REQUEST FOR ACTION BY THE LEGISLATIVE COUNCIL |
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All requests may be typed and submitted to the Executive Vice President no later 5:00 p.m. Thursday in order to be included in the agenda for the following Tuesday. The Executive Vice President reserves the right to delay the Request for Action to a later Council session if the Executive Vice President feels the agenda for the next schedule meeting is full. |
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| Item Number: 65 | Legislation Number (B: Bill, R: Resolution): |
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| Synopsis: Divestment from Fossil Fuels | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Date of Presentation: |
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RESOLUTION IN SUPPORT OF DIVESTING ASUCI AND UNIVERSITY INVESTMENTS FROM THE FOSSIL FUEL INDUSTRY
WHEREAS, since 1895, average global temperatures have risen by more than 1.5 degrees Fahrenheit, and 80% of this increase has occurred since 1980,1
WHEREAS, the industrial extraction and combustion of fossil fuels, particularly coal, is the number one cause of greenhouse gas (GHG) emissions, specifically CO2, and is therefore the greatest contributor to anthropogenic climate change,
WHEREAS, among the many fossil fuels utilized in the global economy, coal has the highest carbon intensity relative to energy output, and has detrimental effects on human health, including the effects of contaminated “potable” groundwater with dangerous toxins,
WHEREAS, the University of California, Irvine (UC Irvine) holds a value of empathy (we act with compassion and sensitivity) and these consequences disproportionately affect lower income and minorities globally, which shows a lack of empathy, WHEREAS, the poverty rate within one mile of coal-fired power plants is almost double that of the poverty rate of the United States population as a whole, 2
WHEREAS, while human beings can only burn 565 more gigatons of CO2 to stay below 2 degrees of warming to avoid catastrophic warming effects such as flooding, drought, and sea level rise, and fossil fuel companies hold more than 2,795 gigatons of CO2 in their reserves (5 times the safe amount),3
WHEREAS, President Obama stated in his 2013 inaugural address, "Some may still deny the overwhelming judgment of science, but none can avoid the devastating impact of raging fires, and crippling drought, and more powerful storms. The path towards sustainable energy sources will be long and sometimes difficult. But America cannot resist this transition -- we must lead it. We cannot cede to other nations the technology that will power new jobs and new industries -- we must claim its promise.”,
WHEREAS, the voluntary acquisition of financial stocks and holdings represents an implicit support of a company and its industry,
WHEREAS, investing away from fossil fuels will remove symbolic support of fossil fuel companies failing to lead the way and invest the resources needed to eventually transition to a carbon-free economy and create new, sustainable economic opportunities for the American public,
WHEREAS, the Associated Students of UC Irvine (ASUCI) strives to be more sustainable through zero-waste events, The Green Initiative Fund, and the Anteater Express,
WHEREAS, UC Irvine is ranked 9th on Sierra Club’s list of America’s Greenest Colleges,
WHEREAS, UC Irvine should continue to be a leader in environmental sustainability,
WHEREAS, we call on UC Irvine to stop any new investment in fossil fuel companies, and divest from direct ownership and from any commingled funds that include fossil fuel public equities and corporate bonds within five years,
LET IT BE RESOLVED, that any and all financial institutions in which ASUCI resources are held are to divest any and all ASUCI resources from the fossil fuel industry and make no further investments in the fossil fuel industry.
LET IT BE FURTHER RESOLVED, that the ASUCI President is urged to compose a letter, the Speaker Pro-Temp is to compose a letter, and the author of this legislation is to compose a letter advocating for UC Irvine and UC System-wide divestment from fossil fuels and present it along with a copy of this resolution to the University of California Office of the President, as well as to the Chancellor of UC Irvine, the Executive Vice Chancellor and Provost, and the Vice Chancellor of Student Affairs, within two weeks of the passage of this resolution,
LET IT BE FURTHER RESOLVED, that Council and the Speaker will invite a member of the UC Irvine administration to dialogue Council on UC Irvine's investments in fossil fuels,
LET IT BE FINALLY RESOLVED, that the ASUCI Legislative Council urges the ASUCI Executive Vice President to compose and submit legislation similar to this one advocating for fossil fuel divestment at the next University of California Student Association (UCSA) meeting while advocating for the passage of said legislation.
1: http://www.nasa.gov/centers/langley/science/climate_assessment_2012_prt.htm 2: http://www.nyu.edu/sustainability/campus.projects/nyunplugged/impacts.html (2009 article sites 886 giga tons, but only 565 remain since 2011) http://www.carbontracker.org/carbonbubble Overall Reference: http://www.carbontracker.org/wp-content/uploads/downloads/2012/08/Unburnable-Carbon-Full1.pdf List of Top 200 fossil fuel companies:
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