not as an institution associated with academic freedom. ENVIRONMENTAL SCIENCE COUNTER ARGUMENT: Working as individuals and communities to reduce our dependence on fossil fuels and to stop fossil fuel infrastructure projects is important, but we cannot prevent climate change from reaching critical levels one pipeline or coal plant at a time. We need a wholesale change to our energy system. To make our efforts count, we need to loosen the grip that coal, oil, and gas companies have on our government and financial markets. Dalhousie University has made commitments to being a leader in campus sustainability and has been quite successful in many realms - with LEED-certified buildings and an ambitious campus carbon reduction goal, most recently demonstrated by a STARS gold rating for its operations in sustainability. It is hypocritical, however, to have a “green” campus without a green investment portfolio. Further, divestment does not prevent individuals within the university pursuing their own research interests and contracts (i.e. a scholar could still engage in research with a fossil fuel company). Divestment does not infringe on scholars’ academic freedom. Rather, it is a clear statement that the university will not support investments that contribute to the declining health of the planet, and therefore humanity. ARGUMENT #4: Divestment is too extreme. We need to put pressure on the fossil fuel industry, but through traditional means like shareholder resolutions. ENVIRONMENTAL SCIENCE COUNTER ARGUMENT: There are several examples over the past decade where shareholder resolutions have attempted to change the behavior of the fossil fuel industry but have yielded few results. The fossil fuel industry continues to insist on dumping massive amounts of carbon into the atmosphere and they face few direct consequences for doing so. Climate-friendly shareholder resolutions are destined, due to the way corporations are set up, for failure. The majority of shareholders in fossil fuel companies will not vote to keep 80% of the current fossil fuel industry’s current reserves underground - the estimated amount required to overcome the climate crisis.4,5,6 Leaving reserves underground would be counter to their interest in investing in the companies in the first place. Divestment helps make the economic point that we should be investing in solutions and not the problem. Shareholder resolution strategies fall flat in the face of the current climate crisis; with a rapidly closing window for action, we need to act swiftly and boldly. Divestment can be an uncomfortable step to take, but it is the prudent action required for the preservation of our species. It has the potential to make a far greater impact than any shareholder resolution we could presume to muster. ARGUMENT #5: Divestment is an extreme tactic. ENVIRONMENTAL SCIENCE COUNTER ARGUMENT: Climate change is an extreme problem. Scientists are unanimous in the conclusion that levels of carbon in the atmosphere need to be kept below 350 ppm in order to mitigate the global problems that will continue to occur due to climate change. Reliable, rigorous international scientific studies confirm that we will most likely be locked into 2-4°C global temperature rise by 2100 unless we act quickly.7 Humanity’s ability to adapt to the extreme changes predicted from this rise in temperature is questionable and brings up issues of inter and intra-generational equity and global justice. The request to divest is not an extreme position; it is a very reasonable, rational and intelligent request. NOTES

1 Doran, P. T., & Zimmerman, M. K. (2009). Examining the scientific consensus on climate change. Eos, Transactions American Geophysical Union, 90(3), 22-23. 2STARS Report, Office of Sustainability, Dalhousie University, February 2015. 3 Rusbridger, A. 2015. Nature v. 520, p. 265. 4 Estimate provided by Dr. Larry Hughes, Dalhousie University. 5Allen, M. R., Barros, V. R., Broome, J., Cramer, W., Christ, R., Church, J. A., Dubash, N. K. (2014). IPCC Fifth Assessment Synthesis Report. 6Meinshausen, M., Meinshausen, N., Hare, W., Raper, S. C., Frieler, K., Knutti, R., Allen, M. R. (2009). Greenhouse-gas emission targets for limiting global warming to 2 C. Nature, 458(7242), 1158-1162. 7 McGlade, C. & Elkins, P. 2015. Nature, v. 517, doi:10.1038/nature14016.

Possible Impacts of Divestment from Oil and Gas Companies Faculty of Science Chris Moore, Dean

Please note that this document is a summary of input solicited from all units within the Faculty of Science. Furthermore, the document was discussed at Faculty Council on October 8, 2015, with representatives of all academic units, and the Dalhousie Science Society, present. All departmental, program and society members present agreed with the content, with the exception of Environmental Science. They (ENVS) were asked to submit content to me, before October 14th, to amend the document. Despite several reminders, no input was provided. I am aware that ENVS has submitted a separate impact statement to the committee. This document therefore represents the majority view of the Faculty of Science – Ian Hill, Acting Dean of Science, October 14, 2015

This  document  describes  potential  impacts  on  the  Faculty  of  Science  of  a  Dalhousie  University  Board  of  Governors  decision  to  divest  from  oil  and  gas  companies.    The  extent  to  which  some  of  these  impacts  would  actually  occur  following  divestment  is  of  course  unknown  for  sure,  but  it  is  reasonable  to  contemplate  that  divestment  would  work  both  ways.      A  senior  executive  at  Shell  (who  fund  the  Campus  Ambassador  Program  (CAP)  that  continues  to  benefit  the  Faculty)  told  me  directly  that  the  company  is  monitoring  the  university  divestment  movement  closely  and  would  look  unfavourably  on  any  university  that  divested  in  regard  to  future  investment.    Certainly,  Dalhousie’s  divestment  would  send  a  clear  signal  that  the  university  is  not  supportive  of  the  oil  and  gas  industry  and  could  well  lead  to  withdrawal  or  nonrenewal  of  investment  by  oil  and  gas  companies  in  Dalhousie  activities.    For  some,  this  result  may  be  seen  as  a  potential  benefit  of  divestment.    For  the  Faculty  of  Science,  there  would  be  serious  negative  consequences.  

1)  Investment  from  the  oil  and  gas  industry  (most  obviously  the  Shell  CAP)  has  made  possible  a  variety  of  enriched  student  experiences,  particularly  in  the  Department  of  Earth  Sciences.    Importantly  this  support  goes  to  broad  geoscience  training,  not  just  that  relevant  to  the  oil  and  gas  industry.    Students  seek  out  this  training  and  attend  Dalhousie  because  of  the  high  quality  training  we  provide.    Examples  include:  

• Introductory and advanced field schools, supported by the Shell Experiential Learning Fund (part of the CAP), expose all earth sciences students to general field methods at both local and distant sites. Without this support the field schools would not exist in these formats.

• Earth sciences students have the opportunity to participate in the Imperial Barrel Award competition organized by the American Association of Petroleum Geologists. Team of students from Dalhousie has participated for many years and have an enviable record of success.

• The Student Industry Field Trip, a 2-week field trip during which students are provided with a comprehensive introduction to the petroleum industry in Calgary.

• One highly popular course, ERTH 4156 (Petroleum Geoscience Field Methods) includes a series of preparatory classes followed by a week-long field trip to Trinidad to study naturally occurring exposed petroleum reserves.

Because of their training, Earth Sciences graduates are highly employable when they leave Dalhousie.

2) The research programs of a variety of faculty members in the Faculty of Science are of relevance to the oil and gas sector. Much of this work is basic geoscience research that happens to be of relevance to the oil and gas industry because of the knowledge about the structure of the earth that is generated. At the same time, some of this work (particularly marine research requiring ship time) is extremely expensive to carry out and would be almost impossible given the typical levels of funding available through government agencies. Fortunately, various faculty members have been able to secure significant support for their research programs, both in cash and in kind, from the oil and gas industry. Recent examples include:

• Keith Louden (Oceanography) & Mladen Nedimovic (Earth Sciences), Orphan Basin wide-angle ocean bottom seismic acquisition and data analysis funded by ExxonMobil; Amount $3.26M, 2010-2013.

• Grant Wach (Earth Sciences), 3D Sable Mega merge data access from ExxonMobil, valued at $23M, 2012-2020.

It is also important to note that, depending on the type of funding, research contracts generate substantial overhead to the University that can then be used to support other research programs by providing enhanced infrastructure support.

3) Capacity building, including new faculty recruitment, is becoming more dependent on outside support. The federal government through its granting agencies, such as NSERC, and other organizations providing support for research, such as MITACS, has moved steadily towards an industry engagement and partnership model. An important strategy for the Faculty of Science is to grow our research capacity, including through new faculty appointments, in partnership with industry. The NSERC Industrial Research Chair program is a good example. This program allows the hiring of new faculty members thorough a combination of granting council and industry money. Oil and gas companies are potential partners for such chairs; indeed we have been in negotiation with Encana over such a chair.

4) Oil and gas companies have a history of giving to the university to support a variety of activities unrelated to their core business. A very important recent example for the Faculty of Science was the $100,000 per year support received from the Imperial Oil Foundation to fund the Math Circles program from 2009-2013. Math Circles is a mathematics outreach program based out of the Department of Mathematics & Statistics. Its mission is to enhance mathematics literacy in the K-12 system. The Imperial Oil gift allowed Math Circles to expand their activity by delivering curriculum related workshops to take into high schools across Nova Scotia, free of charge.

The relationship with the oil and gas industry is integral to a variety of aspects of our academic mission. Withdrawal of support from that industry would have a severely negative impact on our academic mission; indeed it would effectively prevent us from carrying out a range of activities in teaching, research, and service. On behalf of the Faculty of Science, I am concerned that a decision to divest from oil and gas companies would impose a serious limitation on our academic freedom.

 

To: Senate Ad Hoc Committee on Fossil Fuel Divestment

Date: 18 September 2015

Re: Effect of divestment on academics and research at the Schulich School of Law

From: Bruce Archibald, Jamie Baxter, Vaughan Black, Kim Brooks, Elaine Brooks-Craig, Steve Coughlan, Richard Devlin, Jocelyn Downie, Joanna Erdman, Elaine Gibson, Archie Kaiser, Jennifer Llewellyn, Geoffrey Loomer, Constance MacIntosh, Wayne MacKay, Ronalda Murphy, Jonathon Penney, Jonathan Shapiro, David VanderZwaag, Sheila Wildeman, Michelle Williams (all of whom are faculty members at the Schulich School of Law).

Members of the Committee, thank you for the opportunity to provide views on the effect that Dalhousie’s fossil fuel divestment might have at the Schulich School of Law. Divestment’s possible effects on Dalhousie’s academic programs and research should not be the sole determinant of whether the University chooses to take that step. The need for Canada to become carbon neutral as soon as possible is based on undisputable science and ethical positions that are really beyond challenge. Not doing so either puts an unfair burden on future generations or asks other countries to carry an unfair share of the burden of addressing the problem. Nevertheless, divestment’s effects on our academic program do need to be considered. Accordingly, we are grateful for the opportunity to provide views on the ways in which divestment might affect the academic program here at the law school.

In our view, divestment’s effects on our academic work – teaching and research – would be overwhelmingly positive. Taking this step would have the effect of attracting both students and new faculty who might not otherwise place a priority on coming to Dalhousie. This would be most clearly the case at our faculty’s Marine and Environmental Law Institute and Health Law Institute, but seems likely to be more widespread than that.

The positive effects could extend to research funding as well. We are not aware of any research projects or industry collaborations here at the law school likely to be negatively affected by divestment, but can envision positive effects when it comes to seeking external support. Some major foundations -- the Rockefeller Foundation, for example – have themselves divested and others seem likely to follow. Such institutions seem likely to favour extending grants to other institutions that have themselves divested.

All the positive effects we have just mentioned are more likely to occur if Dalhousie acts soon so that it is among the vanguard of Canadian universities declining to profit from climate

change. It seems likely that in the next few years many Canadian universities will take this step. If Dalhousie is the tenth or twentieth to do so then the positive effects noted above will be attenuated, and eventually the negative effects of being late divestors will prevail. If, however, we are not laggards but rather leaders then we may reap more than our share of benefits.

The considerable consequences of climate change will have uneven distributional effects, and this makes fossil fuel use – and thus fossil fuel divestment -- a matter of justice. The law school’s Mission and Vision Statement, which can be found on our website, claims that we are a sustainable community and that we value social justice. Being a part of a larger institution that, through its investment strategy, seeks to profit from fossil fuel exploitation belies this claim and opens us all up to the charge of hypocrisy. Our students are increasingly sensitive to this. They will not be receptive to attempts to cultivate their commitment to social justice when those are carried out in an institution that pursues and is embedded in unjust pursuits. Divestment is a complex matter that will require action on many fronts. It alone will not solve the climate change problem; however, it is part of the solution. Moreover, it is a powerful symbol. Making a concrete commitment to divestment will help us here at the law school to claim with integrity that we aspire to the values in our mission statement. The effects of that on our teaching and research can only be positive.

From: Harm RotermundTo: Andrea PowerSubject: Possible impact of divest Dalhousie in our unitDate: Wednesday, September 30, 2015 10:05:10 AM

Dear committee,after a discussion at our departmental meeting yesterday we came to the conclusion that only one faculty member of us, Rachel Chang, might suffer from a possible divest move.The Hibernia Management and Development Corporation (HMDC) is a consortium of off-shore oil rigs on the Grand Banks, off the coast of Newfoundland, who recently awarded a contract to the consulting company Amec Foster Wheeler to study fog and sea-state in regards to their effect on transportation to and from the oil platforms. Rachel is currently in discussion with Amec Foster Wheeler to install an instrument on Hibernia so that we can collect data pertaining to fog. Rachel considers this an excellent opportunity to study marine fog as making measurements away from the coast is difficult.A decision by Dalhousie to divest from all fossil fuels will have either no or a negative impact on Rachel's future involvement on this project, although at this point it is difficult to predict the amplitude of the impact.

Cheers Harm

==========================

Harm Hinrich Rotermund, Ph. D.

George Munro Professor of Physics & Chair

Department of Physics and Atmospheric Science

Dalhousie University

Halifax, NS B3H 3J5 Canada

Tel. (902) 494 2342

Fax. (902) 494 5191

Email: harm.rotermund@dal.ca

Internet page: http://www.physics.dal.ca/~hrotermund/

School of Social Work, Dalhousie University 1459 LeMarchant Street PO Box 15000 Halifax, Nova Scotia B3H 4R2

Tel: (902) 494-3760 Fax: (902) 494-6709 Email: social.work@dal.ca www.socialwork.dal.ca

School of Social Work

September 29, 2015 Dear Ad Hoc Committee of Senate on Fossil Fuel Divestment, The School of Social Work would like to thank you for the opportunity to submit to the Ad Hoc Committee of Senate on Fossil Fuel Divestment. We would like to express our support for the initiative to divest Dalhousie University’s endowment fund from the fossil fuel industry. We support the position of the Divest Dalhousie Campaign and their position which calls on Dalhousie University to: 1. Make public information about its current investments; 2. Freeze new investments in fossil fuel industries; and 3. Fully divest existing stocks and bonds in fossil fuel industries within four years. We agree that Dalhousie University has an opportunity to position itself as a global leader in environmental accountability and sustainability. It is our view that divesting from the fossil fuel industry and reinvesting in more socially and environmentally just alternatives would set a positive example for institutions worldwide, in addition to reinforcing Dalhousie’s own commitment to “principled and ethical actions”, as expressed in the Dalhousie Mission Statement. This commitment to principled and ethical actions is aligned with the School of Social Work which follows the Canadian Association of Social Workers (CASW) Code of Ethics. The principles and values of this code of ethics state that: “Social workers promote social development and environmental management in the interests of all people”. Further, the Nova Scotia Code of Ethics for Social Work advocates the pursuit of social justice. As such it states that Social Workers are committed to: “Universal entitlement and access to the services and opportunities to meet basic human needs in the areas of housing, health care, child care, education and old age security. A clean and healthy environment and the development of sustainable environmental strategies. Social workers facilitate informed participation by the public in shaping social policies and institutions.” Signed,

Nancy Ross, Chair of Faculty Council, School of Social Work On behalf of Faculty, School of Social Work

FOUNTAIN  SCHOOL  OF  PERFORMING  ARTS  Arts Centre, Room 514 | 6101 University Avenue | PO Box 15000 | Halifax NS B3H 4R2 Canada 902.494.3772 | FAX: 902.494.2801 | performingarts@dal.ca | dal.ca/performingarts DAL.CA

September 30, 2015 Attention: Senate Ad Hoc Committee on Fossil Fuel Divestment We, the undersigned members of the Fountain School of Performing Arts (FSPA), believe that fossil fuel divestment is an issue that affects all units since we all share a dependency on our natural environment. The scientific consensus is clear that fossil fuel extraction at the current pace will result in catastrophic environmental changes that threaten not only Dalhousie University and all of its units, but also vulnerable people around the globe. More immediately fossil fuel divestment is an enormous opportunity for Dalhousie University to assume leadership on an issue of profound regional, national, and global significance. At a time when Canadian universities, and Dalhousie in particular, have lost a portion of the public’s trust, divesting from fossil fuels is perhaps the single most effective way for Dalhousie to project a positive image as an institution committed to progressive values and ethical engagement with the regional and global communities it serves. Earning a reputation as a university committed to bold, responsible, ethical leadership would benefit all units at Dalhousie. This is of particular importance to the FSPA and the Faculty of Arts and Social Sciences as a whole, because students in the arts, humanities, and social sciences tend to be particularly interested in social justice and environmental issues; divestment offers Dalhousie an opportunity vastly to enhance its appeal to such students.

