We, the Editorial Board of Consilience: The Journal of Sustainable Development, stand behind Columbia Divest for Climate Justice in their demand for fossil fuel divestment. As the leading student-founded academic journal of its kind, Consilience has had the honour of engaging with and publishing the interdisciplinary works of brilliant minds from around the world who work assiduously to promote creative solutions to global issues, including climate change.
As a community of scholars well-versed in the global sustainability agenda, we applaud the conclusion of COP21, where the diplomats of 196 nations in Paris set humanity forth on a path towards a low-carbon future. As an academic journal, we understand that the underpinning of this landmark agreement included the very science and knowledge that are produced by research institutions such as Columbia University. With heads of state signing the Paris agreement tomorrow, the question of divestment could not be more relevant.
And yet, despite the historical magnitude of this event, we at Consilience are concerned that the commitments put forth by world governments to address climate change are not commensurate to the severity of the issue; they are certainly not enough to keep global warming under 2°C, the level agreed upon by the international community beyond which climate change may be irreversible. We are equally alarmed by the International Energy Agency’s warning that the construction of high-carbon energy infrastructure must cease by 2017, lest the world lock in future carbon emissions that would breach this target.
While the Paris Agreement is fraught with complicated timelines that span decades, it is nevertheless the choices made today, not tomorrow, that will determine the trajectory of development. The capital investments made by corporations, and the investments made by the institutional investors that fund them, will affect how our energy infrastructure will develop in the next 10 to 15 years.
Myriad studies have shown that the global transition to a low-carbon world is technically feasible and could be realised cheaply; initiatives such as The Solutions Project and the Deep Decarbonisation Pathways Project – which includes Columbia University affiliates – are dedicated to making this a reality. A growing list of major financial institutions are also leading the charge against climate change by shifting their investment portfolios towards climate-resilient options that carry huge potential for the global economy. Recent evaluations by Citigroup have determined that investing in a low-carbon path could save the global economy $1.8 trillion through 2040 and an additional $44 trillion by 2060 in avoided costs of climate change damage.
It can no longer be said that prudent decision-making is merely a function of experience and expertise, just as it can no longer be said that the university’s investments exist in a vacuum. In our globalised world, symbols matter and so does leadership. Leadership is necessary for aligning Columbia’s investments with the realities of the science produced by our very own scientists and researchers at the Earth Institute. Leadership is also necessary for sending a signal to institutional investors that the predominant interpretation of fiduciary duty is evolving, necessitating more action to safeguard future generations. Divestiture is one of many tactics that can be utilised to vindicate this reality, and it is one that is warranted at Columbia University.
Signed,
Nikita Sivakumaran Editor-in-Chief, 2015-2016
Ryan Elivo Editor-in-Chief, 2014-2015
Lucas Rehaut Editor-in-Chief, 2013-2014
Alexandra Sing Editor-in-Chief, 2012-2013