University invests in fossil fuels, tobacco on 'Unethical Stock Market'

Yesterday the University of Auckland was publicly called out for not divesting from fossil fuels and other harmful industries in a mock 'Unethical Stock Market' held in the University quad, in front of disapproving students.

Student group Fossil Free UoA organised an auctioneer to sell off 'shares' in oil company Exxon Mobil, tobacco company British American Tobacco, and gun manufacturer Smith and Wesson, with students dressed to represent these industries.

"This demonstration highlights the harm that the University of Auckland is causing by not establishing an ethical investment policy, and the damage its reputation faces if it doesn't catch up with its competitors on this issue," said Fossil Free UoA spokesperson Alex Johnston.

"The University administration and its associated Foundations cannot stand by and be complicit in funding climate change, smoking harm and other unethical industries when it teaches about the very effects of these things in our society."

"Around the world, hundreds of institutions including Victoria University and Australian National University have taken a stance and divested from fossil fuels, and its time that Auckland catches up".

The demonstration preceded a vote for Auckland University Students' Association to endorse the call for divestment, which was passed unanimously by the 200 strong crowd.

The fossil fuel divestment movement calls on institutions to divest from fossil fuel extraction due to the science of climate change, and so far, over $2.6 trillion has been divested from the industry.

"Divestment is an opportunity to show leadership on climate change, and we know that being a national leader is something that the University of Auckland prides itself on," said Johnston.

ENDS

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