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THESOCIALINJURYOFTARSANDSANDFOSSILFUELS
ByDivestMcGill
Summary
he students, alumni, faculty, and staff ofMcGill University havemade clear
their strongdesiretoseeresponsible investmentpractices astheycalledon
the University to divest its holdings in the Tar Sands, fossil fuel companies, and
financialinstitutionsthatgiveloanstothosecompanies.
The Tar Sands pollute the air and rivers of Northern Alberta, causing
irreparabledamagetothelandandtotheFirstNationscommunitiesthatliveoffof
it.
Global climate change threatens Canadians and peoples
theworldover.EntireneighbourhoodsofcitieslikeVancouver,
New York, and New Orleans could be underwater due to sea
level rise, and polar communities already face extraordinary
levelsofwarming.Cities likeMontreal andTorontowill
face more extreme weather events, including snow
storms and heat waves, and the continued burning of
fossil fuelsin particular oil from the Tar Sandswill
makerunawaywarmingunavoidable.
Thefossil fuelcompanies considered inthisbrief
actively engage in misinformation campaigns to discredit the rigorous scientific
consensusthatthreatenstheircontinuedprofits.
Financialinstitutionsprovidethecapitaltomakelargescaleprojectslikethe
TarSandsormountaintopremovalfeasible.
Itisclearthaturgentactionisneededtocounterthethreatofglobalclimate
change.TheMcGillcommunityhasspoken,andwecallontheBoardofGovernorsto
maketherightchoicefortheplanet,andtherightchoiceforus.
T
Companies which extract natural
resources without adequateenvironmental consideration are
underminingthestabilityofthevery
systems which we, and all life on
Earth,dependuponforsurvival.
-McGillStudent
By participating in the
exploitation of the
Canadian environment
and itspeoples,McGill is
makingdecisionsforallof
us.
-McGillStudent
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TheTarSands:ALocalandGlobalConcern
heTarSandsarehugedepositsofbitumenamixofclay,water,sandandoil
that is turned into oil through complex and energy-intensive processes that
causewidespreadenvironmentaldamage.Small particlesof sand arecoatedwith
heavyoil,withathinlayerofwaterseparatingthetwo.Thesandandwatermustbe
separatedfromtheoil,producingfourtonsofsandforeverybarrelofoilextracted.
Anotherthreebarrelsofwatermustberemovedfromtheriverforeachbarrelofoil,
amassive quantity ofwater. The2010 Survey of Energy Resources describes the
reserves:
Natural bitumen and extra-heavy oil are
characterised byhighviscosity, highdensity(lowAPIgravity),andhighconcentrationsof
nitrogen,oxygen,sulphur,andheavymetals.These characteristics result in higher costs
for extraction, transportation, and refining
thanareincurredwithconventionaloil.1
ThelargestdepositsofTarSandsintheworldarein
Canada. Unlike drilling for oil deposits and pumping oil
fromtheground,thetarsandsaretypicallyminedtogetat
thebitumenandrefineitintooil.
InAlberta,the excavation of the tar sands pollutes
the Athabasca River and fills the air with toxins. The tar
sands are found mainly underCanadas Boreal forest,2
requiring the forest to be clear-cut to allow the excavation of the bitumen. The
ecosystems of the North face incredible harm, and the companies promises of
rehabilitation and reclamation remain unfulfilled. In2008, only 0.2%of the land
disturbedbytarsandsminingwasdesignatedreclaimed,andeventheretheforestthe complex of forests and low-lyingwetlands has beentransformedinto adry,
1WorldEnergyCouncil.2010SurveyofEnergyResources(London:WorldEnergyCouncil,2010)
123.
2SierraClubCanada.TarSandsandtheBorealForest..
