02/15/2016 01:08 EST | Updated 02/15/2016 01:59 EST

University of British Columbia Votes To Keep Fossil Fuel Investments

Instead, they'll create a "sustainable future fund."


VANCOUVER — The University of British Columbia's board of governors has voted against dumping the university's investments in fossil fuels.

The school's finance committee brought a motion not to support divestment, but instead to create a so-called sustainable future fund.

The fund would include a portfolio mandate for low carbon emissions and be seeded with an initial allocation of $10 million.

Investments tied to oil, gas and coal companies make up about 10 per cent of the university's $1.4-billion endowment.

Divestment has been an ongoing issue at the institution for several years, with students and staff voting separately in favour of pushing the investments out of UBC's portfolio.

Campus-based environmental advocacy organization Divest UBC had circulated an open letter to the board calling for a transparent, open and evidence-based consideration of divestment.