Opinion
TECHNICIAN
PAGE 5 • MONDAY, NOVEMBER 19, 2018
NC State’s oily investments threaten our future I nst it ut iona l d ive stment from fossi l f uels is ga i ni ng moment u m among college campuses. Universities like UNCAsheville and the University of Massachusetts are Amanda McCloskey two examples of colleges that are actively working Guest Columnist on divesting their endowment funds or have succeeded in withdrawing financial support of dirty fuels, respectively. At NC State, the Climate Reality Project is leading a campaign to urge our administration to divest from the fossil fuel industry. While it once seemed prudent to invest in fossil fuels, now that we know the true cost of these investments, it is clear we must change. According to the publicly available information on NC State’s investment fund, NC State invests about 6 percent of our $1.6 billion endowment in the “Energy & Natural Resources” sector. This percentage represents nearly $10 million of annual destruction of our natural habitat and threatens the air and water safety of countless North Carolinians. The Climate Reality Project here on campus has gained over 1,000 student signatures opposing investment in dirty fuels, met with the Chancellor, gained an endorsement from the student body president and created a research team to search for solutions. We are looking for the administration to make a commitment towards a better future through more thoughtful investing. When we meet this divestment goal, it will be easier for other universities to follow and collectively, that impact can revolutionize the future. Fiduciary responsibility is often used by university administrators as an excuse not to divest. Fiduciary responsibility is a legal obligation that binds investment institutions to make decisions that are for the benefit of their client. For the managers of the NC State Investment Fund, it is their responsibility to do what is best for the students and future students at our institution. It is a matter of putting our best interests first. However, it is hard to use fiduciary responsibility to justify investing in fossil
fuels, since according to publicly available information on NC State’s Investment Fund, environmentally responsible investments have been outperforming the endowment. Furthermore, fossil fuels are contributing to the destruction of our planet, where students will be expected to work and thrive. It is widely acknowledged by the scientific community that climate change will cause significant disruptions in human migration, resource availability and the global economy. NC State’s investment decisions are, at present, exacerbating the dangers we will face in our future. Furthermore, it is essential that our financial actions are in line with our mission statement: “NC State promotes an integrated approach to problem solving that transforms lives and provides leadership for social, economic, and technological development across North Carolina and around the world.” Investing in sustainable energy sources is one way to contribute to social, economic and technological development, particularly as North Carolina boasts a robust renewable energy industry, according to the North Carolina Sustainable Energy Association. Socially, we can use our status as a leader among public institutions to make it easier for others to follow. Economically, the oil industry is in decline, having lost global share in the electricity mix 15 years in a row to cleaner options, according to the International Energy Association (IEA). The IEA also predicts that renewables will outperform oil, gas and coal in electricity generation as soon as 2030. Given the scope of the climate crisis, it is time we speak with our money as well as our actions. We have the ability and the obligation to show those in the fossil fuel industry where our priorities lie. This is a cause that impacts all of us on and off campus, we must outgrow the old dialogue and habits of our past generations. It is time we speak for ourselves. Amanda McCloskey is a sophomore studying business administration with an HR concentration and a member of the Climate Reality Project at NC State.
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