T
[F]ossil fuel production itself,
including in Canada, is
associated with negative social
impacts in the communities
nearby, such as higher than
average rates of homelessness,
substanceabuse,anddivorcein
Fort McMurray, close to the
Alberta tar sands. Not to
mentionthatnearbyindigenous
communitiesareno longerable
touse their traditional territory
as it has been taken over by
development, and are seeing
increasedratesof illnesses suchascancer,whichmaybedueto
their downstream locationfrom
theproject.
-McGillStudent
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hilly uplandwith new trails for humanuse.The spokesperson of Syncrude, the
company that owns the reclaimed land, proudly said, If people arent looking
closely,itblendsintothenaturallandscape.3Over65,000hectaresofforesthave
beenlostalready,withlittlehopeofrecovery.4
The environmental, socialand health costsof the tar sands in Canada are
tremendousandmultilayered.
In any discussion of climate change, the Tar Sands are of the utmost
importance.EverybarrelofbitumenproducedfromtheTarSandsemitsthreetimes
asmuchgreenhousegasasconventionaloil.5Intotal,theTarSandsareexpectedto
emit108milliontonsofGHGsannuallyby2020,aboutonefifthofCanadasentire
carbonfootprint.6
Already,thisprojectemitsmorecarbonthanallofCanadascars,40milliontonsperyear.7Becauseofthetarsands,Canadasemissionshavegrown
moresince1990thananyotherG8nationatotalincreaseof24.1%between1990
and2008andCanadahasoneoftheworldshighestpercapitacarbonfootprints.8
FormerclimatescientistJamesHansenwroteintheNewYorkTimesthat,IfCanada
proceeds[withthisdevelopment],andwedonothing,itwillbegameoverforthe
climate.9 The Tar Sands are a project with extraordinary global impacts that
threatenrunawayclimatechange.
3Hildebrand,Joyce.ReclamationIllusionsinOilSandsCountry:LackofLegislation,Financial
Preparedness,UnderminereclamationEfforts
4Timoney,KevinP.andPeterLee.DoestheAlbertaTarSandsIndustryPollute?TheScientific
Evidence(TheOpenConservationBiologyJournal,2009,3)65-81.
.
5Nikiforuk,Andrew.TarSands:DirtyOilandtheFutureofaContinent.(Vancouver:Greystone,
2010)3.
6Schindler,David.TarSandsNeedSolidScience(Nature468,25Nov2010)499-501.
7Greenpeace.TarSands:LearnAbout.
8UnitedNationsFrameworkConventiononClimateChange.Reportoftheindividualreviewofthe
annualsubmissionofCanadasubmittedin201021April2011.
9Hansen,James.GameOverfortheClimate(NewYorkTimes,9May2012).
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TheTarSandsalsohavemorelocalimpacts.FirstNations
communities in the tarsands area reportunusuallyhigh
levelsofrarecancersandautoimmunediseases,andfish
that live downstream of the development are often
malformed and inedible.10 The high concentration of
developmentinonewatershedresultsincorrespondingly
high levels of contaminants and heavy metals, and the
ecosystemislessabletoflushthemoutoftheregion.Indeed,a2009studyfounda
two to threefold increase in summer mercury levels in the river below the Tar
Sands, along with large increases in polycyclic aromatic hydrocarbons, potent
atmosphericpollutants.Similarcontaminantswerepresentinsnowandice.11
Muchoftheexcesswaterfromtheproductionprocessendsupinhugetailing
ponds,whichkillbirdsthatlandinthemandaresuspectedofseepingchemicals
intogroundwater.12Thesepondscontainover720millioncubicmetresofwater,
covering over 130 million square kilometers of land. In the forty years of
development,notasingletailingpondhasbeencleanedenoughtobedesignatedas
reclaimed.13Environmentalgroupshavepresentedstrongevidenceoftailingpond
leakage, and oil companies have implicitly recognized the existence of the
problem.14Intotalasmanyas166millionbirdscouldbelostoverthenext30to50
10Schindler,David.TarSandsNeedSolidScience(Nature468,25Nov2010)499-501.