Nature is a primary source of inspiration for artists, writers, musicians, performers, and filmmakers. This has been particularly true of the arts in Canada, whether one thinks of the powerful landscapes by the Group of Seven or Glenn Gould’s famous ruminations on the Idea of North. Canada’s unique northern landscape is a vital national resource that our leading cultural figures have turned to time and time again, garnering international acclaim while bringing both cultural and economic benefits to Canadians. This Canadian legacy of environmentally conscious cultural leadership is strong at Dalhousie’s FSPA. Many of our undergraduate and graduate students have done research on the arts and the environment independently or in collaboration with other units (including Sustainability, International Development Studies, and the Interdisciplinary PhD Program). Members of our own faculty as well as invited speakers and guest artists have actively placed environmental concerns at the heart of their work at Dalhousie, including pianist/composer Peter Allen’s CBC-commissioned Hurricane Concerto, Estelle Joubert’s research in ecomusicology, and invited filmmaker Alanis Obomsawin’s activist work on Aboriginal Canadian stewardship of the environment. In short, investing in fossil fuel development fundamentally and profoundly contradicts the intellectual, artistic, and moral convictions of the faculty, students, and staff of the FSPA. We understand that this is not a simple issue. Concerns may arise that divestment would put at risk contributions from the private sector that fund some research and academic endeavors. However, to safeguard the principles of academic freedom, decisions

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about the university’s investments and endowment should remain entirely separate from our procurement of outside research funding. Such funding should be based on the merits of the research, not on the extent to which the university supports the interests of outside donors. Furthermore, continued investment in fossil fuels may put Dalhousie researchers whose work depends on a conscientious engagement with our natural environment in a position of conflict.

In addition to upholding the ethical principle of academic freedom, the Board of Governors has the opportunity to show long-term financial vision by divesting of fossil fuels. Leading analysts have argued that fossil fuel markets are heading for increased volatility and that current investments in fossil fuel industries are vastly overvalued, a situation economists have called the “carbon bubble.”1 The recent commitment by Canada and fellow members of the G7 to stop burning fossil fuels by the end of the century should tell any wise investor where the industry is headed. When the housing bubble burst in 2008, triggering a global financial crisis, many universities, including Dalhousie, suffered significant losses. These losses were immediately damaging to students, and several of our scholarships in FSPA were materially affected. Our student body cannot afford to repeat this experience when the carbon bubble bursts. Although we recognize the short-term economic challenges divestment may pose, we also see this as an opportunity for Dalhousie to bolster Atlantic Canada’s research and development in the growing green energy sector. We encourage the Board of Governors to embrace this occasion for both economic and ethical leadership.

While artists, writers, and musicians can immortalize natural environments through their work, saving those environments from irreversible devastation requires immediate action. Divesting from fossil fuel development is the most responsible and effective approach any university can take to prevent the dire effects of climate change. History has proven divestment to be an effective strategy for achieving major and necessary reforms, as when Dalhousie joined a wave of institutions that divested from companies supporting apartheid in South Africa in the 1980s. Today, institutions around the globe, including the University of Glasgow and Syracuse University, are divesting.2 They have rightly garnered widespread positive publicity for their leadership on this issue, and Dalhousie should join them in this bold, principled stand.

Respectfully yours, (Signature sheet attached)

1 Leaton, J., Unburnable Carbon–Are the World's Financial Markets Carrying a Carbon Bubble. Carbon Tracker Initiative, 2012. 2 For a list of over 250 major institutions that have committed to divesting from fossil fuels go to http://gofossilfree.org/commitments/.

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DIVESTMENT OF FOSSIL FUELS 

Before we state why we think Dalhousie University should divest its endowment of fossil fuels, we 

acknowledge that most segments of our society have benefitted greatly from the use of fossil fuels.  We 

use fossil fuels to grow our food and to fuel our transportation; to heat and light our buildings; indeed, 

to provide the great variety of goods and services that we desire.  Fossil fuels have freed us from 

backbreaking drudgery and they have helped us create the surplus that supports science and arts.  

Nevertheless, we believe that it is time for Dalhousie University to divest fossil fuels from its 

endowment. 

The economic benefits that come from fossil fuels also come with costs.  Extraction of fossil fuels has 

generated environmental destruction and degradation.   It has generated resource rents that are heavily 

contested, and in some regions of the world, contests over resource rents have led to wars and 

violations of human rights. The overwhelming scientific consensus tells us that combustion of fossil fuels 

is producing profound climate change and that climate change will manifest itself as costs to our planet 

and to humanity, undermining the liveability of the very society it helped create.  Moreover, these costs 

will weigh most heavily on the poorest among us and on future generations, including our students.  A 

student at Dalhousie University who is now twenty years old will journey deep into the twenty‐first 

century.  What, we must ask, are the prospects we will hand to these students?  How can we influence 

their prospects? We have traded off the well‐being of future generations for our own, and this cannot 

continue. 

By divesting of fossil fuels, Dalhousie University will send a principled signal, a signal that states 

Dalhousie University believes we must all behave with environmental and social responsibility.  

Divestment will help create a focal point around which environmental and human rights concerns can be 

expressed and policies developed.  It will be consistent with priorities that Dalhousie University has 

chosen as its own.  For example, climate change is corroding the productivity of oceans and reducing the 

diversity of their creatures.  It is affecting agriculture in ways that we cannot claim to fully understand.  

It is threatening the survival of coastal communities, many of them poor. These are areas in which 

Dalhousie University conducts significant teaching and research.  

Divestment may also prove to be consistent with good long‐term management of Dalhousie’s 

endowment.  Companies that exhibit responsible environmental behaviour, social behaviour, and 

internal governance may be manifesting characteristics that identify good investment opportunities.  In 

fact, Dalhousie University’s “Statement of Investment Policies and Guidelines of the Endowment Funds” 

recommends that managers consider these three factors when developing investment strategies. 

This letter makes clear that we believe divestment to be required primarily on ethical grounds.  

Nevertheless, we realize that the Committee on Fossil Fuel Divestment requested statements that 

indicate how divestment might affect individual units within the University.  As far as we know, the fossil 

fuel industry is not providing any direct grants, contracts, or other financial support for teaching, 

research, or any other activities in the Department of Economics.  In this sense, divestment would have 

no direct effect on the Department of Economics. 

2 

 

Though we expect divestment to have no direct financial effect on the Department of Economics, we 

cannot pretend that divestment would be without costs to the University.  We do not know how 

potential donors to Dalhousie University will respond to divestment –uncertainty will surround 

divestment.  We should not be surprised if the energy industry acts unfavourably.   Several years 

probably will be required to implement a strategy of divestment, and a strategy of divestment is likely to 

require complex operational decisions.   

Though such costs to us cannot be dismissed, a short‐sighted calculus is not a sufficient reason to evade 

principled action on an important ethical issue and to provide tacit approval of the ongoing plundering 

of our environment.  Dalhousie University can use divestment of fossil fuels to state its support for 

environmental stewardship and for human rights, where the two overlap, and to be a serious partner in 

addressing the problems presented by climate change. 

 

Final Version Dated: 27 September 2015 

Signed by (in the order the electronic signatures were received): 

Melvin Cross, Department of Economics, Retired 

Talan Iscan, Department of Economics, Professor 

Lars Osberg, Department of Economics, Professor 

Catherine Boulatoff, Department of Economics, Senior Instructor 

Andrea Giusto, Department of Economics, Associate Professor 

Teresa Cyrus, Department of Economics, Associate Professor 

Peter Burton, Department of Economics, Professor 

Shelley Phipps, Department of Economics, Professor 

Daniel Rosenblum, Department of Economics, Associate Professor 

Kuan Xu, Department of Economics, Professor 

Ruth Forsdyke, Department of Economics, Instructor 

Norovsambuu Tumennasan, Department of Economics, Assistant Professor 

Weina Zhou, Department of Economics, Assistant Professor 

 

 

3 

 

 

 

           

Recommendation for Fossil Fuel Divestment

Prepared for:

Ad Hoc Committee on Fossil Fuel Divestment

University Secretariat – Senate Suite 210, Henry Hicks Academic Administration Building

Dalhousie University 6299 South Street

Prepared by:

Rylie Arnell

External Director Dalhousie Student Union Sustainability Office

Dalhousie Student Union 6136 University Avenue

Esteemed Member of Dalhousie University’s Senate:

On behalf of the Dalhousie Student Union Sustainability Office (DSUSO), we would like put forward our recommendations regarding fossil fuel divestment at Dalhousie University.

On Tuesday, September 24th, 2013, the Dalhousie Student Union (DSU) voted unanimously in favor of a motion urging the President and Board of Governors of Dalhousie University to divest from publicly traded fossil fuel companies (“DSU Endorsement,” 2013). On Wednesday, December 3, 2014, the Dalhousie Student Union Council passed a motion in favor removing all investments from the blacklist of the top 200 polluters in the fossil fuel industry. This motion was passed whereas the students at Dalhousie University value a sustainable future, wish to support clean renewable energy, and recognize the need to stop contributing to the capability of blacklisted fossil fuel companies to aggravate climate change (“Fossil Fuel Divestment,” 2014). By divesting from fossil fuels, the DSU has committed to educating and assisting University staff, students, faculty members, community groups and organizations external to Dalhousie, in learning more about divestment and the effects of climate change, renewable energy, and the need to mitigate the harm of the carbon bubble.

It is simple to see how divesting from fossil fuels fulfill the mandate of DSUSO and the DSU as we share a vision to be recognized as a leading advocate, and provider of innovation and valued services for students at Dalhousie University. We believe that by divesting from fossil fuels, the DSU has become a leader in the ability to shift societal norms and institutionalize climate justice and equity through responsible investments. We have been inspired to act, on behalf of students, to address climate change and acknowledge that by investing in fossil fuels we are facilitating the profit from practices that are causing catastrophic climate change. We believe that as the student body, we have the obligation to our planet and our future to make choices that will lead us towards breaking the hold that the fossil fuel industry has on our economy and our governments, and in turn our academic institutions. We have a moral responsibility as active members of the Dalhousie Student Union, as students who value innovation and leadership, and as global citizens to advocate for our University Administration to take the same actions as we have, and divest from fossil fuels. DSUSO believes that by divesting from fossil fuels the Student Union is following through with their commitment to members by “avoiding investments in businesses whose activities and practices pose a risk of serious harm to individuals or groups, or whose activities are inconsistent with the Student Union’s mission and values” (Boggild, n.d.). These activities include, but are not limited to environmentally harmful practices, such as fossil fuel extraction, sale and combustion. The students of Dalhousie University have already decided on the what is best for the climate, and our future, now it is up to our academic institution to do the same. It is imperative that underlying principles of sustainability govern our decisions of what is right for our future. Though DSUSO and the DSU expect divestment to have no impact on the Student Union’s operation itself, we are no strangers to the fact that there are varying degrees of

uncertainty on the path ahead should Dalhousie University choose to divest the endowment fund from fossil fuels. Looking at issues, such as fossil fuel divestment, from many sides is just one of the several tactics of academia that students are taught here at Dalhousie. We know and understand that there are fears of financial instability, a reduction in student enrollment and funding cuts to specific programs, to name a few. We do not know how future students or industry donors will respond to divestment, or what the future of a small handful of academic programs will look like. But what we do know is this; over 1800 Dalhousie University students have shown support for this growing movement as a way to take a stand on climate change. The DSU has chosen to listen to these voices that have urged the student body to take a stand on climate change, and we are hoping that the administration will do the same.

References   Boggild, L. (n.d.) Ethical Investment Policy Statement. Halifax, NS. SEED, Student

Investment Fund. DSU Endorsement. (2014, March 26). Retrieved September 23, 2015, from

http://divestdal.ca/about/dsu-endorsement/ Fossil Fuel Divestment | Dalhousie Student Union. (n.d.). Retrieved September 23, 2015,

from http://www.dsu.ca/divestment

DALHOUSIEUNIVERSITY

October 2,2015

To: Ad Hoc Committee on Fossil Fuel Divestment

From: David Anderson, Dean, Faculty of Medicine

Thank you for the opportunity to participate in the Senate process to examine Fossil FuelDivestment, and invitation to submit a paper outlining possible pros and cons of divestment. I

understand the specific focus of this consultation relates to the pros and cons of divestingDalhousie's holdings in large carbon producing companies as a mechanism to address theimpacts of fossil fuel on the environment.

While some faculties formed small task groups to develop faculty-wide position papers, this wasnot feasible in Faculty of Medicine context (i.e., over 1,900 faculty, over 1,000 students.) Assuch, we distributed the Senate request broadly and discussed the issue during regulargovernance meetings. I anticipate there will be several academic units coming fonrvard withsubmissions. We encouraged faculty members and academic units who self-identify aspotentially affected by fossil fuel divestment to submit to the ad hoc committee.

From the perspective of the Dean's Office, I offer the following information regarding the lrvingChair in Occupational Medicine. This information is not meant to be a comprehensive, faculty-wide position, but rather a specific piece of information regarding one of the medical school'sendowments.

' Dalhousie Medical School is a leader in Occupational Medicine Research, focusing on theprevention and diagnosis of workplace diseases and injuries. This research concentrates onthe recognition and understanding of mechanisms, exposure assessment and the prevention ofadverse effects of workplaces on health. Areas of research in occupational medicine include:

. the contribution of workplaces to wellbeing. the effects of illness and age on the ability to work. occupational toxicology and nanotoxicology. occupational respiratory disease and allergy. occupational skin disease

. clinical coding

' Dr. Anil Adisesh is the inaugural J.D. lrving, Limited Research Chair in OccupationalMedicine at Dalhousie Medicine New Brunswick. This chair is funded through a $2.0 millionendowment provided by J.D. lrving, a privately owned company headquartered in Saint John,New Brunswick with activities in: forestry, paper products, agriculture, food processing,shipbuilding and transportation. The company forms, with lrving Oil and Brunswick News, thebulk of the lrving Group of Companies, which regroups the interests of the lrving family.

OFFICE OF THE DEAN

FACULTYOFIVEDICINEICRCBuiIding,RoomC-205 l5849UniversityAvenuelPOBox15000 lHalifaxNS 83H4R2 Canada902.494.6592 | FAX: 902.494,7119 I dean.medicine@dal,ca I dal.ca/medicine

DAL.CA

DALHOUSIEUNIVERSITY

a' lf the proposed divestment strategy includes divestment from endowments, this importantresearch leadership role would be concluded. Due to the broad industrial activities of the IrvingGroup of Companies, divestment might also have a negative impact on other potentialpartnerships (e.9., forestry, agriculture, etc.)

I provide this information as one, specific aspect of the conversation, and I look forward tohearing from academic units across the Faculty of Medicine to provide additional research andevidence on this important topic.

^ffi"in)*--

David R. Anderson, MD, FRCPC, FACPDean, Faculty of Medicine

OFFICE OF THE DEAN

FACULTYOFMEDICINEICRCBUilding,RoomC-205 l5S49UniversityAvenuelPOBox15000 lHalifaxNS B3H4R2 Canada902.494.6592 | FAX: 902.494.7119 | dean.medicine@dat.ca I dat,ca/medicine

DAL.CA

Faculty Position on Divest Dal The Faculty of Engineering is keenly aware of the serious challenges presented by climate change and of the dire consequences that will result from not addressing this issue decisively. We believe that Canada needs to do all it can to wean itself off fossil fuels and to develop more sustainable energy sources. Dalhousie Engineering has one of the few Environmental Engineering programs in Canada and a strong focus on the environment can be seen both in our areas of research and in our undergraduate curricula across all departments. With that being said, it is still very difficult for the Faculty to support the Divest Dal movement. The three main reasons for this are summarized below:

1) Although it will produce a small item in the media for a single day, divesting Dalhousie’s investment portfolio of all securities tied to the petroleum industry will cause no measurable reduction in our reliance on fossil fuels. Dalhousie would simply be one investor selling these securities to other investors (and at depressed prices); even if our aim were to drive down the prices of the shares or bonds issued by these corporations, Dalhousie’s holdings are not large enough to achieve even this modest goal. Ultimately, the sale of these securities would have no direct effect on the funding of new oil and gas projects or on company operations in general.

