Setting the record straight on the day’s top anti-oil and gas media stories
CLAIM: The University of Victoria Foundation claims reducing investment in oil and gas will result in long term growth potential and climate benefits
THE FACTS: The University of Victoria Foundation is risking investment returns meant for students while doing nothing in return for the environment.
Here are some facts and sources to have a reasoned conversation about divestment
- The oil and gas divestment movement is a project of Bill McKibben’s U.S. organization 350.org, a heavily biased group whose entire focus is to end the oil and gas industry, not provide actual investment advice
- The UVic Foundation is using public funds to support its political cause. Divestment does not change demand it shifts supply to countries that are less transparent, less socially responsible, and with higher emissions and pollution.
- Divestment goes against actual market data and results. The UVic Foundation risks losing public funds meant for students and world-class education.
- The Divestment Movement does not recognize the economic, social, and environmental benefits of oil and gas products for which there are currently no better substitutes. These products are saving lives during the pandemic.
- The oil and gas industry invests the most of any other industry in the expansion of clean technology to produce reliable energy while lowering environmental impacts. Investing in Canadian oil and gas means investing in responsible energy.
Stories that get it right