University of Tasmania loses $100,000 on Fossil Fuel Gamble

Fossil Free UTAS has expressed concern that the University of Tasmania has lost up to $115,000 invested in fossil fuel stocks whose value plummeted in the last 10 months.

Alexander Tomlinson, spokesperson for Fossil Free UTAS said ‘pure play’ fossil fuel stocks were continuing a slide that began two years ago, when the price of thermal coal plummeted.

“The trend has continued into metallurgical coal, oil and natural gas,” said Mr Tomlinson.

“The university is throwing good money after bad by investing in companies whose core business is the extraction, combustion and transportation of fossil fuels.”

“The trend is now clear and will only continue whilst the US, China, the EU and even the papacy assert that 80% of fossil fuel reserves must be left in the ground.”

“The university should immediately suspend its investments in this financially unstable industry,” said Mr Tomlinson

This latest revelation comes as Fossil Free UTAS released analysis which reviews the financial performance of the universities direct investments in fossil fuels.

“It’s a matter of public record that the university has an investment portfolio of $250m, we estimate that anywhere between $25 – $100 million could be at risk.”

“It’s time for the university to focus on its core business, that is providing the best service to its students and stop investing their money in this dangerous industry,” Said Mr Tomlinson.

Download Fossil Fuel Investments at the University of Tasmania: Case Study and Analysis:

Fossil_Fuel_Investments_at_the_University_of_Tasmania.pdf

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