WHY IS THIS IMPORTANT?
Because climate change impacts are already being felt by communities across the globe. Since 2008 climate-related disasters across the world have displaced 22 million people annually. Global heating has impacted climates throughout the world, altering weather patterns and resulting in extreme weather events. We’re here to place the blame for the climate crisis where it belongs: with the fossil fuel companies that have been responsible for 71% of global carbon emissions since 1988. Known fossil fuel company investments by the LSE include Glencore and Total.
Because, just like fossil fuels, armaments investments go hand in hand with human rights violations. Investment in armaments and related industries have contributed to human rights violations across the globe. As of 2019 LSE was invested in Arbus, Honeywell, Ultra Electronics and Rheinmetall, companies that supply military technology internationally to war-waging armies. LSE also invested in Israel Chemicals LTD, a company that is the sole provider of white phosphorous for the United States Army and for its production of projectiles filled with this hazardous substance, and Bank Leumi, a company partnered with an Israeli settlement project ruled illegal by the United Nations. There are intricate historical links between the fossil fuels and armaments industries and global resource frontiers are increasingly militarised. This has created armed conflict and humanitarian crises. To remain a voice for international cooperation, LSE must divest from armaments and fossil fuels.
Because LSE are behind the curve and should care about their public image. At the time of writing 89 UK universities had made some form of fossil fuel commitment. In March 2021, the London School of Hygiene & Tropical Medicine became the sixth out of seventeen University of London member institutions to exclude all fossil fuel extractor companies from their investments (March 2021) and we demand that LSE do the same. This action is consistent with the substantial commitments they have made in their sustainability strategic plan, including around their investments. Yet to date no clear pathway towards net zero carbon for their investments has been published.
Sustainability is now part of most people’s decision-making when it comes to employment and education. In LSE’s 2020 sustainability consultation, 92% of staff and students (570 respondents) stated that LSE’s approach to responsible investment is important to them. Big announcements, coupled with inaction deteriorate trust in LSE’s institutions and will contribute to a loss of support from alumni, students and academics.
LSE, it’s time to go fully Fossil Free.