Thread by @EmilyLyWilliams

Tomorrow the University of California may vote to divest the university’s endowment from the 200 most polluting coal, oil, and gas companies. This could be a historic moment, if UC Regents choose to cut investments with corporations who fueled the climate crisis. THREAD/ 1/

77% of UC faculty just voted to divest from fossil fuels, joining 4 UC Chancellors and student governments at each UC campus. The faculty vote actually forces the Regents to vote on the issue; if the Regents vote in favor, the UC will finally divest. 2/

Let me break down why this is so important: the UC is one of the largest public universities systems and claims to be one of the greenest in the US. It has nearly $100 billion in its endowment and pension fund, and ~3% of that is invested in fossil fuels. #DoUChypocrisy? 3/

The fossil fuel industry has 5x more coal oil, and gas in its reserves than even the most conservative estimates say are safe to burn and maintain a livable climate. Our climate is fundamentally at odds with the fossil fuel industry’s bottom line. 4/
rollingstone.com/politics/polit…

The fossil fuel industry pretends to care about climate change but its commitment to fossil fuel exploration and extraction tell another story – they invest a measly 1% of their budgets in renewable energy development. 5/ reuters.com/article/us-oil…

Bill McKibben said “if it’s wrong to wreck the climate, it’s wrong to profit from the wreckage.” Also, if it's wrong to pollute communities, it is wrong to profit from that pollution. The UC is profiting off both, including CA communities who live right next to oil extraction. 6/

Divestment was never about financially bankrupting these companies. It was always about socially bankrupting them. 7/
theguardian.com/commentisfree/…

You see, divestment campaigns around the world have helped shine light on the fossil fuel companies quietly amassing billions from the destabilization of the climate. 8/

Divestment may be symbolic, but symbols have power. The UC decided that symbols mattered when that they divested from companies profiting off the South African apartheid in the 80s and from tobacco companies in the early 2000s. Symbols matter now too. 9/

This has been a 7 year fight. We've been organizing since 2012, & student bodies at every campus (& faculty senates at 3 campuses) have passed resolutions in favor of divestment. We met with faculty & UC investment staff, and brought this support to every Regents’ meeting. 10/

But at every step of the way the university resisted, choosing to prioritize ‘fiduciary responsibility’ over the future of the only home we’ll ever have (even while report after report has shown that the financial impact of divestment on investment portfolios is negligible). 11/

The UC finally divested $200 million from coal and tar sands in 2015, and $150 million from the Dakota Access Pipeline in 2017. (Guess what? Their investment fund did *not* implode). But they kept their remaining investments in oil and gas. 12/ dailynexus.com/2017-05-04/why…

Each year the Regents delayed, laughed at our ‘naivete’, and each year climate change has gotten worse. Every year has been hotter than the last. We’ve seen more deadly storms, devastating droughts, and record shattering and deadly wildfires. 13/

While UCSB students wore masks to classes to avoid breathing in the ash from burned homes, the university continued to invest in oil and gas companies. 14/
news.ucsb.edu/2018/018687/as…

If they Regents vote 'no' on divestment, they vote against:
-every student body of every UC campus
-chancellors of 4 campuses
- 77% of the UC faculty
-young generations, including my own
-future generations
-All current & future victims of human-fueled climate disasters 15/

The UC should have divested in 2012, but they didn’t. They chose to wait. It’s too late now to ‘lead the way’, but better late than never. I hope they make the right choice, because the future is watching. 16/

Sincerely, a PhD student who is studying climate change and who is really tired of the UC investing in the destruction of her future. What good is an education in an unlivable climate? 17/

@billmckibben @beccarast @v_fernie @alyssaleeeeeeee @LeehiYona

UC divestment update: today, faculty presented the memorial to the UC Regents. (Reminder – a memorial is a UC-wide faculty vote, and this one had 77% of faculty who voted to divest.) The Regents have not yet voted... the next question is how long until they vote?

The Regents meeting lasts until tomorrow evening. The next full Regents meeting will be in November. Keep an eye out for updates. I'll post more as I hear.