11LiberalReportfromtheStudyoftheStandingCommitteeonEnvironmentandSustainable
DevelopmentontheImpactofOilSandsDevelopmentonCanadasFreshwater.TheHidden
Dimension:WaterandtheOilSands15-17.
.
12Schindler,David.TarSandsNeedSolidScience(Nature468,25Nov2010)499-501.
13NewDemocraticReportontheStandingCommitteeReviewoftheImpactsofOilSandsDevelopmentsonWaterResources.MissinginAction:TheFederalGovernmentandtheProtection
ofWaterintheOilSands13.
14LiberalReportfromtheStudyoftheStandingCommitteeonEnvironmentandSustainable
DevelopmentontheImpactofOilSandsDevelopmentonCanadasFreshwater.TheHidden
Dimension:WaterandtheOilSands15..
As a leading educational and
research institution in Canada,
McGillhasaparticularresponsibility
to promote the development and
useofenvironmentallysoundenergy
alternatives,andtorespectthelandrights of indigenous peoples in
Quebec.
-McGillStudent
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years due tohabitat lossandtailingponds.15 Furthermore,theeconomicbenefits
promisedtonativecommunitiesupnorthhavenotnecessarilymaterialized,andthe
developmentcomesatatremendoushumancost.ThePembinaInstitutehighlights
serioushealthconcerns,including,
A 30% increase in cancers in Fort Chipewyan compared withexpectedratesoverthelast12years.
Athree-foldincreaseinleukemiasandlymphomas.Aseven-foldincreaseinbileductcancers.Other cancers, such as soft tissue sarcomas and lung cancers inwomen,werealsoelevated. 16
The development of the Tar Sands threatens communities acrossAlberta,
pollutesthelocalenvironment,andcontributestoglobalclimatechange.
ClimateChange:AGlobalThreat
ccordingtotheBoardofAtmosphericSciencesandClimate,thearmwithinthe
American National Academies for atmospheric and climate sciences, The
preponderanceofthescientificevidencepointstohumanactivitiesespeciallythe
release of C02and other heat-trapping greenhouse gases (GHGs) into the
atmosphereas the most likely cause for most of the global warming that has
occurredoverthelast50yearsorso.17
ScientistsagreethatthehighestsafelevelofC02at350
parts per million; human emissions have now pushed the
levelofC02intheatmosphereto392ppm. 18
TheBASC further advises that, The faster emissions
are reduced, the lower the risks posed by climate change.
Delaysinreducingemissionscouldcommittheplanettoawiderangeofadverse
15Wells,JeffPh.D.DangerintheNursery:ImpactonBirdsofTarSandsOilDevelopmentinCanadasBorealForest(NationalResourcesDefenseCouncilReport,Dec2008)iv.
16Droitsch,DanielleandTerraSimieritsch.CanadianAboriginalIssueswithOilSands:A
CompilationofKeyIssues,ResolutionsandLegalIssues(ThePembinaInstitute:Sept2010)2.
17CommitteeonAmerica'sClimateChoices,NationalResourceCouncil.America'sClimateChoices.
Washington,D.C.:NationalAcademiesPress,2011.15.
18350.org.Science.2012..
A
Idonotwantmytuitionmoney
to be responsible for the
destructionofcommunitiesand
alsothecreationofthebiggest
environmentaldisasterthatwe
haveseen.
