[FOR UPEI Alumni]

As one of the delegates to the 2009 United Nations Copenhagen Accord on Climate Change, Canada recognizes the scientific consensus that any increase in global temperature should not exceed 2 degrees Celsius if we are to avoid the most catastrophic consequences of global climate change. As it is widely accepted that the burning of fossil fuels makes a significant contribution to the concentration of greenhouse gas in the earth’s atmosphere which results in elevated global temperatures, it is absolutely vital that we do everything in our power to transition to a renewable, non-carbon based society.

At present, much of the valuation of fossil fuel investments is based on vast reserves of coal, oil, and natural gas that remain below the surface of the earth. Yet there is also overwhelming scientific consensus that if we are to fulfill Canada’s commitment to minimizing the rise of global temperatures, most of these reserves will have to remain untapped, stranded assets. In this sense, we have a “carbon bubble” that has the potential to be every bit as devastating as the most recent global financial crisis.

As University of Prince Edward Island alumni, we are fortunate to contribute in a variety of ways to an institution that  – through its vision statement – advances an unwavering commitment to the well being of the Island, the nation, and the global community. Indeed, in its commitment to both environmental and economic sustainability, UPEI has the potential to become a model for institutions of higher education in Canada and throughout the world. In order to align UPEI’s commitment to environmental and economic sustainability, we the alumni of UPEI formally request that UPEI:

 1)   1) immediately freeze any new investment in fossil-fuel companies

 2)   2) divest within 5 years from direct ownership and from any commingled funds that include fossil-fuel equities and corporate bonds

 3)   3) reinvest these funds in companies committed to developing renewable energy sources and that have no ties to any fossil-fuels

 UPEI’s commitment to environmental and economic sustainability as well as its recognition of the scientific consensus regarding global climate change make it absolutely imperative that its vision of education align with the financial investments that make this vision possible. Put simply, if sound science is telling us to keep fossil fuels in the ground, it makes little sense to pursue an investment strategy that fundamentally depends on ignoring this advice. As UPEI alumni who maintain a special relationship with a province that is likely to be heavily impacted by the accumulation of greenhouse gas in the atmosphere, we implore you to move quickly on our requests. Thank you for your consideration.

 [Note to people signing the petition: please include your full name and the year of your graduation – ex. John Doe, ‘06]