Issue 10 - Volume 136

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THEVERMONTCYNIC THE Issue 10 - Volume 136 | October 29, 2019 | vtcynic.com

Protestors fill board meeting Julianne Lesch jlesch@uvm.edu

Zoe Stern

BOT chair skips out on meeting

zstern@uvm.edu

Emma Pinezich More than 50 students filled the last of session of the board of trustees to make their voices heard. The students occupied all the seats in Livak Ballroom, leaving standing room only. They lined the walls of the room with signs. One student’s sign read, “We are all accountable.” Students from the group Organize, an environmental group focused on pushing UVM to divest from fossil fuels took advantage of the period of public comment Oct. 26 to express why they think UVM should divest. However, in a meeting Oct. 25, the board said UVM will not divest. Despite calls from students, the board has historically refused to divest from fossil fuels. Senior Emil Assing, a member of Organize said that it is a shame UVM has done a lot of environmental research, but won’t divest. “UVM produces some of the most cutting edge advances and forward-thinking environmental research in the world,” Assing said. “It’s a shame to me that we have not followed our own advice about the danger of

epinezic@uvm.edu

MAC MANSFIELD PARISI/The Vermont Cynic

Students protest silently during a board of trustees meeting in Livak Ballroom, Oct. 26. The meeting was one of several that took place over the course of Oct. 25-26. fossil fuels and the renewable future that lies ahead.” Ron Lumbra, vice chair of the board, lead the meeting and said he was impressed by the behavior and professionalism of the students. “One hundred percent of the board respects the people that have come in and admire how they presented this, and that’s why you’re seeing such an engaged dialogue,” Lumbra said. Divestment is unpredictable, so it is still a process, Lumbra said. Groups will continue

the dialogue and conversation will happen, he said. Assing, sophomores Sarah Sciortino, Betsy McGavisk ‘19 and senior Christopher Harrell spoke directly to the board, while other members of Organize watched, with signs in hand. “As of last night, we have 2,076 signatures and counting on our petition for UVM to divest, all gathered over the last five weeks,” Sciortino said. Sciortino also spoke about how divesting could help the

University’s reputation for prospective students. “We also talk a lot about how students come here for the green reputation of our University, and that’s why most of us came here,” Sciortino said. “As the media reports more and more about how we have not divested, it will draw people awawy from UVM. It is in their best interest to do so.” Protest continued on page 3

The most powerful individual on the board of trustees was absent from Saturday’s Board Chair David public comDaigle ment meeting. The comment meeting was the students’ only opportunity to voice their opinions to the board. The board of trustees met at 8:30 a.m. Oct. 27 in Livak Ballroom for the last time before Jan. 30, 2020, without their chair, David Daigle. Daigle said he had an important family commitment which caused his abscence. “I was unable to be there because I had a family commitment and I look forward to continuing the conversation through the appropriate forum which would include a conversation with the investment subcommittee,” Daigle said. Meeting dates are posted on the board of trustees website in advance. Currently, all 2020 dates are listed for the January, May and October meetings for next year.

UVM moves to invest millions more in sustainability Emma Pinezich epinezic@uvm.edu

UVM’s vice president of finance has agreed to double the amount of cash UVM has invested in environmentally friendly bonds at the SGA president’s request. Richard Cate, UVM treasurer and vice president of finance, will increase UVM’s investments in green bonds from $10 million to $20 million. Cate agreed to this increase at a meeting with SGA President Jillian Scannell and other SGA members, Oct. 9. This decision follows ongoing concerns from students over the $27 million of UVM’s endowment which is invested in fossil fuels. Green bonds are investments in sustainable projects, including international solar or wind power projects, Cate said. They can also be invested in companies that have exhibited environmentally friendly behavior, he said.

“Students want divestment, and the administration knows that,” Scannell said. “Divestment is determined by the board [of trustees], so I feel like this is the administration’s effort to say, ‘We hear you, and we’re trying to be responsive to your call.’” The now $20 million invested in green bonds is part of UVM’s $200 million of cash, which the administration controls. This is a separate pool of money from UVM’s over $500 million endowment controlled by the board of trustees, which has $27 million invested in fossil fuels. None of UVM’s $200 million of cash is invested in fossil fuels, Cate said. “I don’t want to minimize peoples’ concerns about fossil fuels and the endowment,” Cate said. “But I believe in investing this $20 million proactively in green bonds rather than divesting, because if we divest, somebody else is just going to buy those fossil fuel stocks.” Junior Elizabeth Mackin, a

STEPHAN TOLJAN/The Vermont Cynic

Richard Cate, University treasurer and vice president for finance, sits among over 50 student protesters at a board of trustees meeting, Oct. 26. Despite the protest, the board made no indication that UVM would divest from fossil fuels. UVM Eco-Rep, does not believe that the green bond investments are better than divestment. “I think that the green bonds are important but I also think divestment is important,” she said. “UVM’s reputation as a green and sustainable leader, and UVM investing $27 million in fossil fuels are two things that are just not compatible

with each other.” Sophomore Sarah Sciortino, a leader of Organize, a group that has led the divestment movement at UVM, said that divestment needs to remain a priority for the board of trustees and the administration. “You can invest as much as you want in green bonds, but if we have money in the fossil fuel

industry, it kind of cancels that out,” Sciortino said. Although Cate has moved the money, it could take months for the $10 million to actually become invested in green bonds, he said. “That’s just the way it is,” Scannell said. “It does take a while for that $10 million to move over, but it is happening. It’s just a slow process.” UVM transferred the original $10 million into green bonds in 2017 after a recommendation from the Socially Responsible Investing Advisory Council, which advises UVM on its investments. Scannell and Cate are also working on other sustainability issues, like rebranding the Clean Energy Fund and updating UVM’s climate action plan. The Clean Energy Fund, created in 2008, is a pool of money that goes towards student generated projects for improving UVM’s energy use. The CEF is funded by a $10 student fee per semester included in their tuition.


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