-McGillStudent
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impacts..[and]therisksassociatedwithdoingbusinessasusualareamuchgreater
concernthantherisksassociatedwithengaginginstrongresponseefforts.19
Canada,throughitsinternationalagreementshasmadestrongcommitments
toagreenfuture.Inthe2010CancunagreementsoftheUnitedNationsFrameworkConventiononClimateChange,Canadaaffirmed:
thatclimatechangeisoneofthegreatestchallengesofourtime. . .[and]thatdeepcutsinglobalgreenhousegasemissionsarerequired
according to science, and asdocumented in the Fourth AssessmentReportoftheIntergovernmentalPanelonClimateChange,withaview
toreducingglobalgreenhousegasemissionssoastoholdtheincrease
inglobalaveragetemperaturebelow2Cabovepreindustriallevels,andthatPartiesshouldtakeurgentactiontomeetthislong-termgoal,
consistentwithscienceandonthebasisofequity.20
Despite the scientific consensuswhich has been endorsed by every
National Academy of science of everymajor country on the planet, everymajor
professionalscientificsocietyrelatedtothestudyofglobalwarmingand98percent
ofclimatescientiststhroughout theworld,writesAlGore21anddespiteCanadas
strongpubliccommitments,ourcountryispushingforwardwithdevelopingtheTar
Sands,hasbarelyevenslowedtherateofgreenhousegasemissionsgrowthletalone
reducedemissions,andunderthecurrentgovernmenthaspulledoutoftheKyoto
Protocol.
Climate change raises global average temperatures. Every summer, new
temperaturerecordsaresetacrosstheglobe.MuchoftheSouthWestUnitedStates
saw unprecedented wildfires and droughts, while regions across the world face
extraordinaryfloodingandstorms.
Climatescientistsusedtosaythatglobalwarmingstacksthediceinfavourof
moreextremeweather:whatmighthaveusedtobeastormsolargethatitoccurred
19CommitteeonAmerica'sClimateChoices,NationalResourceCouncil.America'sClimateChoices.
Washington,D.C.:NationalAcademiesPress,2011.2.
20UnitedNations.FrameworkConventiononClimateChange.(UnitedNations,1992)2-3.
.
21Gore,Al."ClimateofDenial:CantheScienceandtheTruthWithstandtheMerchantsofPoison?"
RollingStoneJun201126.
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onlyonceevery1,000yearsnowmighthappenevery500,ora100-yearfloodmight
insteadhappenevery60years.Nowtheysaythatweareaddingmoredotsonthe
dice:whereasbeforewemighthaverolleda12,nowwearerolling13sand14s.
Entire neighborhoods of many major cities are threatened by globalwarming.Vancouver,NewYork,NewOrleansandmanyotherNorthAmericancities
are soclose tosea levelthatprojectedsea levelincreasescouldputhugeswaths
underwater.21
Asthetemperaturerises,wecanexpectmoreandmoresevereimpacts.The
Intergovernmental Panel of Climate Change, inits 2007 report, discussed some
examplesofimpactsassociatedwithglobalaveragetemperaturechange.Appendix
1reproducesafiguredemonstratingsomeoftheimpactsofclimatechange.22
InNorthAmerica,thereportcontinues,23
Warming in western mountains isprojected to cause decreasedsnowpack,morewinterfloodingand
reducedsummerflows,exacerbating
competitionforover-allocatedwaterresources.
Intheearly decadesof the century,moderate climate change isprojected to increase aggregate
yieldsofrain-fedagricultureby5to20%,butwithimportant variability
amongregions.Major challenges are projected for cropsthat are nearthe
warmendoftheirsuitablerangeorwhichdependonhighlyutilisedwaterresources.
Cities that currently experience heat waves are expected to be furtherchallenged by an increased number, intensity and duration of heatwaves
duringthecourseofthecentury,withpotentialforadversehealthimpacts.
21Gore,Al."ClimateofDenial:CantheScienceandtheTruthWithstandtheMerchantsofPoison?"RollingStoneJun201126.
22IntergovernmentalPanelonClimateChange.SynthesisReport.NewYork:
http://www.ipcc.ch/publications_and_data/ar4/syr/en/spms3.html,2007.
23M.L.Parry,O.F.Canziani,J.P.Palutikof,P.J.vanderLindenandC.E.Hanson(eds).Contributionof
WorkingGroupIItotheFourthAssessmentReportoftheIntergovernmentalPanelonClimate
Change,2007.Cambridge:CambridgeUniversityPress,2007.