2) A move by Dalhousie to divest itself of its holdings connected with the oil and gas industry would present some significant financial risks to the Faculty of Engineering. We have good relationships with many companies in this industry, and they provide us with support in many ways. To offer just one example, Shell has had a gift agreement with Dalhousie over the past ten years (the Shell Experiential Learning Fund) that has brought over $1-million to Engineering, Earth Sciences, and Management; this has been renewed again for another three years at a level over $500,000. In Engineering, most of this money goes toward enhancing the student experience by helping us to (a) upgrade labs, (b) purchase equipment that supports classroom teaching, (c) refurbish common space for students, and (d) send students to conferences. Shell also hires many Dalhousie students for co-op jobs and internships, and many of our graduates have found employment with Shell. While we don’t think that companies such as Shell would respond to divestment by ending their relationship with Dalhousie, it’s not hard to imagine that there would be a chilling effect across the board.

3) The move toward divestiture would symbolically isolate the energy companies, which we believe would be an error for at least two reasons. First, in facing the climate change crisis it would be a mistake to forget that the big energy companies are repositories of knowledge and expertise that will almost certainly have to be part of any solution to the problem. The

major players are already investing in research into alternative energy sources, and it’s impossible to see a workable answer that doesn’t involve them; government on its own does not have the depth to address this on its own and it certainly doesn’t have the global reach necessary. Second, while it can be argued that a move toward divestiture may on occasion have the force of an ethical imperative, such as was the case for universities in the 1980s that had South African holdings, we do not believe that any such claim can be made in this instance. The apartheid regime was morally repugnant root and branch from its inception. To place the energy companies into the same category simply puts them outside the circle in a way that allows us to forget that the responsibility for climate change extends far beyond them: they are part of a web that includes our own personal choices and the choices that government makes on our behalf. We should be working to ensure that our government has an energy policy that makes sense. There are also arguments to be made about reducing the amount of support that these companies receive from different levels of government, and by all means we should have this discussion. But this is different from laying the blame at the feet of one group. It may make us feel better to do so but we believe that the decision to divest rests on a gross oversimplification of the problem and is an empty gesture that will not bring us even a little closer to a solution.

We believe that there are more effective ways for Dalhousie to use its investments to do something positive to help reduce our reliance on fossil fuels. We propose that Dalhousie University make a commitment to investing a defined portion of its portfolio in ways that support the development of new, environmentally responsible energy technologies. This would not only clearly signal that we are committed to the development of such technologies, but it would also provide needed capital to many of the struggling technology companies in the marketplace. This could even be coupled with a commitment by Dalhousie to provide additional support for research into the scientific, technological, and policy dimensions of these new technologies, which would benefit almost every Faculty at the University.

We, the undersigned members of the Department of Physics and Atmospheric Science, agree

that divesting the university from fossil fuel companies is an incredibly important step to make.

In the last several years, scientific knowledge is increasingly being ignored in Canada when

making consequential decisions. As early as 1896 Svante Arrhenius, a Swedish physicist,

published “On the Influence of Carbonic Acid in the Air upon the Temperature of the Ground”

(1). This work recognized that by burning coal the additional CO2 in the atmosphere increases

global temperature; he received the Nobel Prize in Chemistry in 1903. Thousands of publications

have followed and there is virtually no doubt left amongst scientists that human activity has had

an undeniable negative influence on global climate. One of today’s leading atmospheric

scientists James E. Hansen, with more than 48,000 citations (h-index 90, Google Scholar),

predicted in 1981 that California would experience temperature increases and droughts, the

erosion of the West Antarctic ice sheet and an opening of the fabled Northwest Passage (2). He

now warns “… that multi-meter sea level rise would become practically unavoidable. Social

disruption and economic consequences of such large sea level rise could be devastating. It is not

difficult to imagine that conflicts arising from forced migrations and economic collapse might

make the planet ungovernable, threatening the fabric of civilization.” (3) In a recent Nature

article McGlade and Ekins (4) claim that most fossils fuels have to stay in the ground to limit the

temperature increase to 2ºC.

The Department of Physics and Atmospheric Science has an excellent reputation both in

educating our students and in our research. As individuals and the department as a whole, we

recognize that the burning of fossil fuels is a major threat to society. We as scientists and

teachers stand by these facts and believe that divesting from fossil fuel companies will send a

clear symbolic message that things have to change.

Divesting Dalhousie from fossil fuels will have impact across many academic units. There is a

real risk that funding from major players in the fossil fuel business may withdraw their

institutional support, but we argue that the university jeopardizes attracting other partnerships

with strong commitments to clean energy. Within our department alone there are multi-million

dollar investments in clean energy research. Jeff Dahn recently signed a major research

agreement with Tesla Motors, an auto and energy storage company, which certainly does not

favor fossil fuels for transportation. Ian Hill does research in photovoltaic materials to harvest

solar energy. Many of our atmospheric scientists are studying climate change issues and the

health effects of emissions from fossil fuel combustion.

Dalhousie created the College of Sustainability in 2008, and now it is time to follow through

with concrete action supporting the essence of responsible environmental policies, sustainability

& society. The College of Sustainability might be otherwise be mistaken for a ruse, and lose

potentially interested students. As the program is the first of its kind in Canada, it should lead

and be the first university in Canada to divest.

A last point questions whether Dalhousie University can reasonably expect to make money

investing in fossil fuels. Jeff Rubin, chief economic advisor at the CIBC for about 20 years and

author of the book “The Carbon Bubble: What Happens to Us When It Bursts”, clearly rebuts

this premise and champions divestment from fossil fuels.

It is imperative we invest in the future of our students, not in companies that resist changing

their practices, which are helping to destroy that future. While we still need oil to manufacture a

multitude of products, the consequences of burning it are much too costly to the environment! At

very least, Dalhousie should divest from the obviously worst contributors to greenhouse gases

and pollution of the environment, the coal producers and those oil companies, which focus on

exploiting the tar sands. This has been effectuated by several leading academic institutions, such

as Oxford University, the University of California, Stanford University and others, all divesting

from their initial investments in coal and tar sands.

Pivotally, Dalhousie should install solar panels universally on all large campus buildings and

begin to invest in its own wind and tidal renewable energy production, both of which Nova

Scotia is blessed to the fullest accord!

(1) Svante Arrhenius, The London Edinburgh and Dublin Philosophical Magazine and Journal of Science 5, 237-276 (1896)

(2) James Hansen et al., Science 213, 957-966 (1981) (3) James Hansen et al., Atmos. Chem. Phys. Discuss.,15, 20059–20179 (2015) (4) Christophe E. McGlade and Paul Ekins, Nature 517, 187–190 (2015). Harm H. Rotermund; Gerhard Stroink; Ted L. Monchesky; Randall V. Martin;

Jordan Kyriakidis; Jeff R. Dahn

Personal  Statement  on  Fossil  Fuel  Divestment  Ian  Hill,  PhD  

Professor  of  Physics    Acting  Dean  of  Science  

   I  am  writing  to  express  my  concerns  with  the  proposed  fossil  fuels  divestment  process  at  Dalhousie  University.    While  I  agree  with  the  ideals  behind  this  movement  to  mitigate  climate  change,  and  to  move  society  away  from  a  reliance  on  fossil  fuels,  I  believe  the  methods  proposed  will  not  affect  change,  will  have  many  negative  effects  on  academic  and  research  programs  at  Dalhousie,  and  will  indirectly,  and  perhaps  unintentionally,  stifle  academic  freedom.    I  also  feel  that  the  divestment  movement  is  (inadvertently  in  most  cases)  hypocritical.  

My  own  area  of  research,  to  which  I  have  devoted  my  professional  life,  is  the  development  of  new  solar  cell  technologies.    Every  day  I  work  towards  a  future  where  society  is  free  of  the  damages  caused  by  the  burning  of  fossil  fuels.    I  do  not  now,  nor  have  I  ever  received  research  funding  from  the  fossil  fuel  industry.      I  firmly  believe  that  the  proposed  divestment  will  have  minimal  positive  effect,  large  negative  effects,  and  does  not  address  the  core  problems  of  fossil  fuels:    lack  of  government  regulation,  large  government  subsidies,  insufficient  or  lack  of  pricing  on  carbon  emissions,  and  the  continued  over-­‐consumption  by  virtually  every  individual  in  Canada  (and  elsewhere).    

One  of  the  most  common  points  I  hear  in  favour  of  divestment  is  that  it  is  contradictory  for  a  university  such  as  Dalhousie  to  offer  educational  programs  in  the  areas  of  environmental  science  and  sustainability  while  simultaneously  investing  in  fossil  fuels.    This  is  a  very  narrow  view.    Dalhousie  (like  most  other  universities)  also  offers  programs  in  earth  sciences  and  chemical  engineering  (as  well  as  other  disciplines)  that  directly  train  people  to  work  in  the  fossil  fuel  industry.    Diversity  of  research  and  views  are  hallmarks  of  a  university.    I  would  argue  that  an  effective  university  must  house  internal  contradictions.  

Furthermore,  the  fossil  fuel  industry  directly  supports  educational  programs  at  Dalhousie  through  donations,  and  research  at  Dalhousie  through  contracts  and  grants.    These  are  substantial  contributions  that  enrich  educational  programs  (both  directly  and  indirectly  through  overhead  revenues)  at  Dalhousie.  

It  is  almost  universally  accepted  that  a  university  is  supposed  to  welcome  a  diversity  of  views  and  research,  and  to  give  students  the  opportunity  to  be  exposed  to  these  sometimes-­‐contradictory  views,  and  to  reach  their  own  conclusions.  The  divestment  movement  seeks  to  silence  one  side  of  the  argument,  and  I  believe  this  to  be  not  only  wrong,  but  also  dangerous.  

Much  of  the  pro-­‐divestment  movement  acknowledges  that  divestment  of  university  holdings  in  fossil  fuel  companies  will  not,  in  itself,  hurt  these  large  companies,  but  rather  will  stand  as  a  statement  of  values  that  will  hopefully  influence  others.      I  agree  with  this  view.    Divestment  would  have  absolutely  no  financial  impact  on  the  fossil  fuel  companies.    It  would,  on  the  other  hand,  be  a  clear  and  very  public  statement  that  Dalhousie  has  taken  a  moral  stand  against  the  fossil  fuel  companies.    This  will  obviously  lead  to  these  companies  

withdrawing  their  support  from  our  educational  and  research  programs.    How  could  it  not?    This  would  not  be  petty  retribution  –  it  would  be  common  sense.    Although  not  the  direct  goal  of  most  members  of  the  divestment  movement,  an  unavoidable  result  of  divestment  would  be  to  impinge  upon  the  academic  freedom  of  researchers  engaged  in  this  area,  by  effectively  defunding  their  research  programs.  

Others  in  the  pro-­‐divestment  camp  cite  the  “Carbon-­‐Bubble”  hypothesis  –  as  society  inevitably  moves  away  from  fossil  fuels,  the  demand  for  oil  will  diminish,  and  the  price  of  oil  company  stocks  will  drop,  so  getting  out  now  is  wise.    I  also  believe  (hope!)  that  this  will  happen  in  the  future.    The  question  is,  when?    In  fact,  I  would  like  to  point  out  that  this  is  essentially  the  lifecycle  of  every  corporation  that  has  ever  existed,  and  not  solely  that  of  fossil  fuel  companies.    Since  the  average  person  is  notoriously  bad  at  choosing  when  to  buy  and  sell  stocks,  we  rely  on  professional  fund  managers  to  manage  the  University’s  investments.    We  rely  on  these  fund  managers,  through  their  research  and  sense  of  timing,  to  sell  our  holdings  in  industries  while  their  value  is  high,  and  to  use  those  funds  to  invest  in  new  holdings  that  have  promise.    The  divestment  movement  seeks  to  circumvent  the  managers  and  dictate  the  schedule  for  the  sale  of  fossil  fuel  holdings.    I  certainly  wouldn’t  want  my  investment  portfolio  to  be  directed  in  this  way.  

While  the  pro-­‐divestment  community  would  ideally  like  to  see  their  work  in  this  area  result  in  the  elimination  of  fossil  fuels  from  society  (a  goal  that  I  share),  the  truth  is  that  at  this  time,  we  simply  do  not  have  any  choice  but  to  continue  to  use  fossil  fuels.    While  the  price  of  renewables,  such  as  wind  and  solar,  have  dropped  dramatically,  they  are  intermittent  in  nature  and  therefore  require  large-­‐scale  energy  storage  if  they  are  to  satisfy  a  significant  portion  of  our  energy  demand.    This  is  also  true  of  tidal  power.    Unfortunately,  there  is  currently  no  economically  or  technically  feasible  solution  to  the  energy  storage  problem,  although  many  researchers  are  working  hard  to  find  a  solution.      Pumped  hydro  is  only  an  option  in  a  few  geographically  suitable  areas,  most  of  which  have  already  been  developed  for  hydroelectricity,  and  huge  environmental  impacts  occur  due  to  the  formation  of  reservoirs.    Lithium-­‐ion  batteries  are  much  too  expensive,  and  there  isn’t  enough  lithium  on  Earth  to  build  enough  batteries  to  solve  the  problem.    Compressed  air  storage  is  interesting,  but  the  technology  is  neither  mature  nor  at  the  scale  required.    Although  a  larger  portion  of  our  energy  demand  could  certainly  be  met  by  renewables  at  this  time,  suggesting  that  we  have  a  viable  alternative  to  meet  our  needs  is  simply  false.    I  therefore  find  it  hypocritical  that  we  demand  that  Dalhousie  divest  of  its  fossil  fuel  holdings  while  we  all,  individually,  continue  to  burn  fossil  fuels  as  a  matter  of  necessity.  

Personally,  I  believe  that  the  solutions  to  our  reliance  on  fossil  fuels  and  the  damage  they  cause  to  the  environment  can  only  be  realized  by  changing  individual  behavior,  the  elimination  of  market-­‐distorting  subsidies  to  the  oil  companies  (or,  alternatively,  equally  generous  subsidies  on  renewables),  and  increased  government  regulation  on  the  extraction,  production,  and  burning  of  fossil  fuels.    One  could  argue  that  a  level  playing  field  and  sensible  government  regulation  would  lead  to  the  widespread  adoption  of  renewables  by  the  public  purely  on  economic  grounds.    Indeed,  I  believe  this  is  the  most  promising  way  forward.    In  any  case,  these  are  changes  that  must  originate  from  the  grass  roots,  demanded  by  the  general  populace,  and  by  holding  our  governments  to  account.  Divestment  will  not  lead  to  this  result.    

