Pressure has mounted on foundations linked to the University of Auckland to pull their money from fossil fuel companies, with 240 university staff signing an open letter backing the shift. The student-led Fossil Free UoA campaign targets the University of Auckland Foundation and the School of Medicine Foundation, which hold $120 million, of which 1.5 per cent is estimated to be invested in companies with fossil fuel interests. "Divesting from fossil fuels is a practical and effective step which demonstrates that the university will not condone the continued extraction of fossil fuels when research has shown that 80 per cent of existing reserves must stay in the ground for us to remain below 2C of global warming." The letter, along with another statement backed by the Auckland University Students' Association and 22 other student organisations on campus, is to be considered at a foundations meeting this Friday. In response to the clocktower protest, the university earlier stated it did not invest in any fossil fuels and that the foundation managed its own funds, most of which had a charitable purpose for the benefit of the university.

Source: New Zealand Herald June 21, 2017 02:26 UTC