If McGill truly ... has a vision of a sustainable
future, they should stop lending capital to
businesseswhosemodelisindirectconflictwith
thisvision.Thereisnosuchthingas"ethicaloil",
fossil fuels are in direct moral conflict with
humanity and McGill should stop funding its
operationsbyspendingawayourfuture. -McGillStudent
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Coastal communities and habitatswill be increasingly stressedby climatechangeimpactsinteractingwithdevelopmentandpollution.
And for Canadians living in Polar Regions,the report discussessome
projectedregionalimpacts,24including
Themainprojectedbiophysicaleffectsarereductionsinthicknessandextentofglaciers, ice sheets and sea ice, and changes innaturalecosystemswithdetrimentaleffectsonmanyorganismsincludingmigratorybirds,mammals
andhigherpredators.
Forhuman communities in theArctic, impacts,particularlythose resultingfromchangingsnowandiceconditions,areprojectedtobemixed.
Detrimental impactswould include those on infrastructure andtraditionalindigenouswaysoflife.
Inbothpolar regions,specificecosystems andhabitatsareprojectedtobevulnerable,asclimaticbarrierstospeciesinvasionsarelowered.
It is clear that Canada faces clear and pressing challenges from climate
change.
FinancialInstitutions
heTarSandsaretheworldslargestcapitalproject,andthatinvestmentcomes
directlyfromfinancialinstitutions,endowments,andpensionfundstheworld
over. Similarly, deepwater oil rigs, new hydraulic fracturing installations, and
mountaintopremovalprojectsrequiretremendousamountsofstartupmoney,with
the necessary funding coming from investors. These financial institutions enable
everydayproductionandconsumptionof fossilfuels.Theparticipationof financial
institutionsinthelocalizedandglobaldestructioncausedbyfossilfuelscompanies
iswillfulandirresponsible,andtheyareequallyculpableforthedamagecausedby
thesepractices.
Undermining Science: The Fossil-Fuel Industrys Anti-Scientific
Propaganda
24M.L.Parry,O.F.Canziani,J.P.Palutikof,P.J.vanderLindenandC.E.Hanson(eds).Contributionof
WorkingGroupIItotheFourthAssessmentReportoftheIntergovernmentalPanelonClimate
Change,2007.Cambridge:CambridgeUniversityPress,2007.
T
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uring the past two decades the fossil fuel
industryhasspentdozensofmillionsofdollars
to hire anti-scientific front groups to confuse the
public, influence media coverage, and bully
scientists.25 They have moreover spent millions to
keepthetwincrisesofclimatechangeandpeakoilout
ofthepoliticalsphere,andtosubverttheinfluenceof
science there and in public discourse.
In this section we argue that fossil fuel companies have for the past two
decades been spending billions of dollars contrary to McGills mission of the
advancementof learning intheworld.Theargument here is thatcompanieswho
fundtheregressionoflearning,whodistortscholarship(inpublicandacademia),
andwhoworktonullifyMcGillsservicetosocietyareaninappropriateinvestment.
Fossil fuel companies injure the hard work and careful scholarship of many of
McGills most prominent professors and prevent public understanding of broad
scientific consensus.
Tounderstandthefossilfuelstrategy,letusrecallthediscoverybyTobacco
companiesthatevenwithanairtightscientificconsensusthatsmokingislinkedto
cancer, they could skillfully create the impression of uncertainty and debate for
manydecades in the public sphere by funding phonyscience,using its immense
resourcestoexaggeratethedoubtandbesurethesedistortionswereinthehandsof
journalists, politicians, and educators.
Whenclimatechangefirstcameintothepublicsphereinthelate1980s,and
particularlyindebatesaroundtheKyotoprotocol,fossilfuelcompaniesstolefrom
the tobacco playbook: funding phony science, trumpet friendly research, slander
unfriendly findingsand the scientists behind them,hire shills,makesure all thisreaches media and political decision-makers. Their plan is extraordinarily well-
25Drum,Kevin.ClimateGate.30Nov2009.
