Today the UNC student body voted on a referendum attached to the ballot for student elections. An overwhelming 77% voted that they supported the UNC Sierra Student Coalition’s goal to get the university to divest their $2.1 billion endowment from the dirty coal industry.
This is similar to the referendum Harvard allowed their students to vote on, except at Harvard there was a 72% approval. This is a huge success for our campaign.
More to come on this topic later! We will be having a press conference addressing our success and what it means on Thursday, February 14th at 12:15 PM in front of the Old Well.
We voted YES!!!!! We’d like to thank the student body for supporting our campaign in such an influential way. This will hopefully grant our campaign the driving pressure we need in order to convince the administration of the need for divestment. The student body has spoken, will they listen?
Today we had two publications in the Daily Tar Heel, UNC’s campus newspaper. Both articles are located in the opinion section. The first is an Op-Ed by Media Coordinator Tara Nattress and Campus Y Co-President Jagir Patel. The article focuses on the rich history of UNC’s environmental campaigns, and how voting Yes to Divest on Feb. 12th will continue this tradition.
In order to vote you must log on to studentlife.unc.edu using your onyen any time from 8 AM to 8 PM next Tuesday.
The second publication is an LTE- “Attend teach-in on divestment” by Erin McAnulty of The Sierra Student Coalition, asking people to attend the teach-in at the Campus Y tomorrow at 6:30 in the Anne Queen Lounge. There will be FREE FOOD offered at this event, and a serving of information about our campaign.
Also, we have officially been endorsed by the UNC Young Democrats in an announcement that they made today via their email listserve.
Media hits abound!
Check it out! Campus Y Teach In. Attendance would be awesome! It will be a wonderful opportunity to learn what Beyond Coal is all about, and what measures we are taking on campus. Plus, there’s free food! What more could you ask for?! Come on out on February 6th at 6:30 pm in the Campus Y and get excited!
Want more info on the Campus Y’s support for this campaign? “Campus Y Campaign – Make UNC’s Investments Fossil Free”
LOTS of reasons UNC should divest from coal
The past few weeks have been extremely busy in the UNC Beyond Coal campaign, and in the best, most exciting ways! We’re making great strides.
Last week, a coal divestment referendum was approved by Student Congress to be voted on by the UNC student body in elections on Feb. 12. This referendum will allow students to vote ‘yes’ or ‘no’ as to whether or not they support our university divesting from coal. It will not hold the University accountable for the students’ decision, but it will raise the visibility of the issue and hopefully push them to divest from coal in the near future.
Just as exciting: we gained the endorsement of the Campus Y! As the biggest social justice organization on campus, the Campus Y took us on as one of their “Y Campaigns” for this semester. Our referendum campaign was also endorsed by UNC Young Democrats and two student body president candidates. Hopefully with so many big, influential and trusted organizations supporting us in our effort for environmental justice on our campus, we will eventually win this broader effort to bring sustainability to UNC’s endowment.
An article was also featured in The Daily Tar Heel online today about the referendum, our campaign, and our new supporters! We are very grateful to have such positive and supportive media attention drawn to us on campus. The article, written by the DTH’s Hunter Toro, says:
Anti-coal campaign makes headway
“The referendum, which will be on the Feb. 12 ballot, will gauge student opinion on endowment investment in coal in an effort to encourage administrative response to the subject.
“We wanted to do something that would give us more traction with the administrators,” said sophomore Jasmine Ruddy, the grassroots organizer for Beyond Coal. “That’s why we are using the referendum.”
Beyond Coal’s goal is to receive support for coal divestment — stopping the use of endowment funds for investing in coal-using companies. They are hoping for support from at least 50 percent of the student body with the referendum.”
“The University has an estimated $2.2 billion endowment to use at its discretion. As much as $100 million of that could be invested in the coal industry, Ruddy said.”
We would like to thank the DTH for their article, and their help in getting out the info about this referendum. If you want more information on the referendum, and how to vote on it (hopefully as a YES!) then check out our Facebook event, and say that you’ll Vote YES To Divest on February 12th!
Check out the SCR-94-162 Coal Divestment Referendum that was passed at UNC.
Section 1. The Board of Elections is hereby directed to place the following referendum on the 2013 Spring General Election ballot, presented exactly as follows:
“UNC-Chapel Hill has an endowment valued at $2.1 billion, which provides funding for University services such as scholarships and professorships. Currently, the UNC endowment includes investments in natural resources and energy, including coal.
UNC’s Sierra Student Coalition has been leading an effort on campus to divest UNC’s endowment from 15 major coal mining and coal-fired utility companies. More than 190 student-led groups at college campuses across the country are pushing their school’s endowments to divest from coal and other fossil fuel industries at this time.
Do you support UNC’s endowment removing its investments in coal over the next 5 years?”
The Board of Elections shall provide the options of “Yes” or “No” in response to the question on the ballot.”
Last night was the Endowment 101 Forum in Chapman hall. Chancellor Thorp and three other representatives held an open conference and lecture with students about what the endowment it, what it pays for, and how it is invested. While these individuals were more than happy to let students know what endowment money is used for, they were more reluctant to let students and various reporters know how that money is invested. But let’s start with a recap of what we learned at this endowment conference, from various powerpoint slides that the administration kindly put together for us.