FACULTY OF MANAGEMENT | School for Resource and Environmental Studies Kenneth C. Rowe Management Building, Suite 5010 | 6100 University Avenue | PO Box 15000 | Halifax NS B3H 4R2 Canada 902.494.3632 | FAX: 902.494.3728 | sres@dal.ca | dal.ca/sres DAL.CA

October13,2015adhoccommitteeofSenateonFossilFuelDivestmentDalhousieUniversityDearadhocCommittee:TheSchoolforResourceandEnvironmentalStudies,FacultyofManagementisunitedregardingthescaleofthreatposedby,andimperativeofaddressing,globalclimatechange.However,ontheissueofwhetherDalhousieUniversityshoulddivestitselffromfossilfuelbasedbusinesses,weareadividedcommunity.PresentationshavebeenmadeontheissueandlengthydiscussionshaveensuedamongsttheprofessoriateandstudentsoftheSchool.Aftercarefulconsideration,theresultisthatthereisnoclearsupportfor,oragainst,divestmentwithinourcommunity.OnbehalfoftheSchoolforResourceandEnvironmentalStudies,PeterTyedmers,PhDDirectorandProfessor

Professor Grant Wach- Faculty of Science | Earth Sceinces Room 3060, Life Sciences Centre | Dalhousie University | Halifax NS B3H 4R2 Canada +1 902.494.8019 | Fax: +1 902.494.6889 | grant.wach@dal.ca | www.dal.ca/faculty/science/earth-sciences/basin-reservoir-lab

 

   

14th October 2015 

University Secretariat ‐ Senate  

Suite 210, 

Henry Hicks Academic Administration Building 

Dalhousie University 

6299 South Street 

PO Box 15000, Halifax, NS  

Canada  B3H 4R2 

Submission to the Ad hoc committee of Senate on Fossil Fuel Divestment 

Dear Committee Members,   

I am Professor of Petroleum Geoscience in the Department of Earth Sciences and have been at 

Dalhousie since 2002 after working worldwide in the Energy sector for major international companies. I 

was  attracted  to  Dalhousie  because  of  its  great  reputation,  opportunities  for  field  work  and  the 

burgeoning  offshore  petroleum  industry.  I  have  conducted  research  on,  and  led  field  schools  and 

courses  in  exploration, development  and  reservoir  characterization  in  several  countries. Much of my 

time was spent  training young geoscientists.  In  industry  I was named “Outstanding  Instructor”  for my 

contributions to training.  I was the  first recipient of “Professor of the Year” award  from the American 

Association of Petroleum Geologists Foundation. I have been Visiting Professor at the University of West 

Indies  (Petroleum  Geoscience  programme)  and  the  University  of  Adelaide’s  Australia  School  of 

Petroleum & Co‐operative Research Centre for Greenhouse Gas Technologies, and at the universities of 

Lisbon and Coimbra in Portugal. 

 

On  behalf  of  the  staff  and  students  of  the  Basin  and  Reservoir  Lab,  Department  of  Earth 

Sciences, I wish to express our concern about the Divest Dal initiative, and submit this letter in response 

to the Senate motion that Dalhousie investigate the impact of divestment in fossil fuel companies. Our 

research  lab has been developed with the support of considerable  investment from the Energy sector, 

and depend on this support to continue our research.  

 Academic and Student Opportunities  

In the Department of Earth Sciences we provide a range of experiential opportunities working closely with  industry.  I  teach a number of courses  for our  students  that have been  supported by  the government  and  the  Energy  sector.  There  are  fantastic  salaried  internship  opportunities  for  our students, often  in Calgary, for course credit. For many years  I was departmental advisor for the Co‐op program, helping  students  find work  terms with  Industry, again  for course credits. We have  the Shell Campus Ambassador Program (CAP), an annual four‐day field seminar I lead that provides students the opportunity  to  ask  recent Dal  grads  about  their  industry  experiences. We  have  the  Petroleum  Field Methods  seminar, with our  students visiting  field exposures and  completing exercises  in  small  teams working with young professionals and students in Trinidad.  

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We  have  the  Imperial  Barrel  Award  (IBA)  and  EAGE  Field  programs,  intensive  two  month competitions that pits Dal’s mainly undergrad teams against graduate student teams from around the world, a valuable educational experience and a course credit.  In  June our Dalhousie  team comprising students from our lab and Engineering won the world competition in Madrid.  

We have  fantastic  students here at Dalhousie. Companies  realize our  students are bright and have a great attitude. We are providing students with the skills they need to get not  just a  job, but to have a professional career and become leaders in the field. But, most importantly we also educate our students  to understand  and  respect  the environment  and  they  take  this  knowledge with  them upon graduation. 

Energy Sector Investment 

In  the  foyer  of  the Marion McCain  Arts  building  the  donor  board  lists  the  following  energy 

related  companies  as  contributors  to Dalhousie.  I  believe  this  funding  came with  no  pre‐conditions, 

other than recognition of their donation. 

 

ExxonMobil Oil Canada Ltd.  + 1 million 

Imperial Oil Ltd       250,000‐499,000 

Nova Scotia Power & Emera   250,000‐499,000 

Petro Canada                                  250,000‐499,000 

Shell Canada Ltd.                            250,000‐499,000 

Trans Canada Pipelines                  100,000‐249,000 

Schlumberger                                    24,000‐   90,000 

 

To date our research has generated, or directly contributed to significant funding, software and 

access  to data  that allow our  team of students and associates  from around  the world  to conduct our 

research. The data and software are  invaluable contributions  to our research program  that cannot be 

replaced. Other professors  in Earth Sciences and Oceanography have also developed very  substantial 

research programs though investment from the Energy sector in the millions of dollars. 

 

Divestment 

I'm very disappointed that  I have to defend my research, my program, and my students.    I am 

disappointed  I must  defend  our  alumni  ‐ who  are  valuable  contributors  to  the  Energy  sector  ‐‐  the 

keystone of Canada's wealth. I'm concerned about the future growth of Dalhousie and the opportunities 

available for our students. I am concerned about our reputation amongst our graduates and our alumni, 

as well as their pride  in our  institution.  If Divestment  is successful this sends a very strong message to 

the Energy  sector  that we are not  interested  in  receiving  their  investments  to our programs and our 

students.  

 

Last autumn, Alan Pinder spoke to me  in his role as President of Senate and a member of the 

Board of Governors, to discuss Divest Dal. At the end of our conversation he asked  if I felt stigmatized 

here  at Dalhousie University.  I paused  to  consider his question  and  finally  responded,  yes  I do,  very 

much.  I  do  not  know  of  any  other  professors  that  have  to  continually  defend  their  research  in  this 

manner, or that have their research and teaching marginalized and discriminated against.  

 

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I  have  spoken with  alumni,  industry  supporters  of  our  programs  and most  importantly,  our 

students.  I can say with a resounding  ‘YES’,  that  this decision will  impact our programs, research, and 

career opportunities for our students. Our students  in particular feel very strongly about this and have 

made a presentation to the Board of Governors on Divest Dal’s proposal, and have written to the media. 

 

Yes‐  the World needs  to wean  itself  from  fossil  fuels, but before divestment, we must have a 

concrete plan – a plan  that  is able  to measure  the  impact  that divestment will have on our students’ 

education and  future, as well as the University’s recruitment and research capacity.   Divestment does 

not support a balanced approach to utilize the mineral and energy resources that supports research and 

innovation. The Energy companies we wish to divest are leading the way in alternative energy research 

and deployment of these technologies. 

 

We  should  consider  an  alternative  to  fossil  fuel  divestment. We  propose  that  the University 

pursue  a  course of action  in which  faculty,  staff  and  students participate,  for  a positive outcome,  to 

achieve the goal of a carbon‐neutral campus by 2020.  This would require a commitment that all future 

infrastructure  investment be  carbon neutral, and  that  the University establish a policy  that academic 

units develop a plan to achieve this goal.  As far as we are aware, this would be unique to any Canadian 

University, and certainly establish ourselves as leaders on the climate change front. 

 

In conclusion, fossil fuel divestment will negatively impact the programs, experiential education, 

research capacity, and career opportunities available to our students. Divestment will hinder our efforts 

to educate and  inform the next generation of resource developers, resource users, and policy makers. 

Finally,  divestment  will  directly  affect  our  Department’s  future.  We  must  reflect  on  the  message 

divestment will send across Canada, a message that potential students, alumnus, and energy companies 

will  hear  when  they  come  to  recruit,  support  of  our  programs  and  philanthropic  requests.  Such  a 

message will only cripple Dalhousie’s status as an international research centre.  

 

 

Respectfully submitted, 

 

 

 

 

Professor Grant Wach, D.Phil., FGS, P.Geol. 

From: Carla DicksonTo: Andrea PowerSubject: Divestment StatementDate: Wednesday, October 14, 2015 11:24:51 AM

To The Committee of Senate on Fossil Fuel Divestment The following statement is my response on the current divestment issue being discussed across campus. Divestment is a complex issue because energy generation and consumption is a complex issue. How do we continue to meet growing demand in a rapidly developing world while acknowledging the planet we call home does not have a supply of endless resources? I think we first need to understand exactly where our energy does and can come from, and what energy companies are currently doing this. The energy industry is a complicated one, with many companies sourcing their supply from a variety of sources including nuclear, oil, natural gas, solar, wind, and water etc. Currently the oil & gas sector provide up to 87% of the energy required by the population to produce food, create clothing and shelter, heal and maintain our health, and provide the ability to travel easily (Epstein, 2013). It should also be noted that the remaining 13% does come from other sources; sources that are invested in by the same energy companies active in the oil & gas sector. This is because the need to eventually transition entirely to these alternatives is well understood. These companies are among the biggest investors in renewable energy programs and research, and it is why it is archaic to consider them “fossil fuel” companies when they are in fact energy companies, a very important distinction. The transition to entirely renewable resources will not happen overnight, rather it will take considerable time to change the human relationship with energy demand and use. Compromises will need to be made moving forward on what we are willing to accept such as increased need to produce and consume food that is grown locally, increased cost for clothing and shelter, etc. due to the increased difficulty in transport. Essentially all modes of transportation currently available require the input of the oil & gas sector at some point – the fuel itself, the mining and refining of metals, electricity generation, vehicle production, greases/waxes to lubricate parts, etc. This applies to all the equipment used in the renewable sector as well – it requires the same metals to make the engine/turbine, waxes to grease the gears, plastics to line the wires, etc. Clearly there is a strong connection between all the participants in the energy market, whether they are working in non-renewables (nuclear, oil & gas) or renewables (solar, wind, hydro), and we cannot continue forward without both. But there is room for change and for growth – by not divesting from fossil fuels but continuing with active ongoing research at Dalhousie University, we can continue to have a voice in how the path ahead is planned and travelled. It is very difficult to have a conversation or be taken seriously in one if we choose to end our involvement with all the major players. By maintaining that relationship and keeping it an effective one, we increase our opportunities to complete collaborative research on current energy challenges. Dalhousie can also become a more active shareholder through attendance at annual investor meetings, asking questions to executives and board members if there is concern about a direction being taken, and

by making shareholder proposals. There are no studies that I am aware of demonstrating divestment is an effective tool for change in the energy sector. My final thoughts for the Committee concern the perspective of past, present, and future stakeholders – our alumni: how will this affect their view of a degree earned from Dalhousie University? I personally have been a student here for many years (BSc Biology 2009, BSc Honours Earth Science 2013, MSc Earth Science expected 2016), and have always been proud to say I come from a school where diverse and contrasting views are presented, where the students are taught all the evidence available and then encouraged to research further and develop their own opinions. I think this has led to some of the best intellectuals in their fields, because their research and education was not filtered – essentially the data has not been cherry picked to show only one side of the energy challenge, we allow students and faculty to complete research in both non-renewable and renewable resources. This means we generate scholars that think outside the box. I think it is appalling that we have made active contributors (faculty, alumni, and current and future students) to this field of science feel stigmatized and discriminated against for choosing to pursue their careers. We see and are working on the energy challenges facing the population as much as anyone else, so why are we being ostracized and our work disregarded? Please consider carefully before choosing to divest as this will have long term consequences for our department and our university. Carla SkinnerBSc Biology (2009)

BSc Honours (1st Class) Earth Sciences (2013)MSc Earth Sciences (Expected 2016) Carla SkinnerMSc CandidateResearch AssistantDepartment of Earth SciencesDalhousie UniversityHalifax, NS(902) 476-9944http://www.dal.ca/faculty/science/earth-sciences/faculty_staff/graduate_students/dickson_carla.html

College of Sustainability Dalhousie University Report to ad hoc Senate Committee on Fossil Fuel Divestment 13 October 2015 The College of Sustainability is an interdisciplinary, multi-faculty forum for collaborative teaching, research and community engagement towards building a sustainable future. Dalhousie Senate approved the College and its programs in June 2008. Vision: In this century an interdisciplinary understanding of sustainability will be critical for every

person in a leadership role in every sector of society.

Mission: The College of Sustainability offers the opportunity for every Dalhousie student and professor to engage meaningfully with issues of Environment, Sustainability and Society. It seeks to provide an interdisciplinary understanding of sustainability to all Dalhousie graduates, and to develop the capacity to generate new knowledge and understanding necessary to help society meet the goal of environmental sustainability.

Values: The College of Sustainability seeks to Inspire engagement with the pressing sustainability challenges of our time, to Lead collaboration among scholars and between the university and its community, and to Imagine alternatives to present practices, all devoted to facilitating Change towards a sustainable future.

Fossil Fuel Divestment The College does not take a particular position for or against fossil fuel divestment by Dalhousie University. Instead we offer the following observations and recommendations, which are grounded in our Vision, Mission and Values. • The challenge of significantly reducing carbon emissions is among the most pressing dimensions

of any meaningful approach to mitigating global climate change. • Investments in companies with significant holdings of carbon reserves are a form of complicity in

the management of those carbon reserves. • University investments and financial arrangements cannot be segregated morally or politically

from the activities they support. • While the University Board of Governors has a mandate to manage university investments, the

Board is just one of a number of constituencies with a substantial interest in the outcomes of its management of university finance. These constituencies include university academic units, and individual faculty members, staff and students.

• The Board’s mandate of oversight does not overrule the right of the Dalhousie community (in its broadest conception) to have meaningful engagement with the financial activities and other interactions of the University with its communities.

• University finances have direct and indirect impacts on the moral, ethical and intellectual authority of the University’s teaching and research; those responsible for the university’s teaching and research – its faculty, staff and students, and its academic units – have a right of participation in decisions affecting the authority of that teaching and research.

• Dalhousie’s Senate has a mandate to lead the academic enterprise of the university, in a manner responsive to the academic and research community (including students, faculty, staff).

• Senate thus has a mandate to examine the financial activities of the university where they impinge upon the academic enterprise – including management of investments and endowments.

• Senate has an obligation to engage with the full range of stakeholders in a meaningful review of the impact of investments and endowments on the university’s academic position, and role and stature in the broader community.

Report to ad hoc Senate Committee on Fossil Fuel Divestment 13 October 2015 page 2

Recommended Action on Fossil Fuel Divestment • The College of Sustainability asserts that broad perspectives and multi-stakeholder engagement

are essential to address the great sustainability challenges of our time. Resorting to traditionally defined expertise and authority will not lead to effective solutions.

• The College calls for meaningful university-wide engagement in the development of a broadly-held, morally-grounded policy on fossil fuel divestment of university endowments,

• The College recommends that the scope of this policy extend to include a broad social and ethical review of all university investments, including pension funds.

• The College notes that the existing President’s Advisory Council on Sustainability – a multi-stakeholder body with academic, administrative and student representation, and a mandate to recommend policy to the President and through the President to the Board and Senate – provides a venue for initiating this necessary university-wide engagement.

This report is prepared and submitted by Steven Mannell, Director of the College of Sustainability, and reflects discussion at the College Meeting of 28 September 2015.

From: Charles CarlisleTo: Andrea PowerCc: Grant Wach; Kallen RutledgeSubject: Divestment at Dalhousie UniversityDate: Wednesday, October 14, 2015 12:20:28 PM

Dear Andrea,

There is no doubt that Fossil fuel divestment would greatly impact Dalhousie University, with special regard to the Department of Earth Sciences and the tranche of academic research undertaken there. It must not be forgotten that energy companies are the commercial operations most at risk by environmental disasters, and therefore the most interested in related research.

While I accept that we have an inherent societal problem with energy consumption, it should be noted that to divest from energy is to ignore the contributions of the industry to Canada’s quality of life. None of us would live in the luxury we do through air-conditioned summers and heated winters without the resources provided by Canadian energy companies, and while the future holds alternatives, it is still quite far away.

Much of the technology and data employed in the study of the Earth has been developed by the fossil fuel industry with the goal of greater understanding of its processes. It must be noted these techniques and datasets are not exclusive to the search for more hydrocarbons, but also include environmental regulation, risk mitigation and flow modelling for renewable energy sources.

Indeed, the value of Dalhousie University’s investment in the fossil fuel industry is, given the state of energy companies today, at an all-time low. Is it not an affront to the university to divest at this point? Surely the write-down on the investment (and also hefty fines leveraged by financiers for early withdrawal) is better spent on improving the facilities, resources and standards of the university. With so many departments screaming for research and staffer funding, it would be insulting to think that bankers and hedge funds profit while we in the University lose out.