D As an institution investedin improving the futurethrough education, McGill
has no business helping
Canada's energy solutions
and environmental policiesstay stagnant or regress in
areas that hurt the
environment.
-McGillStudent
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documented thanks to a series of leaks and evidence from lawsuits.26
Many fossil fuel companies that McGill invests in were part of the GCC, a
groupusingtobaccoindustrytacticstofightKyoto.GCCinternaldocuments,likethe
tobacco industrybefore them, concedethat climatechangescience isundeniable,
yet externally, continued to express doubt.27
Whenit started to becomepublicthatfossilfuelcompanieswere funding
phony science, most companies pulled out of the GCC in 2002. Since then, only
ExxonMobilhascontinuedto,moreorlessopenly,fundclimatedenial.Thecompany
has spent 23 million dollars over the past decade funding all kinds of non-
climatologiststopublishtheiropinionsonthematter.28Theyalsoofferthousandsof
dollars to any scientist willing to write briefs against IPCC findings.29
Shareholderactionagainstthemin2006-7,aswellaspublicoutcry30caused
Exxon-Mobiltostopfundingthemostegregiousdeniers,yettheycontinuefunding
another few dozen such groups.3132
Because the other fossil fuel companies feared public wrath about their
fundingdenial,theyhavekeptanextremelylowprofile,quietlyhiringotherstoshill
for them. It is hard to come up with hard evidence of others, like Shell, directly
fundingdenial.Thatsaid,theyareopenlymembersandfundersofunabasheddenial
26NewYorkTimes.AdviserstoIndustryGroupWeighInonWarning.2007.
.
27Revkin,AndrewC.IndustryIgnoredItsScientistsonClimate.23Apr.2009.NewYorkTimes.
.
28UnionofConcernedScientists.Smoke,MirrorsandHotAir:HowExxonMobilUsesBigTobaccotoManufactureUncertaintyonClimateScience.Jan2007.Cambridge:UnionofConcernedScientists.
.
29Sample,Ian.ScientistsOfferedCashtoDisputeClimateStudy.2Feb2007.TheGuardian.
.
30ExposeExxon.ChangeExxonMobilfromtheInside..
31Sheppard,Kate.ExxonStillSponsoringDeniers.10Feb2010.MotherJones.
.
32Owen,JonathanandPaulBignell.Think-tanksTakeOilMoneyandUseIttoFundClimateDeniers:
ExxonMobilCashSupportingConcertedCampaigntoUndermineCaseforMan-MadeWarming.7
Feb2010.TheIndependent..
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groupssuchastheAPIandUSChamberofCommerce.33Theirfinancialmotivation
tofunddenialisundeniable,theyhaveshownthemselveswillingtogoagainsttheir
own scientists inthepast, and theyareopenly fundingdenial groups suchasthe
API, though admittedly toa lesser degree thanExxon-Mobil, who openly fundsa
broadarrayofgroups.34Itisextremelylikelyandalsodifficulttoprovethatthese
companiescontinuetofundclimatedenialtoday,becauseofthedonationstylethat
sometimes resembles money-laundering. Overall, these companies have proven
themselves to be promoters of scientific distortion rather than truth, and an
inappropriateinvestmentforauniversity.
IdentifyingtheInvestments
cGill Universitys investments in fossil fuels make up a relatively small
portionoftheendowmentfund,buttheglobalimpactofthosecompaniesthe
University invests in is extraordinary.TheDecember 2011 report on thePublicly
TradedEquityHoldingsoftheUniversity35isthemostrecentdataavailable,andall
discussionofthecompositionofMcGillsinvestmentscomesfromthatlist.
To identify specific corporations we used two lists. The first, from
theRainforestActionNetwork,36listscompaniesinvolvedintheCanadiantarsands;
thesecond,fromtheCarbonTrackerInitiative,37hasalistofthetop100companies
with the largest estimated carbon reserves in coal, and a list of the top 100
companieswithreservesinoilandgas.
33AmericanPetroliumInstitute.APIMemberCompanies.
