Concordia University says it will divest entirely from coal, oil and gas by 2025
|CTVnews 08 Nov 2019 at 15:13|
The university says it s also committed to putting its entire endowment -- worth about $243 million -- into investments that are sustainable by 2025.
The school s interim president, Graham Carr, says sustainable investments are those that conform to the United Nations Principles for Responsible Investment, to which the university became a signatory in 2018.
The university s endowment is managed by the Concordia University Foundation, which says its current assets in the coal, oil and gas sectors represent about 5.7 per cent of the total amount, or $14 million.
Other Canadian universities have announced similar divestment commitments, including Universite du Quebec a Montreal, which sold off its fossil fuel assets last year.
Carr says Concordia is the first university in Quebec to have committed to a 100 per cent sustainable endowment portfolio, along with a specific timeline for reaching that goal.