Yours faithfully,Charles Carlisle B.Sc. FGSMaster of Science StudentBasin & Reservoir LaboratoryDepartment of Earth SciencesDalhousie UniversityHalifax, Nova ScotiaCANADA B3H 4R2 Mob: 01-902-402-5555

Submission to the Ad Hoc Committee of Senate on Fossil Fuel Divestment

Department of Earth Sciences, Dalhousie University

14 October 2015

On behalf of the Department of Earth Sciences, we submit this letter in response to the Senate motion that Dalhousie investigate the impact of divestment in fossil fuel companies. Our department is united in concern for the significant anthropogenic disruption of the global carbon cycle, and resultant effects in climate and the oceans. We are also united in that we do not believe that a sector-specific, sector-wide divestment from fossil fuel firms is the best tool to address this global challenge, especially given the complexity of this particular crisis and the concurrent presence of other sustainability-related crises. In this letter we: 1) outline the expected impact on our department of a sector-specific divestment from fossil fuels firms; 2) propose what we believe to be is a better approach to meaningfully addressing sustainability-related crises including disruption of the global carbon cycle. 0. Who we are: Earth Sciences offers undergraduate programs leading to professional registration in both Geology and Environmental Geoscience, as well as a graduate program, and general education in earth science for those who do not pursue it as a career. Recent surveys of our graduates indicate that 80-90% of our graduates find employment as geoscientists, with placements spanning mineral and petroleum exploration, environmental consulting firms, government agencies, and NGOs (e.g. environmental and international development organizations). For all our students, we strive to provide a broad, balanced scientific education in the function and history of the Earth System. This includes, of course, education on the processes controlling the occurrence and distribution of the hydrocarbons that form fossil fuels, but also, naturally, topics spanning glacial dynamics during rapid climate change to hydrogeology to mantle processes. Research and graduate education is similarly broad.

1. Impact of divestment As currently proposed, we anticipate that divestment will directly and negatively affect our students by limiting program diversity, research capacity, and career opportunities. Our anticipation is grounded on the expectation that hydrocarbon energy firms will, in return, withdraw their support to Dalhousie. The effect of such a withdrawal would not be limited to the (relatively small) fraction of the department's professoriate, classes, and research which address fossil fuel resources; instead, effects would be felt across the broad earth system training we strive to offer. Our department’s experience with petroleum industry funding of educational opportunities is that there are minimal strings attached beyond acknowledgement and responsible fiscal management. For example, the petroleum-industry supported Experiential Learning Fund (SELF) held in our department (2015 to 2018, $294k total; $50k or 17% committed to the Offshore Energy Fund) supports a wide variety of geoscience teaching and research activities. The explicit request of the industry partner is that the funds be used to support experiential learning in all fields of Earth Sciences, not targeted towards petroleum geoscience. University financial support is not alone sufficient to provide the labs, field schools, and equipment needed for a modern Earth Science degree. SELF and other external sources step in to support these shortfalls.

Educational opportunities that would be jeopardized by withdrawal of industry support include: Advanced Field School (ERTH4002). This capstone 3.5 wk field school provides professional-level training in individual and group work, in remote field and camp settings. It is taken by most of our Professional Geoscientists students and also by aboriginal students from Arctic College by a unique partnership arrangement. Topics in 4002 have included i) assessing stability and safety of nuclear waste repositories; ii) climate and environmental history during the most recent deglaciation, including periods of rapid climate change; iii) active tectonic processes, including distribution of strain and earthquakes; iv) geologic hazards such as debris flows and landslides. ~20 students complete 4002 annually. Without industry support, there would be a 2X to 3X increase in student fees for ERTH4002. This would kill what is arguably the finest field school, with the broadest range of geoscience topics, offered by a Canadian university. Geophysics field school (GFS). The GFS is a 3-day-long experiential portion of ERTH2270 – a required class for our students pursuing professional certificates as Geologists and Environmental Geoscientists. 30-40 students complete GFS annually. GFS uses instruments purchased with industry funding -- principally differential GPS, ground penetrating radar and seismic equipment. The focus of GFS in the past 10 years has been coastal response to sea-level rise in Nova Scotia. Remarkably, the results of this work were published this year in Estuaries & Coasts. Student Research Funding. SELF has funded student research projects in all disciplines of Earth Sciences, including watershed hydrology in Nova Scotia (such as liming to mitigate watershed acidification), mapping of shoreline migration under a sea level rise in Nova Scotia, mantle geochemistry, glacial geology, marine seismology, Himalayan paleoclimate, and dinosaur paleontology. Student conference travel. SELF funds are used to assist students in all fields attending conferences, including the AUGC and Atlantic Geoscience Society meetings, where many have their first opportunity to present research to a scientific audience. Petroleum Field Methods (ERTH4157/5157). The Petroleum Field Methods seminar includes a one-week trip that allows students to visit field exposures and participate in small teams working with young geoscience professionals and students in Trinidad. ~10 students complete 4157 annually. Likewise, in the winter term, students may participate in the AAPG Imperial Barrel Award (IBA) and EAEG Field programs, intensive 2-month competitions that pit Dal’s mainly undergrad team against graduate student teams from across Canada and around the world, a valuable experience and a course credit (ERTH 4131/5131). In June 2015 our Dalhousie team won the World Competition in Madrid.

Internship and co-op placements (ERTH8000 and ERTH6701). With our current partnerships, our students are able to gain hands on experience for course credit working in the industry through salaried internships and co-op positions. By partnering with these industries, we are in-turn providing our students with the skills they need to succeed in the workforce, as professionals, and as leaders in the field. These are co-op and internship opportunities that cannot be duplicated at Dalhousie or elsewhere. Compromising of Research Initiatives

CFREF Initiative: By November 9th, Dalhousie University will submit a Letter of Intent to CFREF focused on oceans, with significant involvement by our department. Our proposal aligns with the Government of Canada’s Science, Technology and Innovation (ST&I) Priority Research Areas of

Environment and Agriculture and Natural Resources and Energy. The first word that describes our proposal is “resources” (Resources, risks and sustainable development of the ocean frontier: science, technology, policy and education leadership). In this proposal, we will ask the federal government for $70M and are intent on raising a similar matching amount in the form of gifts from private donors and companies, including those in the natural resource business. One of the four research pillars in our proposal is an innovative study of rifted margins, with the goal of making fundamental science contributions to our understanding of planet earth, including our own continental margin. Some aspects of this basic research will have practical applications for offshore natural resource exploration and risk assessment and mitigation. What kind of a message would Dalhousie University be sending to the federal and provincial governments, our national and international partners, and the private sector, if we divested from the very companies that stand to benefit from this largest research initiative in our university history?

Dalhousie contributions to Nova Scotia energy security

During the transition to a carbon neutral economy, there is a need for lower-CO2-footprint from fossil fuel sources. In addition, during this transition, Nova Scotia's energy security needs to be addressed as the foreign hydrocarbon sources we currently depend on run out and/or become less socially and environmentally acceptable.

Nova Scotia's continental margin continues to be a potentially important energy source. In a new phase of hydrocarbon exploration, Shell, BP and their partners have committed to invest nearly $2 billion in exploration. Dalhousie should have an important role to play in ongoing exploration and eventual extraction and transportation, particularly since producing companies will be required to direct significant funds to research, training, and development in Nova Scotia. Divestment will reduce Dalhousie's capacity to perform this work, by reducing our ability to teach and do research. In addition, will these research funds from the offshore be directed to a divested Dalhousie? Likely not, meaning that Dalhousie could be shut out of science and policy decisions important to Nova Scotia's energy security.

2. The need for a broad sustainable investment strategy

Sector-specific divestment from fossil fuel energy firms is likely to have serious negative effects on our department. We recognize, however, that the decision to divest rests on broader considerations of the cost/benefit for Dalhousie as a whole and important issues of environmental and societal responsibility.

From this broader perspective, we see sector-specific divestment as seriously flawed for several reasons:

a) It ignores the complexity of the carbon problem -- a problem that has been created by coupling between energy producers, consumers, and other sectors (finance, etc);

b) It is insensitive to the variations between publicly traded firms within the fossil fuel industry. For example, some firms have moved relatively quickly toward alternative renewable sources while others provide financial support for denialist groups and their propaganda. As a university, Dalhousie should take a nuanced and informed view rather than apply broad-brush generalizations.

c) It misses the opportunity to pursue a more meaningful strategy that addresses environmental and social sustainability.

Human disruption to the Earth System has extended far beyond the global carbon cycle and consequent climate changes. For example: humans have substantially modified at least 50% of the terrestrial ice-free surface; a significant fraction of global primary productivity is diverted from natural metabolic pathways to human uses; geophysical tools have shown that 'fossil' groundwater has been drawn down for

agriculture at alarming rates; soil erosion caused by human activity has far exceeded the sum of natural processes. As a result of these and other disruptions to the Earth System, there are crises in food security, terrestrial and marine biodiversity, freshwater availability – and others. As Earth Scientists, we are acutely aware of the types and magnitudes of these disruptions. Moreover, we face societal crises such as increasingly wide income gaps, displaced populations, and a health crisis related to diet and sedentarism. These environmental and social crises are separate from the carbon/climate problem (in that they could persist even if fossil fuels were exchanged for another energy source). Similar to the climate problem, however, these crises are at least partly attributable to the actions of publicly-traded corporations.

We advocate that Dalhousie adopt a holistic view of sustainability-related issues when managing its endowment funds. This means developing and implementing an aggressive sustainable investment strategy which is applied across sectors and not the simplistic sector-specific divestment from fossil fuel firms currently proposed. We are not experts in investment, but can foresee that such a strategy might eventually result in divestment from some fossil fuel and mining firms, but also agribusiness firms and others. Along with this should come renewed efforts to lower Dalhousie's collective CO2 footprint – including efforts spanning personal travel decisions to operations management --so all of us at Dalhousie can continue to lead by example.

In our view, the above strategy is more likely to distinguish Dalhousie as a forward-thinking university that is attractive to students, researchers, and investment by responsible corporations, than is the narrow fossil fuel divestment approach.

Respectfully

Department of Earth Sciences

Divestment at Dalhousie: Not if, but when. 13 October 2015

An Open Letter to the Board of Governors of Dalhousie University from a Dalhousie Alumni: Dear Governors of Dalhousie University,

As a recent alumnus of Dalhousie University, and future donor, I am worried about the state of Dalhousie. I believe it is approaching bankruptcy. Not in the easily repaired, monetary sense, but in the dangerous, slippery slope, moral sense. On November 25th 2014, you failed to divest the Dalhousie University endowment from its fossil fuel investments in 200 publicly-traded energy and coal companies. Further than this Dalhousie increased its connections to fossil fuels by signing a $600,000 contract with Shell Canada. It brings to mind the phrase recently used in the press release on divestment posted by the University Secretariat “Dalhousie has recently invested $45 million in sustainability projects on its campuses, resulting in a 20 per cent reduction in its green house gas (GHG) emissions since 2009-2010, demonstrating that Dalhousie is taking a leadership role as an environmental steward in its day-to-day operations.”i

Leadership - it usually means doing something that either no one else is willing to do, or that hasn’t been done before. So let us evaluate Dalhousie’s leadership – signing a contract with Shell for $600,000 – interesting but not particularly new. It falls under the well-worn category of “the climate crisis is a global intergenerational problem, no one will notice if we do a little more to make it bigger”. Now what about Dalhousie’s sustainability projects on campus – the well worn “we can make everything so efficient that even if someone farts we won’t emit GHGs” idea. True, with efficiencies, come reduced GHGs, but this is not a new idea. Energy efficiencies are popular because they save money. All universities across Canada are trying to reduce their emissions through light bulbs, green building designs, solar panels, solar water heaters, and low flush toilets.

According to the press release on divestment posted by the University Secretariat “Divestment could undermine the execution of a diversity (portfolio of investments) strategy, and would potentially frustrate the goal of generating such reasonable (risk adjusted) returns.” Economic jargon to indicate that Dalhousie likes having lots of things in its portfolio and that the fossil fuel investment marbles are just too shiny to give up. At last we get to the heart of the matter. “We also believe it is consistent with the mission of the University to work with all companies which support research that addresses the key issues of climate change – even if they hold significant carbon assets.” Are the Governor’s of Dalhousie naïve to the intentions of the fossil fuel industry to extract and profit from every available carbon asset, until there is nothing left? Or, are the Governor’s of Dalhousie so jaded and pessimistic that you do not believe we can prevent the effects of catastrophic climate change. By failing to divest, by continuing to pursue partnerships with fossil fuel extracting companies Dalhousie University is complicit in the great suffering and death that could result from catastrophic climate change. The scientific consensus, supported even by Dalhousie’s own researchers who submit research to the IPCC, indicates that we must stop using fossil fuels to prevent a 2 degree Celsius warming in average global temperature. We have no alternative but to leave the fossil fuels in the ground. One can only assume by its actions, that Dalhousie agrees with Shell’s

Divestment at Dalhousie: Not if, but when. 13 October 2015

General Business Principles which state that: “We believe that oil and gas will be integral to the global energy needs for economic development for many decades to come.” ii By continuing to give social license to fossil fuel extracting companies Dalhousie University has lost it’s footing on moral high ground. This was never a question of if Dalhousie should divest, because we can no longer continue business as usual. This was a question of when Dalhousie should divest. Dalhousie had an opportunity last November to prove that it possessed leadership qualities, to prove that it cared about the long term health and well being of its students, to prove that it understood the significance and magnitude when its own professors talk about ‘The Great Transition to a low-emission society’.

So where do we go from here. We, as students and alumni, can accept your decision to continue business as usual - to do nothing. Everyone is afraid, anyone who isn’t is delusional, and we can certainly stick our heads in the sand and do nothing. A little at a time, we will reach that nightmare climate change situation. It will be real – it will be our everyday. Maybe not yours, but it will certainly be ours and our childrens. We won’t be able to stick our heads in the sand any longer. All of it will occur if we do nothing. I understand, you want Dalhousie to succeed. It’s all part of your Strategic Direction.iii You want to strengthen the recognition for our academic excellence and reputation at national and international levels (Goal 4.2); return to being one of the Top 200 Global Universities (Goal 4.3); prepare for Dalhousie’s 200th Anniversary in 2018 (Goal 4.4); and attract additional external investment (Goal 4.5). Divestment can still fulfill these goals for you. Be the first Canadian University to divest fully and Dalhousie’s national and international reputation will be groundbreaking. Be the first Canadian University to divest fully and you will be one of the Top 200 Global Universities now and in the future. Divest and you open the doors to additional external investment from the clean energy sector that understands Dalhousie is a forward thinking institution. What better way to prepare for the 200th anniversary in 2018 than by taking the moral high ground and indicating that Dalhousie cares about the future. Take off your short term glasses and stop looking at class enrolment for the next 5 or 10 years. Look beyond at class enrolment in 20 years and 30 years. Will Dalhousie have a 250th anniversary? Remember, its not a question of if you divest, but when you divest. You can divest now and be hailed as a true leader, or you can wait to join the bandwagon when all the Top 200 global universities have divested. I think now would be a good time.

George Tjensvoll Kitching (Class of 2015)

ihttp://www.dal.ca/dept/university_secretariat/board_of_governors/meetings/fossil-fuel-divestment-statement.html ii http://www.shell.ca/en/aboutshell/at-a-glance-tpkg.html iii http://www.dal.ca/about-dal/leadership-and-vision/dalforward/strategic-direction/partnership-and-reputation.html

Report to the Ad Hoc Committee on Fossil Fuel Divestment Submitted by: The Dalhousie Arts & Social Sciences Society (DASSS) November 14th, 2015 On behalf of the Dalhousie Arts & Social Sciences Society (DASSS), the executive would like to express our support for Divest Dal in their campaign to have Dalhousie University’s endowment fund divested from the world’s top 200 fossil fuel companies. As representative of the students of the Faculty of Arts & Social Sciences, we feel that we have a moral responsibility to uphold what is best for not only our university, but also our environment in the long run. As such, we urge the Dalhousie Senate to divest from fossil fuels. The potential impacts of climate change have been studied extensively and it has been concluded that if the earth’s temperature rises by two degrees centigrade, we will be facing environmental disaster. As such, it is crucial that we encourage fossil fuel companies to leave carbon assets “in the ground.”1 In their 2014 Report on Fossil Fuel Divestment, the Investment Committee (IC) stated that Dalhousie recognizes the need to reduce carbon emissions and address issues of climate change. The IC also stated that divesting Dalhousie would have “little or no impact on climate change.”2 Statements such as this only serve to divert attention from the real impact that divestment can have.

