A decision by the University of Tasmania to divest investment from fossil fuel companies should send a strong message to the government and business.
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Student climate lobby group Fossil Free UTAS and Climate Tasmania celebrated the decision announced by UTAS vice-chancellor Rufus Black on Monday.
Fossil Free UTAS co-convener and PhD candidate Nicky van Dijk said the move was the result of six years of campaigning from student members.
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"In order to prevent climate change, it is essential that people, businesses and institutions such as UTAS divest from fossil fuels. Divestment sends a strong message to fossil fuels companies that they do not have the social license to pollute our atmosphere any longer," Ms van Dijk said.
UTAS announced at the beginning of Global Climate Change Week, where the university was hosting a series of digital events.
Professor Black said the changes, effective immediately, was a milestone for the university, which was the result of a strong collaboration.
"As a university that operates in an island place, we understand that we need to work with and not against our ecologies and ecosystems," he said.
The changes are part of a broader plan that will see UTAS adopt a zero-carbon economy and includes immediate steps to divest from investment companies and trusts aligned with fossil-fuel projects.
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UTAS has also committed to applying a negative investment screen to fossil fuels and a positive screen to companies and funds which contribute to the United Nations Sustainable Development Goals.
Fossil Free UTAS was established in 2014 and has been instrumental in lobbying for climate change action from the education institution. Ms van Dijk said the decision made by UTAS on Monday showed strong leadership.
"In recent years, we have witnessed the bleaching of our coral reefs, fires ravage our eastern coast and floods in our own city. Climate change is already at our doorstep," Ms van Dijk said.
"We are proud to go to a university which acknowledges the climate emergency that we are in, and acts to minimise its impact."
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Climate Tasmania Launceston member David Hamilton said UTAS' decision should send a strong message to the government about fossil fuels.
"UTAS is an important institution to Tasmania and for them to make this decision publicly is a good news."
Mr Hamilton said a move away from fossil fuel companies was a global movement gaining traction around the world. He said the move away from those companies took away their social licence and funds for those projects.
He said more needed to be done in Tasmania to ensure swift transition away from fossil fuels and fossil-fuel generating endeavours.