.
34ExxonSecrets.Maps.Greenpeace..
35McGilliLeaked.2011/12PubliclyTradedEquityHoldings..
36RainforestActionNetwork.ListofTarSandsCompanies..
37TheCarbonTrackerInitiative.UnburnableCarbon:AretheWorldsFinancialMarketsCarryinga
CarbonBubble(Aug2012)..
M
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McGillinvestsin645publiclytradedcorporations.14areinvolvedinthetar
sands,while35numberamongtheworldslargestfossilfuelcorporations.In total,
thesetwolistsidentify37uniquecompaniesthatMcGillprofitsfrom,5.7%ofthe
Universitysuniqueholdings.Thenumberofsharesineachisnotpubliclyavailable
atthistime,andMcGillhasrefusedtoreleasefurtherinformationdespiteAccessto
Information requests filed under theAct respecting access to documents held by
publicbodiesANDtheprotectionofpersonalinformation.
The full list of companies identified, along with their carbon reserves if
available,canbefoundinAppendix2.
It should be made clear that this is an incomplete list of the fossil fuel
companiesthatMcGillinvestsin.Onlythelargestanddirtiestfossilfuelcompaniesare represented on these lists, and the schools endowment fund includes other
smallercorporations.
Of the 35 companies identified by the CTI,many
arecross-listedonallthreelists,meaningtheyhavesome
of the largest reserves of carbon in coal, and inoil and
gas,andtheyinvestinthedirtiestformofoilproduction
ontheplanet.TheCTIalsoexpresseditsconcernthatCanadianaccountingpractices
artificiallylowerthesizeofunconventionaloilreservesizeestimation,sincethey
are only reported under Canadian rules once production is believed to be
imminent.38Thusitislikelythatthesizeoftheactualreservesofcarbonownedby
the 12 firms involved in the tar sands forwhichan estimation ofreserve size is
availableissignificantlylargerthanexpressed.
Alltoldthese35companieshaveatleast205.455GigatonnesofCO2locked
awaybeneaththeearth.Thoseknownreservescompriseabout7%oftheglobes
knowncarbonreservesbutcompriseover36%ofourremainingcarbonbudgetfor
thenext38years.TheCarbonTrackerInitiativeestimatesthatonly886Gigatonnes
38TheCarbonTrackerInitiative.UnburnableCarbon:AretheWorldsFinancialMarketsCarryinga
CarbonBubble(Aug2012)12..
Let'sbebetter thanweare
today. Please divest from
theTarSandsandfromPlan
Nord;thesearenotwaysto
thefuturewewanttosee.
-McGillStudent
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ofCO2canbeemittedfrom2000-2050ifhumanityhopestokeepwarmingbelow2
degreesCelsius.With321Gigatonnesalreadyburned,only565Gigatonnesremain
inour global carbon budget. Thus 80%of theworlds 2795 Gigatonne fossil fuel
reservesmustremainunderground.
None of these fossil fuel companies has pledged to keep 80% of their
reservesunburned,norwilltheyaslongasitisprofitableforthem.
Thequestiontheniswhattodoaboutthisproblem.Theresponsibleanswer
isdivestment.
Conclusion:MovingForward
ime is of the essence for humans.We need immediate action to keep this
planet livable, and McGill University is in a position to act. Climate change
threatens the Canadian people. Given the urgency of climate change, the
students,faculty,staff,andalumniofMcGillUniversitydemand:
ThattheInvestmentCommitteebeinstructedtoimmediatelydispose,inanorderlyandresponsiblefashion,oftheUniversitysholdingsincorporations
whichdeveloptheCanadiantarsands,transportorrefinehydrocarbonfrom
the Canadian tar sands, sell products of the Canadian tar sands, or are
otherwiseinvolvedintheproduction,distributionorsaleofgoodsfromthe
Canadiantarsands,asdeterminedbytheCommitteetoAdviseonMattersof
SocialResponsibility.