When it comes to combating climate change, even the smallest contribution should not be overlooked. Individuals reducing their personal carbon usage is important and impactful, however this is often made difficult due to systemic blocks created by the fossil fuel industry, which is in itself disproportionately responsible for climate change.3 If Dalhousie prides itself on being a leader in sustainability in its operations and curriculum, why should its investments be any different? By investing financially in the fossil fuel industry, Dalhousie is effectively contradicting its own efforts at environmental sustainability, by perpetuating an industry that contributes to carbon emissions on a much greater scale.

Dalhousie brands itself as a “pioneering” institution, aware of its own influence and looking to make “A lasting impact.”4 The symbolic resonance of an institution such as Dalhousie divesting from fossil fuels would only serve to enhance our university’s reputation. The question of divesting from fossil fuels presents Dalhousie with the challenge of staying true to this brand. More importantly, the university would be holding itself to a higher moral standard and setting an example for other institutions. If Dalhousie does indeed recognize the importance of addressing climate change issues, it must also recognize that it is wrong to profit from an industry that is exacerbating these problems. Attempts to minimalize the impact Dalhousie’s divestment would have neglects the importance of our university embracing its leadership potential.

1 Chuck Collins. “11 Reasons to Divest from the Fossil Fuel Industry,” Global Policy Journal. April 20th, 2015. Accessed November 14th, 2015. http://www.globalpolicyjournal.com/blog/20/04/2015/11-reasons-divest-fossil-fuel-industry 2 Dalhousie University Board Investment Committee. The Proposal to Divest Dalhousie’s holdings in ‘carbon-holding’ Companies. November 25, 2014. 3 Collins. “11 Reasons to Divest from the Fossil Fuel Industry.” 4 Dalhousie University. Dalhousie University Brand Guide and Tool Kit. 2014.

Divestment is a powerful tool for enacting social change, as demonstrated by Dalhousie’s 1987 divestment from South African companies to combat racial apartheid. Divesting from fossil fuels is yet another opportunity for Dalhousie to be a pioneer in the realm of environmental and social responsibility. Furthermore, it would provide an opportunity for investment in other industries; ones that better reflect Dalhousie’s sense of social and environmental responsibility. As demonstrated by the commitments of institutions such as the University of Glasgow and the University of Hawaii, full divestment is feasible. We would be very proud to see Dalhousie University join their ranks and become the first Canadian University to divest from fossil fuels.

Response'to'Interim'Report'2016101104'

Response'to'the'Interim'Report'of'the'Ad'Hoc'Committee'on'Fossil'Fuel'Divestment'Firstly,'Divest'Dal'would'like'to'thank'the'committee'for'the'dedication'to'this'process'and'the'hard'work'put'in.'It'is'above'and'beyond'the'professional'responsibilities'of'each'member'of'the'committee,'but'is'also'an'important'part'of'the'huge'amount'of'work'that'needs'to'be'done'towards'action'on'climate'change.'Thank1you!'Divest'Dal'has'made'their'objective'clear'from'the'beginning'of'the'campaign.'We'seek'three'goals,'one'of'which'has,'in'large'part,'been'accomplished.''

1.! Freeze'all'new'investment'from'entering'the'fossil'fuel'industry'2.! Increase'the'transparency'of'the'endowment'investment'policy'and'structure'3.! Divest'from'fossil'fuels'within'four'years'

*We'define'the'list'of'fossil'fuel'companies'according'to'the'Carbon'Tracker'200,'which'is'available'at'http://gofossilfree.org/top1200/'

After'the'November'2014'Board'of'Governors'meeting,'the'board'agreed'to'increase'the'transparency'of'the'endowment'investment'portfolio'by'making'each'and'every'investment'public.'The'Investments'Committee'has'upheld'their'promise'and'a'PDF'format'of'the'investments'was'made'public.'We'have'put'it'into'a'useable'excel'file'(.xlsx)'format'and'it'is'attached'to'this'submission.'The'report'submitted'by'the'Investment'Committee'to'the'Board'of'Governors'was'wholly'inadequate.'The'report'was'often'contradictory;'in'nearly'the'same'breath,'the'IC'report'says'that'the'university'mission'is'best'served'by'“acting'independently”'while'also'saying'that'“collaborative'work'[between'Dal'and'FF'company,'Total'S.A.]'is'vital”.'The'Investment'committee'report'also'fails'to'acknowledge'much'of'the'theoretical'underpinnings'that'the'current'Fossil'Fuel'Divestment'movement'relies'upon.'Divestment'is'not'just'a'tactic'of'economic'sanctions,'but'also'a'tactic'to'build'a'social'movement.'Universities'have'been'part'of'similar'social'movements,'some'that'are'now'normal'throughout'the'globe'such'as'the'scientific'method.'Divestment'is'a'vehicle'where'a'better'future'can'be'imagined'and'capacity'to'build'that'future'is'established.'This'was'ignored'by'the'Investment'Committee.''The'Investment'Committee'also'stated'that'it'believes'that'stakeholder'engagement'is'a'better'solution'that'divestment.'The'Dalhousie'STARS'report'(prepared'by'Dalhousie'staff)'states'that'Dalhousie'does'not'engage'in'any'stakeholder'engagement'whatsoever.'Therefore'the'corporate'engagement'strategy'that'Dalhousie'touted'as'there'better'alternative'to'divestment'is'absolutely'non1existent.''The'STARS'report'was'submitted'6'weeks'after'the'publication'of'Investment'Committee'report'and'had'not'filed'a'shareholder'resolution'within'the'last'three'years'(https://stars.aashe.org/institutions/dalhousie1university1ns/report/2015101107/PA/investment/PA114/).'''We'are'pleased'that'much'of'this'has'come'up'in'the'interim'report'and'that'the'Dalhousie'community'has'shown'that'it'appreciates'much'of'the'message'of'Divest'Dal.'We'were'elated'to'see'that'there'was'unanimous'agreement'that'climate'change'is'1)'real,'2)'the'greatest'threat'of'our'time'and'3)'warrants'aggressive'action.'Naturally'the'course'of'that'action'was'a'point'of'contention,'however,'it'is'our'opinion'that'divestment'from'fossil'fuels'is'defensible,'principled'and'the'right'thing'to'do'for'the'Dalhousie'community.'''

Response'to'Interim'Report'2016101104'

There'are'several'contradictions'found'in'the'submission'summaries'that'we'find'so'unusual'that'they'warrant'discussion'here.'The'first'is'the'issue'of'academic'integrity'and'academic'freedom.'The'second'is'the'nature'of'the'endowment'and'the'confusion'surrounding'it.''Academic'freedom'is'afforded'to'researchers'and'professors'at'Dal'and'rightly'so.'It'allows'them'to'pursue'research'without'the'risk'of'losing'their'job,'should'it'be'found'undesirable'or'embarrassing'to'government'or'administration.'It'keep'basic'research'going'and'allows'for'new'frontiers'to'be'carved.'We'are'pleased'to'see'that'the'Dalhousie'community'and'the'ad'hoc'committee'agree'that'divestment'poses'no'risk'to'academic'freedom.'Academic'integrity'is'a'related'but'separate'concept,'which'cannot'be'mandated'or'guaranteed'in'the'way'academic'freedom'can.'It'can'only'be'enacted'by'the'Dalhousie'community,'but'it'is'no'less'important'to'the'academic'mission'of'the'university.'One'of'the'main'tenants'of'academic'integrity'is'that'financial'interests'should'not'guide'the'results'of'research.'Furthermore,'financial'influence'should'not'directly'guide'which'research'does'and'does'not'occur'and'they'should'not'guide'institutional'decisions'in'a'direct.'Divestment'from'fossil'fuels'is'a'serious'institutional'decision'that'should'be'made'in'the'best'interests'of'the'communities'that'Dalhousie'serves.'It'should'not'be'made'at'the'will'of'financial'interests.'That'is'why'Divest'Dal'was'shocked'to'see'that'representatives'from'Royal'Dutch'Shell'corporation'were'“monitoring'the'university'divestment'movement'closely'and'would'look'unfavourably'on'any'university'that'chose'to'divest'in'regards'to'future'investment'potential”.'Divest'Dal'was'repeatedly'told'that'academic'integrity'was'of'the'utmost'importance'and'a'significant'hurtle'that'was'preventing'the'Board'of'Governors’'(and'the'President’s)'approval.'Now'it'appears'that'the'threats'to'academic'integrity'are'coming'directly'from'the'fossil'fuel'companies'themselves.'The'behaviour'by'Shell'is'a'despicable'and'flagrant'disrespect'for'academic'integrity.'Some'members'of'Divest'Dal'who'are'enrolled'in'and'alumni'of'the'Faculty'of'Science'were'ashamed'to'read'this.'Our'institution'must'not'be'held'hostage'by'financial'interests'who'have'a'vested'interest'in'seeing'fossil'fuel'use'go'unchecked;'a'concept'that'has'underpinned'Divest'Dal’s'entire'campaign.''The'nature'of'the'endowment'was'confused'by'several'submissions'to'the'committee.'The'endowment'is'not'meant'to'generate'investment'in'the'university'through'scholarship'and'research'funding.'It'is'meant'to'grow'reasonable'risk'adjusted'returns'that'provide'that'funding'directly.'The'endowment'is'not'currently'invested'in'a'targeted'manor'to'please'corporate'interests'and'nor'should'it'be.'It'should'serve'the'Dalhousie'community'and'uphold'its'commitments'to'the'broader'global'responsibly.'It'seems'that'only'those'against'divestment'make'the'link'between'the'endowments'investment'and'investment'in'the'university.'Consider'the'following'as'a'thought'experiment:'Why'is'Dalhousie’s'endowment'not'invested'in'order'to'provide'our'Political'Science'department'with'co1op'opportunities'or'why'is'the'endowment'not'invested'in'more'car'companies'to'ensure'that'our'graduates'are'preferred'for'future'employment.'That'is'simply'not'what'the'endowment'is'for,'it'would'be'irresponsible'to'management'the'assets'in'such'a'manor.'It'is'also'irresponsible'to'have'an'investment'policy'that'undermines'the'ability'of'our'graduates'to'live'in'a'world'with'a'stable'climate.'We'were'pleased'to'see'that'this'was'not'lost'on'the'committee'members'through'their'assessment'of'the'opinions'held'by'the'Dalhousie'community.''Divest'Dal'will'remain'a'strong'campus'campaigning'group'until'Dalhousie'has'divested'from'at'least'the'Carbon'Tracker'200'list.'We'are'pleased'that'the'recommendations'of'the'ad'hoc'committee'are'not'limited'to'these'companies'as'we'realize'that'the'list'is'not'exhaustive'in'terms'of'those'causing'catastrophic'climate'change.'Divest'Dal'maintains'that'the'Carbon'

Response'to'Interim'Report'2016101104'

Tracker'200'is'an'important'and'justifiable'starting'point'for'Dalhousie’s'journey'to'divestment.'We'also'believe'that'a'clear'and'enforceable'protocol'for'the'expansion'of'that'list'should'be'formulated.'The'screening'measures'proposed'by'the'ad'hoc'committee'are'principled'and'serve'the'climate'justice'movement'well.'However,'they'lack'the'clarity'that'is'needed'to'prevent'them'from'being'watered'down'into'meaningless'commitments.'For'instance,'for'donors'to'climate'denier'groups'would'it'have'to'be'donations'made'in'the'company’s'name,'or'by'the'CEO,'or'by'staff'members?'How'long'would'a'single'donation'to'a'climate'denier'group'bar'that'company'from'Dalhousie'investment?'We'encourage'consultation'between'Divest'Dal'and'those'who'make'the'finer'distinctions'on'the'rules'for'divestment,'although'in'almost'any'case'all'200'companies'from'the'Carbon'Tracker'list'would'be'barred'from'Dalhousie'investment'their'financial'valuations'according'to'point'four'of'the'committee’s'criteria.''We'applaud'the'reverse'onus'approach'proposed'by'the'committee'This'gives'the'proposal'teeth'and'put'the'burden'of'proof'on'the'polluters.'This'is'reminiscent'of'the'precautionary'principle'which'is'an'excellent'guiding'philosophy'as'Dalhousie'addresses'climate'change.'''We'would'like'to'thank'the'committee'once'again'for'their'work'on'this'issue.'Please'see'other'documents'as'appendices'in'the'folder.'''Sincerely,'

'Divest'Dal'and'our'1900'petitioners'and'125'faculty'endorsers'''

To: Ad Hoc Committee of Senate on Fossil Fuel Divestment From: Tarah Wright, Environmental Science, Faculty of Science Re: Feedback on preliminary report Date: December 15, 2015 First of all, thank you so much for all of the work you have done so far. You have done a great job at synthesizing comments from a variety of perspectives. I would like to congratulate you on a very diplomatic report that addresses the concerns of multiple people and units on campus. What I found most interesting in reading the report that almost all of the respondents brought up issues of academic freedom in their arguments for or against divestment. I appreciate your consideration of these concerns and your analysis of the various arguments put forward. The key message that I received from your analysis of these arguments is that if as a university we base our collective decisions about how to conduct ourselves based on what corporations say they may or may not do as a result of those decisions, that this is the largest threat to academic integrity and freedom at the university. I would highly suggest that this issue be highlighted in the report as academic freedom is a privilege we hold at the university and one that really needs to be safeguarded. Further, it is essential as we move forward on this issue to make certain that both major decision making bodies on campus are involved. I would ask the Ad Hoc Committee on Fossil Fuel Divestment to consider in their recommendations to at least have the Committee present their findings at a Board of Governor’s meeting. In my estimation, an issue like this should also be the subject of a special joint meeting between the Board of Governor’s and the Senate, and I encourage the committee to consider a joint meeting between these two bodies as an official recommendation of the report. Finally, it I note that you indicate that the financial arguments around divestment are part of an ever-changing landscape. I offer the following recent articles that you may find pertinent to your work and which you may consider referring to in your report:

• www.newswire.ca/news-releases/university-of-toronto-loses-550-million-by-not-divesting-from-fossil-fuels-550689871.html • www.thespec.com/news-story/6121526-ontario-pension-funds-lost-2-4b-from-oil-coal-investments-report/

Once again, thank you for your contributions to this important work. I fully appreciate the magnitude of your work on this file and the depth of thought you have put in to your report.

Comment'on'Divestment'Interim'Report'2016401403'

Thank&you**'I"applaud"the"hard"work"of"the"Ad"Hoc"Committee"on"Fossil"Fuel"Divestment."Clearly"there"was"careful"thought"and"much"discussion"put"into"the"report"and"the"final"product"reflects"that."Thank?you"to"its"authors"and"everyone"who"contributed"to"the"materials"considered"by"the"committee."I"agree"with"many,"many"parts"of"the"interim"report,"but"my"submission"deals"only"where"I"have"recommendations"that"would"modify"the"recommendations"in"the"report.""

Personal*Reflection*'As'a'member'of'the'Dalhousie'community'as'a'student,'staff'and'alumni'since'2007,'I'feel'the'responsibility'to'contribute'to'the'discussion'surrounding'fossil'fuel'divestment.'I'believe'many'parts'of'the'report'are'important'steps'towards'Dalhousie'living'up'to'its'formal'and'implicit'commitments'to'environmental'sustainability'and'action'on'climate'change.'The'responsibilities'that'universities'have'to'the'greater'society'is'a'concept'that'I'take'seriously.'I'have'been'privileged'to'attend'Dal'and'get'a'great'education.'I'was'also'lucky'to'share'that'education'with'other'students'by'teaching'in'three'faculties.'What'I'learned,'and'subsequently'taught'was'that'environmental'sustainability'is'of'the'utmost'importance.'It'is,'and'ought'to'be,'a'core'value'that'we'hold'dear;'it'should'run'through'all'of'our'decisions'at'every'level'of'the'institution.'However,'it'clearly'does'not.'Dalhousie’s'investments'in'fossil'fuel'companies'represent'a'glaring'betrayal'of'its'own'sustainability'focused'image.'As'an'alumni'and'staff'member'I'feel'personally'betrayed'by'this.''

