Auckland Uni fundraising campaign a farce

FOR IMMEDIATE RELEASE

26 September 2016

Auckland Uni fundraising campaign a farce

Students at the University of Auckland are labelling a new fundraising campaign announced by their university a 'farce' unless it commits to a divesting the money raised from fossil fuel companies.

The campaign, called 'For All Our Futures' seeks to raise $300 million to fund research that will tackle the 'big issues' facing society.

"If The University of Auckland is serious about tackling the 'big issues', then it should stop funding climate change and divest from fossil fuels now," said Alex Johnston, spokesperson for student group Fossil Free University of Auckland.

"Our futures are dependent on a safe climate, and funding further fossil fuel exploration is incompatible with this. Without fossil fuel divestment, the 'For All Our Futures' campaign is a farce."

"Climate change is the biggest issue facing humanity, and the University of Auckland should be putting its money where its mouth is and divest now."

More than 3000 students, staff and alumni have signed a petition calling on the University of Auckland to set up an ethical investment policy that excludes investments in companies involved in fossil fuel extraction.

Currently, the University's Foundation, which the money being raised will go to, has no restrictions on where this money is invested. Given average exposure to fossil fuel companies on global stock markets, it is estimated $7 million of the current $108 million in the Foundation's investment pool is in fossil fuels.

In New Zealand, both Victoria University and the University of Otago have divested their endowment funds from fossil fuel companies and introduced ethical investment policies due to concerns about climate change.

"If donors knew that their money was being invested in companies that are wrecking the planet, they would be horrified," said Johnston.

"It is the responsibility of Vice Chancellor Stuart McCutcheon to show leadership and ask the Foundation to protect our future and divest now."

ENDS

Notes to editor:

Fossil Free UoA petition: https://campaigns.gofossilfree.org/petitions/auckland-uni-ethically-invested-and-fossil-free

'For All Our Futures' campaign announcement: https://www.auckland.ac.nz/en/about/news-events-and-notices/news/news-2016/09/university-of-auckland-launches-300m-fundraising-campaign.html

Fossil Free UoA website: http://350.org.nz/fossilfreeuoa/

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