“What are endowment funds?
-restricted gifts received from donors
-principal not expendable
-invested in perpetuity with an annual spending distribution to support the designated program”
This fund is a whopping 2.14 billion dollars. The 29th highest amount amongst all universities, and the 7th amongst public universities. This money received from donors to the school is invested in various stocks and bonds in different companies in order to earn income off of it. That income is then given to the programs which the donors are aiming to benefit. The overall objective which the panel repeated without fail is to preserve the real purchasing power of the endowment fund. Here’s the kicker though, with all this investing going on, the administration has found it too difficult to manage their stocks by themselves. They’ve hired UNC Management Company and over 100 different management firms to do this for them. This means, according to them, that “90% of the investment fund’s assets are invested in commingled funds”. They also stated that they have no control over this 90% once it is given to the management companies.
So what does this mean? It means that people managing the portfolio at UNC have no control over where 90% of their money is going, or what companies it is supporting. The question began being raised by the audience over what this means we’re investing in. Are our investments socially responsible? Are these management companies screening their investments to ensure this? The answer was a blatant no. The panel made it clear that their only objective in investing these funds was to ensure their purchasing power in the market place. Therefore, they made it blatantly clear that money mattered more to them than their conscious, or what is morally right. They, of course, could not outline exactly which companies they invest in, and how many investments they have in each, arguing that this would be a breach of confidentiality agreements and that “no large university endowments are that transparent”.
When asked whether there are any restrictions on investments, the panel only seemed concerned again about making money, and preventing scandal. It was stated that “we’re not gonna do things that are gonna be irresponsible”; what, like investing in the fossil fuel industry, ruining the planet, causing immense health problems? No, they certainly contribute that. Chancellor Thorp even openly stated this, saying that he did not want to hide this fact from students. The Chancellor did state that “climate change is real and is caused by humans”, but then looked entirely hypocritical when he gave no interest to environmental ideas and solutions. When asked about divestment to solve this problem, the room was tense. The panel seemed unable, if not simply unwilling to make the effort to divest. They stated that “we would have to divest the whole endowment” and that the circumstances for divestment would have to “be pretty extraordinary. Divestment campaigns were called “hypocritical” in this light. On this sour note, the question was presented “Is there a possibility to have student input when money gets invested then?”. The answer to this was the most belittling and frustrating of the evening as Chancellor Thorp said: “We don’t need a student getting yelled at” if our investments don’t make money; “that’s not a good idea”. The only solution the panel seemed to be able to even comprehend was one of investing in more clean energy, but keeping our investments in the fossil fuel industry.
In short, the entire Beyond Coal campaign was spit on by the administration last night. Questions about divestment were wholly shot down. The administration had mixed comments on student involvement, stating that they wanted no student input, and then later stating that “we need to get together and figure out a way to move forward”. They seemed entirely uninterested in the socially responsible nature of their investments, and seemed to belittle the students who showed such earnest enthusiasm to the issue. Chancellor Thorp seemed to think he had given into enough student campaigns to effect change, and that he didn’t need to yield any more than he had. Everyone in the room, bar the panel, seemed to want to continue the conversation, and seemed upset and frustrated with the information presented to them in the endowment forum. The administration doesn’t want to effect change because they are making too much money, and it is easier for them to continue in socially harmful and irresponsible ways than to do something about it. We cannot truly call ourselves a sustainable and environmentally conscious university when we invest millions of dollars in an energy source that is destroying the planet, and our children’s futures. We will not stop our campaign in response to this. I think this was one of the administration’s aims. If anything, we are more fired up than ever. We will simply have to get more creative. As Jasmine Ruddy said last night, “Time to push the envelope”.
The Board of Trustees meeting on September 27th was a resounding success for the Sierra Student Coalition. About twenty members attended the meeting, and our yellow-clad presence at the Carolina Inn was impossible to ignore. Tait’s muffin-baking skills definitely contributed to our huge turnout, and it was amazing to see so much dedication and commitment at 8 in the morning.
We want to thank the amazing Dan Cannon, Greenpeace Student Network Coordinator, who visited on Tuesday and Wednesday to help us focus our objectives. Our strategic planning paid off, and we accomplished all four of our key goals:
1. I’ve already mentioned it, but it bears repeating: we had a huge turnout. Thanks to everyone who was able to come—your presence makes the difference.
2. Board of Trustees member Sallie Shuping Russell acknowledged the presence and power of the Beyond Coal Campaign. We appreciate her support, and are excited to cultivate a relationship with her as an ally.
3. On that note, we are in the process of setting up meetings with Vice Chancellor for Student Affairs Winston Crisp, Budget Committee Chair Sallie Shuping Russell, and Vice Chancellor for Finance Karol Gray.
4. Finally, Chancellor Thorp confirmed that a forum on the endowment will be held this semester. In fact, it’s going to be on Monday, October 29th. After six months with no timeline, this is a huge victory for everyone who wants to see the University invest more responsibly and sustainably.
This is an exciting victory and we’re going to keep moving forward with new enthusiasm.