I'was'elated'by'some'of'the'recommendations'of'the'report;'which'would'in'its'current'state'represent'a'divestment'from'more'companies'that'the'“Carbon'Tracker'200”'proposed'by'Divest'Dal.'If'Dalhousie'should'be'the'first'institution'to'divest'from'this'list'(which'would'be'a'de'facto'recommendation'of'the'interim'report,'based'on'its'actual'recommendations)'the'method'by'which'it'does'so'would'be'a'gift'to'the'rest'of'Canada’s'Universities,'which'could'follow'suit'and'implement'ethical'investing'policies.'This'is'the'intention'of'the'campaign'by'Divest'Dal'and'should'be'in'the'minds'of'the'committee'and'Senate'in'whole.'To'work'in'a'vacuum'on'an'issue'of'this'magnitude'would'be'a'waste'of'the'enormous'amount'of'work'put'into'the'preparation'of'this'report'and'the'efforts'of'Divest'Dal'as'well.'The'University'of'Toronto'is'clearly'in'a'very'similar'position'as'Dalhousie;'releasing'a'report'with'similar'conclusions'within'days'of'the'release'of'our'own'interim'report.'I'would'encourage'cooperation'with'University'of'Toronto'on'this'issue.''

The*Recommendations*As'for'the'specific'recommendations'contained'in'the'interim'report,'there'are'some'that'are'excellent'and'some'that'raise'issues.'In'principle'all'the'recommendations'are'excellent'and'would'place'Dalhousie'in'an'ethical'standing'all'its'own,'something'that'matters'greatly'to'a'largely'principled'pool'of'potential'applicants'(or'at'least'one'would'hope).'Others'are'vague'and'lack'the'teeth'that'would'make'them'easy'to'enact'and'have'a'long'lasting'impact.'For'

Comment'on'Divestment'Interim'Report'2016401403'

instance,'the'carbon'budget'that'is'alluded'to'in'the'report'is'based'on'all'fossil'fuel'reserves'and'those'are'shared'unequally'between'a'pool'of'companies'(and'governments).'However,'to'the'atmosphere'it'doesn’t'matter'who'owned'it'and'thus'if'even'an'ounce'of'carbon'is'burned'beyond'the'carbon'budget'limit,'then'all'companies'will'be'responsible'for'causing'“dangerous'climate'change”.'Therefore,'this'needs'to'be'clarified'and'the'most4likely'solution'is'to'focus'on'the'carbon'holdings'themselves'and'pick'a'threshold.''

Effectively,+this+is+what+the+Carbon+Tracker+200+list+does,+and+for+that+reason+I+would+recommend+that+this+list+remain+a+starting+point+by+which+companies+are+selected.'The+ethical+investing+policy+should+not+in+any+way+be+limited+to+these+companies.'

The'recommendation'against'companies'that'donate'to'climate'denier'groups'is'also'slightly'problematic.'Most'denier'groups'do'not'publicly'list'their'donors'and'thus'most'of'the'information'on'companies'that'give'to'these'groups'is'old.+

Recommendation:++I+think+it+is+appropriate+to+impose+a+timeBlimited+penalty,+during+which+companies+would+not+be+eligible+for+Dalhousie+investment.+I+suggest+25+years.+This+serves+a+dual+purpose+of+imposing+a+serious+consequence+that+last+into+the+future+while+also+allowing+infamous+climate+deniers+like+Exxon+Mobil+to+be+penalized+as+well+(they+would+also+be+barred+from+investment+by+other+recommendations+too).''

The'recommendation'of'a'‘reverse4onus’'approach'is'a'fantastic'one'that'shows'forward'thinking'and'is'the'type'of'recommendation'that'would'be'a'gift'to'other'divestment'and'ethical'investing'campaigns.'However,'this'recommendation'must'also'be'clarified.''

Recommendation:+I+suggest+that+if+anyone+can+provide+documentation+suggesting+a+contravention+of+the+ethical+investing+policy+that+they+should+submit+their+complaint+to+the+Presidents’+Advisory+Council+on+Sustainability+where+it+will+become+an+official+recommendation+to+the+president.+Each+complaint+should+be+signed+by+no+fewer+than+6+coBcomplainants+for+consideration.+Reviews+of+the+complaints+should+be+done+on+a+semiBannual+basis.+

Finally,'there'was'no'recommendation'within'the'report'as'to'how'this'policy'might'be'enacted.'Only'the'Board'of'Governors'can'enact'a'policy'such'as'this'and'the'relationship'between'Senate'and'the'BOG'is'often'complicated,'unclarified'and'convoluted.'I'

Recommendation:+I+believe,+it+should+be+the+recommendation+of+the+committee+that+President+Florizone+adopt+Senate’s+final+position+on+the+outcome+of+the+Ad+Hoc+Committee+on+Fossil+Fuel+Divestment+as+his+own+official+position+as+his+responsibility+to+both+Senate+and+the+Board+of+Governors.+This+would+allow+Dr.+Florizone+to+transition+the+recommendations+between+Senate+and+the+Board+of+Governors+and+ensure+that+a"vote"is"called"in"the"2015/2016"academic"year.++

From: Kurt SampsonTo: Senate WebsiteSubject: Comments re. DivestmentDate: Thursday, January 14, 2016 1:24:33 PM

Dear Dalhousie Senate,

As a multi-alumni ( BCSc & MBA ), current staff ( 15+ years ), and father of two young children I am submitting these comments on the recent report released by the Ad Hoc Committee on Fossil Fuel Divestment, as well as on divestment & social responsible investing in general.

I first want to applaud you for putting together such a strong committee to investigate and report on this important issue, and to applaud the work that the committee has done to date. For almost 20 years I have referred to myself as a proud Daligonian, and although the University's previous rejection of the DSU's divestment request inflicted significant damage to that pride, the positive work of this committee offers real hope of redemption.

Obviously there are many details to be worked out in the implementation of the recommendations of the report ( and the devil is so often in the details ) but I think this could be a great foundation for a comprehensive socially responsible investing strategy, that will show the world that Dalhousie has the fortitude to put our money where our mouth is and do what is right on a long-term global scale even if it is not the best for our local short-term financials.

I specifically applaud the tactic of developing a dynamic set of measurable criteria ( e.g. lobbying, funding climate change denial, fossil holdings, etc. ) to evaluate investment options rather than simply dropping a fixed list of large companies. This strategy should grow, develop, and become more effective over time; and it will have to be dynamic as we know that companies ( once aware of our criteria ) will do what they can to workaround them. I hope to see this expand in the future to also include other social responsibility factors ( in addition to sustainability, e.g. other human rights, etc. ).

The one shortfall of this report that I would like to draw particular attention to, despite the fact that I think the committee did an exceptional job of soliciting input from many stakeholder groups, is that the stakeholder group that will be affected most by the outcome of this is barely represented. Our children, their children, and all future generations stand to loose so much more than we do because of global climate change. If you consider Maslow's hierarchy of need; we are literally risking the physical & psychological safety of our children to secure our position of esteem. The perspective of this stakeholder group is represented only indirectly in a few reference comments, and I feel that is a very significant shortfall. There are obvious limitations to getting first-hand perspective & feedback from this group, though I feel that significant consideration of the perspective of this unimaginably-important group is absolutely required to make a comprehensively informed decision on this issue. If significant consideration is to be made I think the acknowledgement of that, and potentially a summary of consideration points and recommendations, should have been included in this report to highlight & inform decision-makers. However; even if this is not in the report I ask that you please consider this with significant weight during your decision-making process.

As a father, there's not much that I wouldn't do for my children, that is my responsibility. I

believe leaders in society have a similar responsibility to their community, that the more fortunate have a responsibility to help the less fortunate, and that Dalhousie represents leadership in a community that is among the most fortunate on the planet. We have a responsibility to look beyond our local short-term perspectives, to consider the effect of our decisions on the broader planet & future generations, and to be a role model in our global community. Rarely can something significant be accomplished without taking risks; and often doing the right thing is more expensive ( from a purely financial perspective ) than cutting corners ( e.g. environmental footprint, moral fortitude, etc. ); but taking calculated risks, making compromises, and doing what's right is what real leaders do.

A brave attendee at the public forum on this issue ( last week in the SUB ) spoke of her personal home-country experience with the companies that we are wishing to divest from. They displaced many of her neighbors, destroyed much of their traditional land and water, took away other means for local families to support themselves, and employ some of them now under extremely harsh & barely survivable conditions. I'm sure if you looked at any of the business decisions that these companies faced it looked better on paper to do as they did. It would have cost them more to act in a more moral and responsible manner. Maybe they let their end justify their means e.g. "Millions of people depend on the oil they provide so it's ok for thousands to suffer for it". Maybe we can continue to support & justify this through our investments because our mission of education is so important? ...but then we'd be just like them. Her father had to swallow his pride & morals every day by working for the very company that was destroying their community. He had to do this to survive, to feed his family. He had no reasonable choice otherwise. We on the other hand have a real choice, and doing the right thing will not destroy us.

Let's look at the big picture, the long-term global picture. Let's take responsibility for our actions on that scale. Let's do what is right because it is right, even if doing so comes at a cost. Your staff are asking you to do this, your faculty are asking also, the student body has been strongly behind this for years, and you know that our children & future generations are counting on us. Let's be the leaders that our global community needs. Even if nobody else is doing the right thing ( yet ) we need to do it ...and we need to do it now ( yesterday even ).

Sincerely...Kurt :)

Kurt.Sampson@dal.ca BCSc, MBAInformation Technology Services :: Dalhousie Universityo: 902.494.3002 || m: 902.456.0989

Divest'Dal'Report'to'Senate'

2016401405'

Report'to'the'Ad'Hoc'Committee'on'Fossil'Fuel'Divestment'

The'anticipated'effects'of'climate'change'are'well4studied'and'acknowledged'by'the'Dalhousie'

community'at'the'scholarly'level'as'well'as'an'administration'level'[1].'Among'its'informal'and'

moral' commitments' to' sustainability,'Dalhousie' is' signatory' to' several'agreements' including'

the'Halifax'Declaration'[2]'which'mandates'the'university'to'“be'clear'and'uncompromising'in'

its'ongoing'commitment' to' the'principle'and'practice'of' sustainable'development'within' the'

university,'and'at'the'local,'national'and'global'levels”'[2].'As'such,'the'university'is'obliged'to'

explore' a' range' of' solutions' to' the' climate' crisis.' Divestment' is' a' tactic' that' has' unique'

advantages'in'the'fight'to'solve'the'problem'of'climate'change.'''

There'is'a'moral'imperative'to'divestment'well'in'keeping'with'Dalhousie’s'strategic'direction'

and'brand'model,'including;'the'promise'of'“a'lasting'impact”,'“fresh'and'bold”'personality'and'

the' attribute' of' being' an' “inspired' and' influential' pioneer”' [3].' Dalhousie' relies' on' the'

enrolment'of'a'student'populace'that'is'increasingly'conscious'of'environmental'concerns'and'

sustainability,' whether' these' issues' are' central' to' their' studies' or' not.' For' this' reason' it' is'

important'that'Dalhousie'remain'a'leader'in'sustainability'to'attract'strong'candidates.'

Dalhousie'has'a'history'of'using'its'institutional'influence'to'affect'change'through'divestment.'

In' 1986,' Dalhousie’s' Board' of' Governors' voted' in' favour' of' divesting' from' companies'

supporting'the'Apartheid'regime'in'South'Africa'[4].'The'decision'to'do'so' is'a'proud'part'of'

our'history.'The'Divestment'movement'has'been'widely'acknowledged'as'an'influencing'factor'

to' the' fall' of' the'Apartheid' regime.'Archbishop'Desmond'Tutu,'who'was' instrumental' in' the'

struggle'against'the'racist'regime,'has'advocated'for'divestment'from'fossil'fuels:''

“People'of'conscience'need'to'break'their'ties'with'corporations'financing'the'injustice'of'

climate'change....'We'cannot'necessarily'bankrupt'the'fossil'fuel'industry.'But'we'can'take'

steps'to'reduce'its'political'clout,'and'hold'those'who'rake'in'the'profits'accountable'for'

cleaning'up'the'mess.”''

The' power' of' divestment' lies' in' its' ability' to' shift' societal' norms' and' institutionalize' peace'

through' commerce' [5].'By'divesting' from' ‘business' as'usual’' there'becomes' room' to'build' a'

new'norm' [5],' and' in' the' context' of' a' fossil' fuel' context,' a' norm' that' includes' the' ethics' of'

climate'justice.''

To' avoid' disastrous' climate' impacts,' the' vast' majority' of' known' fossil' fuel' reserves' must'

remain'un4burnt'[6,'7].'Prominent'economists'including'Mark'Carney'(Governor'of'the'Bank'of'

England)' have' acknowledged' that' this' means' that' valuations' of'fossil' fuel' companies' that'

includes'these'reserves'on'their'balance'sheet'are'vastly'over4valued.'This'is'referred'to'as'the'

carbon' bubble' [8]' and' is' acknowledged' by' our' own' Board' of' Governors' Investments'

Committee.'To'maintain'a'status'quo'of'our'investment'portfolio'is'fiscally'irresponsible.''

An'alternative'to'divestment'supported'by'the'Investments'Committee'is'to'engage'with'fossil'

fuel' companies' in'order' to' influence' their'operations' towards'more' sustainable'alternatives.'

This' is' a' weak' alternative' in' comparison' to' divestment' [5].' Complete' divestment' is' the'

strongest'statement'Dalhousie'can'make.'Historically,'engagement'has'poor'record'compared'

to'divestment.'During'the'fight'against'Apartheid'in'South'Africa,'Rev.'Sullivan'developed'a'set'

of' principles' by' which' companies' could' operate' in' order' to' prove' that' they' were' working'

towards'the'end'of'Apartheid.'The'principles'mandated'that'companies'ignore'the'racist'rules'

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imposed' by' the' Apartheid' government.' Eventually' Sullivan' himself' ended' up' advocating'

against'engagement'with'the'Afrikaner'government'and'called'for'Divestment[9].''

Dalhousie'is'a'strong'university'that'can'stand'on'its'research'reputation'alone.'The'assertion'

that'“resource'industries'would'be'less'likely'to'support'the'university'directly,'or'to'sponsor'

independent'research,'if'divestment'were'to'go'forward”'in'the'IC'report'is'unfounded.'It'also'

implies'that'the'endowment'is'designed'to'attract'reinvestment.'This'is'not'within'the'stated'

purpose'of'the'endowment'[10].'An'experimental'‘fossil'free’'investment'index'has'shown'that'

divestment' from' fossil' fuels' does' not' harm' investment' returns,' however,' divestment' could'

have' significant' positive' impacts' on' the' recruitment,' retention' and' the' reputation' of' this'

university.'

The' Investment' Committee' report' cites' a' lack' of' understanding' about' the' consequences' of'

divestment'as'a'reason'not'to'divest.'Yet,'with'over'$50'Billion'dollars'divested'from'fossil'fuel'

companies' over' the' past' few' years' that' is' far' from' the' truth.' Mark' Bailey' 4' Vice4President,'

Public'Relations'4'has'described'the'divestment'process'as'follows:'

“Pitzer’s'Divestment' initiative' de4mystified' the' process.' 'It' demonstrated' that' a' college'

CAN'do' this.' It'united' the'Pitzer' community'and' reinforced'our' shared' commitment' to'

environmental'sustainability'and'social'responsibility.''One'year'on,'our'experience'with'

Pitzer' College’s' Divestment' initiative' has' strengthened' the' connection' between' our'

community' and' its' core' values,' informed' discussions' about' activism,' in' general,' and'

inspired'new'ways'to'engage'our'commitment'to'sustainability.'Being'the'first'college'in'

Southern'California'to'divest'generated'pride'throughout'our'worldwide'community.”'

Plans'to'divest'have'been'initiated'by'even'the'largest'universities'and'wealth'funds.'Fossil'fuel'

divestment' has' moved' beyond' the' small' liberal' arts' colleges' that' were' the' very' first'

institutions' to' commit' to' divestment.' Universities' with' larger' student' bodies' have' divested'

(University' of' Hawai’i,' pop.' 50' 000),' universities' with' larger' endowments' (University' of'

Syracuse,' endowment'~'$1.2'billion),'have'divested'and'universities'with'a'greater' research'

budgets' (University' of' Glasgow,' $251.8' million)' have' divested' as' well.' In' addition' to' these'

universities,'Norway’s'sovereign'wealth'fund'of'more'than'$800'billion'has'divested'from'coal,'

tar' sands' and' more.' There' are' plenty' of' experiences' to' draw' understanding' from,' but' the'

Investments'Committee'failed'to'reflect'them.'