ThattheInvestmentCommitteebeinstructedtodispose,inanorderlyandresponsiblefashioninnolongerthanthreeyears,oftheUniversitysholdings
in corporations which produce, refine, transport, or sell fossil fuels, as
determinedbytheCommitteetoAdviseonMattersofSocialResponsibility.
ThattheInvestmentCommitteebeinstructedtodispose,inanorderlyandresponsiblefashioninnolongerthanthreeyears,oftheUniversitysholdings
in financial institutions which have not adopted, as determined by the
CommitteetoAdviseonMattersofSocialResponsibility,apolicyofmaking
T
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nofurtherloanstocorporationsthatproduce,refine,transport,orsellfossil
fuels.
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Appendix1:Examplesofimpactsassociatedwithglobalaveragetemperature
change (Intergovernmental Panel on Climate Change)39
39IntergovernmentalPanelonClimateChange.SynthesisReport.NewYork:
http://www.ipcc.ch/publications_and_data/ar4/syr/en/spms3.html,2007.
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Appendix2:McGillUniversitysinvestmentsinfossilfuelcompanies,and the
sizeoftheirestimatedcarbonreserves
THE ESTIMATED CARBON RESERVES OF 35 OF THE FOSSIL FUEL COMPANIES
MCGILLINVESTSIN.
Companies Coal(GtC02) Oil(Gtc02) Gas(GtC02) Total(GtC02
AGLEnergy 0.89 0.89
AngloAmerican 16.75 16.75
ArcelorMittal 0.62 0.62
BaytexEnergyCorp* 0.3 0.3
BGGroup 2.29 0.48 2.77
BHPBilliton 16.07 1.82 0.2 18.09
BonavistaEnergyCorp 0.18 0.03 0.21
BP* 32.68 1.92 34.6
CairnEnergy 0.35 0.35
CanadianNaturalResources* 4.23 0.14 4.37
CenovusEnergyInc* 1.4 0.006 1.406
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Chevron* 20.11 1.11 21.22
CrescentPointEnergyCorp. 0.47 0 0.47
EnCanaCorp.* 0.24 0.47 0.71
EOGResources 0.97 0.38 1.35
ExxonMobil* 38.14 2.89 41.03
GDFSuezS.A. 0.17 0.05 0.22
InpexCorp 2.44 0.1 2.54
ItochuCorp 0.34 0.34
MitsubishiCorp 4.31 4.31
Mitsui 1.03 1.03
Nexen* 1.4 0.002 1.402
OilSearchLTD 0.91 0.91
OMV 1.02 0.06 1.08
RepsolYPFS.A. 2.75 0.29 3.04
RioTinto 5.23 5.23
7/29/2019 Social Injury Tar Sands Fossil Fuels
18/19
RoyalDutchShell* 14.11 2.09 16.2
RWEAG 1.94 1.94
SantosLimited 0.19 0.17 0.36
StatoilASA* 2.23 0.25 2.48
SuncorEnergy* 3.74 0.007 3.747
TalismanEnergyInc. 1.47 0.19 1.66
TullowOil 0.36 0.01 0.37
Wesfarmers 1.86 1.86
Xstrata 11.6 11.6
Coal Oil Gas Total
Total 60.64 133.97 10.845 205.455
*Alsoinvestsinthetarsands;duetoCanadianaccountingpractices,theestimated
carbonreservesforcompaniesthatexploitthetarsandsarelikelyhigherthanthe
publiclyavailabledata.
7/29/2019 Social Injury Tar Sands Fossil Fuels
19/19
COMPANIESINVOLVEDINTHETARSANDS**
Baytex
BP
CanadianNaturalResources
CenovusEnergy
Chevron
Enbridge
Encana
Exxon
ImperialOil
Nexen
RoyalDutchShellCompany
StatoilASA
SuncorEnergy
TranscanadaCorps
**Anestimateofthesizeofcarbonreservesisavailableforeachcompanyinbold.
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