Along with the names of candidates for SGA, students could also vote on a referendum to change some of UT’s policies on sustainability during last week’s elections.
Called the Responsible Investment Referendum and created by the UT Coalition for Responsible Investment, the referendum called for specific long and short term goals for the university’s approach to its investment portfolio in regards to the environment.
Specifically, it calls for the university to divest its holdings with the companies American Electric Power and Duke Energy Corporation by Jan. 1, 2014. The referendum cites studies that claim both companies cause “serious environmental and social harm” and cause 1,236 (American) and 1,248 (Duke) deaths annually.
However, since drafting the resolution, Eric Dixon, senior in global studies and member of the Coalition, said that they’ve learned that there could be legal issues in divesting from Duke. Dixon said that some of the funds that UT invests in are not internally controlled, Duke being one of them.
“We’re a little hazy if we can legally … bring that one out,” Dixon said. “But there are other similar coal and fossil fuel companies that are in the endowments that we can control.”
Dixon said that because the revenue gained from those investments are so small compared to UT’s entire investment portfolio, it wouldn’t make a major difference if the university cut those investments.
The referendum also asks UT’s Board of Trustees to create a Subcommittee on Responsible Investment under the pre-existing Investment Advisory Committee. The purpose of the subcommittee would be to look into the university’s investment portfolio from an environmental and social standpoint.
Daniel Lawhon, a sophomore in electrical engineering, has talked with some of UT’s higher ups and said the creation of this subcommittee is something that is being relatively accepted by the UT administration.
“We’ve tentatively received some support for the subcommittee already. …” Lawhon said. “Some of them have expressed that they are not necessarily opposed to it. They would want to hear more details. They would want to make sure it was structured correctly.”
Furthermore, the referendum also wanted the university to publicly commit to ceasing any investments in coal, natural gas or oil companies by 2018.
The referendum passed with 3590 votes in support of it and 860 against according to the ballot results posted by SGA’s Election Commission. Dixon was grateful for the overwhelming support.
“I am so excited,” Dixon said. “I think this represents what we thought all along and that is that students overwhelmingly support fossil fuel divestment and truly making (UT) sustainable in all senses of the word.
“And this just affirms that in a formal way, so that makes me very, very excited.”
Lawhon shared the sentiment and felt that it reflected the opinion of the student body.
“I can’t say I’m too surprised. It’s been nearly matched to what we’ve been hearing from students when we’re out tabling … and asking their thoughts on the matter.”
Lawhon added, “They’re very much in support of the idea of taking a careful look at our investments and handling them in a sustainable and ethical fashion.”