The'moral' imperative' to'address'climate'change'should'drive'Dalhousie' to'divest' from'fossil'

fuels'and'the'guidance'of'other'institutions'should'inspire'Dalhousie'to'act'quickly'and'add'our'

institution's' name' to' the' leaders' circle' of' sustainability' in' higher' education.' Being' the' first'

university' in' Canada' to' divest'would' show' that'Dalhousie' appreciates' the'magnitude' of' the'

current'climate'crisis'and'acknowledged'that' it' is'abhorrent' to'profit' from'practices' that'are'

causing' catastrophic' climate' change.' ' This' year' the' world' will' meet' in' Paris' to' reach' an'

agreement' to' radically' reduce' the' global' amount' of' carbon' burned' and' transition' to' an'

economy' based' on' renewable' energies.' With' investment' in' fossil' fuels,' Dalhousie' cannot'

unreservedly'hope' for'a'multi4lateral' agreement.'Therefore'we' recommend'Dalhousie'divest'

its'endowment'of'fossil'fuels'over'the'next'4'years.'

' '

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References'

'

1.' Dalhousie' University' Board' Investment' Committee,' Report' to' the'Board'of'Governors:'

The' proposal' to' divest'Dalhousie's' holdings' in' 'carbon;based'' holding' companies.' 2014,'

Dalhousie'University:'Halifax,'Nova'Scotia.'

2.' International' Institute' for' Sustainable' Development,' The' Halifax' Declaration.' 1991:'

Halifax,'Nova'Scotia.'

3.' Dalhousie'University,'Dalhousie'Brand'Guide'and'Tool'Kit.'2014.'

4.' Dalhousie' University,' Board' of' Governors' Minutes,' January' 1986.' 1986,' Dalhousie'

University:'Halifax,'NS.'

5.' Westermann4Behaylo,' M.,' Institutionalizing' Peace' through' Commerce:' Engagement' or'

Divestment'in'South'African'and'Sudan.' Journal'of'Business'Ethics,'2009.'89(4):'p.'4174434.'

6.' Allen,'M.R.,' et' al.,' IPCC'Fifth'Assessment'Synthesis'Report;Climate'Change'2014'Synthesis'

Report.'2014.'

7.' Meinshausen,'M.,'et'al.,'Greenhouse;gas'emission'targets'for'limiting'global'warming'to'2'

C.'Nature,'2009.'458(7242):'p.'115841162.'8.' Leaton,' J.,' Unburnable' Carbon–Are' the' World's' Financial' Markets' Carrying' a' Carbon'

Bubble.'Carbon'Tracker'Initiative,'2012.'

9.' Richardson,' H.J.,' Reverend' Leon' Sullivan's' Principles,' Race,' and' International' Law:' A'

Comment.'Temp.'Int'l'&'Comp.'LJ,'2001.'15:'p.'55.'10.' Dalhousie' University,' Dalhousie' University' Endowment' Funds' Statement' of' Investment'

Policy'and'Guidelines.'2012,'Dalhousie'University:'Halifax,'Nova'Scotia.'

'

From: Grant WachTo: Andrea PowerCc: Grant WachSubject: Divestment Report and Forum- Final commentsDate: Thursday, January 14, 2016 11:57:35 AM

Hello,Divestment ForumI believe the woman from the Ecology Action Centre summed up the goals of Divestment of Fossil Fuels very succinctly. “We want to be the first university in Canada to Divest, let’s beat Toronto”. I am also unclear why the ECA was allowed to speak at the Forum, and a representative of York University. I am alarmed by DSU Vice President James Hutton’s affirmation that he is representing the unanimous views of the Dalhousie student body. No Earth Science students were apparently consulted when we checked. His comments need to be more balanced and reflect all sides of an issue. It is becoming apparent that he is promoting a DSU agenda that is not representative of the entire Dalhousie student body. DivestmentThe World is hooked on hydrocarbons. It will take a major transformation to reverse this. Canada with a resource based economy is tied more closely than most nations to the price of hydrocarbons. The Canadian dollar is at near record low levels below .70 and is projected to remain so until perhaps 2018 (http://www.cbc.ca/news/business/macquarie-loonie-forecast-1.3401644) perhaps reaching .59 this year. What is driving this is the low oil prices (http://www.cbc.ca/news/business/oil-winners-losers-2016-1.3400071). The expected resurgence in the manufacturing sector in Ontario and Quebec fuelled by a low dollar has not materialised. The infrastructure plans and $10 Billion dollar deficit forecast by the Federal government will only increase as there are not the tax revenues from oil and gas production and sales to go into the system. The “Have” provinces such as Alberta and Saskatchewan that have provided large transfer payments from revenues generated by royalties from hydrocarbon production to support provinces in the Maritimes and these are drying up. Low oil prices only fuel increased use of hydrocarbons- not conservation and the development of new greener technologies. Car and truck sales are reaching record levels. What Dalhousie can do, is demonstrate responsible leadership by further investment in the development of greener technologies, conservation and work with the energy sector at all levels to achieve a sustainable future. Divestment of the fossil fuel sector does nothing to achieve these goals. Dr. Grant Wach, D.Phil., FGS, P. Geol.

Professor of Petroleum Geoscience & Stratigraphy

Basin & Reservoir Lab

Department of Earth Sciences

Life Sciences Center

1355 Oxford Street

P.O. Box 15000

Dalhousie University

Halifax, Nova Scotia

CANADA B3H 4R2

Tel: 01-902-494-2358

Direct: 01-902-494-8019

Fax: 01-902-494-6889

January 14, 2016

Regarding the Proposal to Divest Dalhousie’s holdings in “carbon-holding” companies To the Dalhousie University Board Investment Committee,

Thank you for an informative and in-depth report on the subject of divestment. I read it with great interest and attended your Open Forum, which was a fine opportunity to discuss your findings and the concerns of the community at Dalhousie University.

My concern is that the negative impact of divestment would be felt across the university if approved. The reality is that if these programs were not sponsored, the research would not be carried out – Dalhousie University cannot afford to lose the assistance of goodwill sponsors (both financial and in-kind) without directly harming the education of undergraduates and the research of graduates and faculty. This is especially important in the departments specializing in applied sciences, but no doubt having an effect on the university as a whole. Energy, exploration and engineering companies, similar to those in other sectors such biomedical, etc, assist with research. Within Dalhousie, this has always been academic in nature, with resource exploration, exploitation, and efficiency research being welcomed by corporate sponsors, and never directed. Climate change research is received with interest and without criticism or suppression. A working relationship with such companies is invaluable in keeping research both relatable to the public and accessible to those who may benefit from its findings.

While it would be ideal to self-fund all programs, this is simply not possible without asking of the students a significant financial contribution, and thereby introducing a regime of financial elitism that the Canadian university system has thus far made efforts to avoid.

I wish to offer the following considerations for your committee on the subject of divestment:

1. Endowment funds are in place to ensure the future prosperity of Dalhousie University,

• Would it be possible to maintain funds as they are, but quantify the yearly profits and earmark them for energy efficiency research?

2. The business ethics and safety record in developing nations should be a priority for responsible investment, but it cannot stop at the energy industry – the same criteria must be applied to construction, banking, mining, etc.,

• Furthermore, the environmental failings of a company are generally attributed to the lack of a regulatory framework – could Dalhousie be encouraged to focus upon research and development in future policymaking? Corporate experience regarding “what went wrong”, this would be a globally relevant subject.

3. Although Dalhousie University is not a direct shareholder in these energy companies, and thus cannot influence behaviour, should they investigate the

Page 2

possibility of becoming so? Direct investment and direct involvement with companies may show a more genuine intention of the wish for change.

4. When it comes to leaders of ethical and eco-friendly industry, Dalhousie should remain wary of whom we champion: the fawning over an electric car manufacturer tends to ignore the required strip mining to support a lithium battery industry. While the cultural and regional implications of such extraction have not yet made the news, it is a highly disruptive activity with future consequences.

5. While emotional appeals as we saw in the Open Forum should be welcomed, they should be regarded with caution. The negative fallout from the discovery of valuable resources in Nigeria has been attributed by many to be a result of corruption, not exploitation of a resource. I refer again to point 2, above.

• Regarding pollution alongside hydrocarbon exploitation, few industries can be credited with such significant investment into transport processes as those in energy. It is not in a company’s interest to spill their product!

6. Are the scales actually tipping away from these fossil fuel companies? Evidence of fossil fuel consumption worldwide would indicate otherwise as developing nations now expect the same standard of living which we have been afforded with through the availability of reliable, affordable energy.

7. Hard energy companies are among the richest in the corporate world – they are far more likely to re-brand rather than fade away in a greener world.

I wish to point out that the Dalhousie Student Union while speaking on behalf of all students does not necessarily represent all student views. Few – if any – students were canvassed by them on the subject of divestment.

My final thought is on the subject of financial funds. Are environmentally aware fund managers profitable and viable? Have they impact, or are they a gimmick? Given the track record of financial institutions and the recent economic meltdown in 2008, the demand for ethical practice should perhaps look at diverging from the use of financial instruments altogether!

Sincerely,

Charles Carlisle BSc (Hons) FGS,

Masters Student, Department of Earth Science | 902 402 5555 | Charlie.Carlisle@Dal.Ca

  1  

To  the  Ad  hoc  Senate  Committee  on  Fossil  Fuel  Divestment,      As  an  Earth  Science  and  Sustainability  student  at  Dalhousie  University  I  have  entertained  both  sides  of  the  divestment  movement.  Reading  your  report  was  encouraging  to  say  the  least.  Briefly,  my  view  on  divestment  is  not  necessarily  for  or  against.  Like  many  members  of  the  Dalhousie  community  I  agree  with  the  need  for  ethical  considerations  involving  our  investments,  but  do  not  agree  with  the  sole  divestment  of  fossil  fuels,  as  stated  by  other  departments  and  individuals.  As  summarized  by  the  committee:  “Divestment  is  not  comparable  to  apartheid.  To  place  the  fossil  fuel  companies  into  the  same  category  as  apartheid  is  an  attempt  to  attribute  responsibility  for  climate  change  to  a  few  organizations  when  it  is  a  far  broader  issue”(see  p.  15  of  report).

In  your  report  you  emphasize  that  you  are  not  necessarily  divesting,  but  building  investment  decisions  from  an  ethical  framework,  which  scrutinizes  the  fossil  fuel  companies  that  Dalhousie  decides  to  invests  in.  When  reviewing  the  framework  provided  in  the  preliminary  report,  in  my  opinion  it  lacks  clarity  on  certain  issues  regarding  divestment  or  investment  of  certain  fossil  fuel  companies.      There  are  a  number  of  concerns  surrounding  the  ethical  framework  provided  that  I  would  like  to  outline  from  the  ethical  framework  proposed  below  by  the  preliminary  report:      

Given  the  concerns  raised  through  this  process,  the  following  criteria  for  ethical  review  of  investment  in  a  given  company  are  proposed:    

(1) Lobbying  of  the  public,  government  departments  or  government  decision  makers,  either  directly  or  indirectly,  against  effective  climate  policy,  environmental  stewardship  or  other  measures  connected  to  the  transition  to  fossil-­‐free  energy  sources.   ���

(2) Opposition  to  global  cooperation  on  climate  mitigation,  adaptation  and  impact  evaluation,  or  the  transition  to  fossil-­‐free  energy  sources.   ���

(3) Support  of  or  membership  in  organizations  actively  promoting  climate  change  denial  or  actively  attempting  to  confuse  the  public  about  the  overwhelming  scientific  consensus  about  the  human  contribution  to  climate  change.

Concerns:

How do you evaluate or determine whether a fossil fuel company is coercing, lobbying or confusing public knowledge on climatic issues and preventing effective climate policy? What information will you use to make these educated decisions? Furthermore it is almost one sided to scrutinize the fossil fuel sector for swaying decisions, if the fossil fuel industry should be scrutinized for “swaying” government bodies, the government bodies should be just as scrutinized for being swayed.

  2  

Define fossil free. Fossil free energy sources do not include alternative energy sources, such as geothermal, or carbon capture and storage (CCS) or neutralization initiatives (CCN). Some transition technologies and methods are not considered renewable or fossil free, but reduce the amount of greenhouse gas emissions substantially relative to oil, coal, and gas. These types of carbon reducing transition technologies are needed in a sustainable and renewable world. By stating the transition to fossil free energy sources are you excluding any efforts a company may have towards investing in GHG reducing or carbon reducing technologies. Renewables on their own will not support the energy demands of the future as they are forecasted today.

(4) Financial  valuations  based  on  significant  asset  holdings  in  the  form  of  rights  to  fossil  fuel  reserves  which,  based  on  current  technology,  would  need  to  remain  undeveloped  to  avoid  the  worst  impacts  of  climate  change.  ���

How  do  you  evaluate  which  reserves  can  be  exploited  by  which  company?  There  is  a  certain  cap  on  how  much  reserves  must  be  withheld  within  a  given  country  based  on  geographic  distribution  of  known  reserves  and  IPCC  estimates.  Is  the  evaluation  of  the  fossil  fuel  company  reserves  related  to  these  estimates  and  if  so  the  question  still  remains  how  will  the  investment  committee  choose  which  company  to  invest  in?  Some  companies  will  have  rights  to  reserves  that  surpass  the  2  degree  limit  if  all  are  exploited.  However,  if  the  company  in  question  is  not  exploiting  all  of  those  reserves  currently,  will  you  still  decide  to  divest?  Even  if  they  are  providing  funding  towards  renewable  and  alternative  energy  transitions?  Will  it  be  based  on  how  much  reserves  they  own  and  if  the  amount  of  reserves  they  own  surpass  the  2-­‐degree  celsius  limit  if  those  reserves  are  to  be  exploited?    

Some  technologies  such  as  CCS  and  CCN  reduce  the  amount  of  carbon  emitted  into  the  atmosphere  by  capturing  carbon  from  coal  power  plants  and  other  carbon  emitting  power  plants.  Will  this  have  any  impact  on  your  considerations  in  divesting  from  a  company  if  it  is  exploiting  reserves  and  has  significant  asset  holdings  of  fossil  fuel  reserves?  A  clearer  explanation  towards  these  proposed  evaluations  would  be  helpful.  

The  concluding  statement  on  page  8  mentions  friendly  partnerships  with  companies  and  openness  in  terms  of  discussion  with  fossil  fuel  companies  about  climatic  effects.  These  statements  provide  efforts  towards  a  positive  relationship  with  the  extractive  sector,  however  this  relationship  is  not  well  reflected  or  represented  in  the  ethical  framework  and  criteria  that  is  laid  out  above.  Most  of  the  framework  outlines  divestment  from  a  company  if  there  is  any  evidence  for  coarsening  of  public,  governments,  and  decision  makers  to  not  believe  in  anthropogenic  driven  climate  change  or  reducing  possibilities  of  climatic  effective  policies.  It  is  somewhat  accusatory,  it  would  be  much  more  positive  to  see  frameworks  laid  out  for  the  type  of  investments  Dalhousie  is  looking  for  from  the  fossil  fuel  industry.  For  example  identifying  in  the  framework  the  type  of  renewables  and  transitional  energies  a  company  is  invested  in  and  what  percentage  of  a  fossil  fuel  company  value  or  how  much  money  is  put  into  carbon  reducing,  GHG  reducing  and/or  fossil  free  technologies  would  be  an  interesting  addition  to  the  framework  provided.    

On  page  26  of  the  report  the  committee  stated  “While  it  may  be  important  for  financial  and  other  reasons  to  try  to  avoid  divesting  from  companies  who  are  acting  ethically  with  respect  to  the  climate  crisis,  there  is  no  ethical  imperative  to  pursue  new  investments  in  these  or  other  companies  when  alternative  strategies  exist.”    

  3  

I  would  like  to  know  whether  the  committee  believes  that  we  should  no  longer  consider  investing  in  any  other  fossil  fuel  companies  that  we  are  not  already  invested  in?  If  this  is  the  case,  then  by  not  considering  investment  in  new  fossil  fuel  companies,  we  are  neglecting  to  invest  in  companies  that  may  have  a  greater  impact  (financially)  towards  the  transition  in  GHG  reducing  technologies  and  renewables,  especially  since  this  industry  is  expected  to  be  the  industry  that  transitions  to  greener  initiatives.

I  look  forward  to  the  discussion  that  will  take  place  on  January  7th  2016  and  hope  you  will  take  my  concerns  into  consideration.    

 

Thank  you,    

Fiona  Henderson  

BSc  Double  Major  in  Earth  Science  &  Environment,  Sustainability,  and  Society