The Queen’s Board of Trustees has approved the recommendation from the Principal’s Review Committee for Responsible Investing not to divest the university’s Pooled Endowment Fund (PEF) and Pooled Investment Funds (PIF) from fossil fuels. In its report, the committee highlights that Queen’s currently has in place a strong Responsible Investing Policy that balances environmental goals with financial responsibilities.

The decision follows the submission of a special request from the student group Queen’s Backing Action on the Climate Crisis (QBACC) earlier in the year, which called for a complete divestment of the university’s investment funds from fossil fuels. Principal and Vice-Chancellor Patrick Deane established the committee in accordance with the university’s Responsible Investing Policy. It was composed of faculty, staff, and student representatives on the board who assessed the request and provided a recommendation to the principal. The principal then brought this recommendation forward to the board’s Investment Committee and then to the full board for approval.

As part of its review, the Principal’s Review Committee examined university policies, looked at current investments, and assessed how climate change factors already inform financial decision making. The committee chair also met with a representative from QBACC.

The review concluded that divestment would conflict with the university’s legal fiduciary duty. This duty requires Queen’s to act prudently and loyally in the long-term interests of the institution and to support the financial strength that sustains its academic and research mission. The report further explains that the committee reaffirmed the university’s established investment practices remain the right approach. These practices include a clear carbon reduction strategy, regular monitoring, and targets that hold the university accountable for reducing the carbon footprint of the endowment over time.

“I thank the committee for its work on this important topic,” says Patrick Deane, Principal and Vice Chancellor. "As noted in the committee's report, Queen's remains committed to climate action that is measurable and built for long-term results. Our current investing approach supports the university's climate commitments while ensuring we maintain the essential financial foundation required to advance our academic mission."

This is not the first time the university has examined fossil fuel divestment. In 2019, the Climate Change Action Task Force conducted a broad community consultation that considered many of the same issues raised in the current request. Its final recommendations guide Queen’s climate investing approach today, which supports decarbonization while maintaining a strong and stable portfolio.

The university has continued to make progress under this approach. Since 2021 the carbon footprint of endowment investments has decreased by 34 percent, and Queen’s remains on track to reach 25 percent below benchmark by 2030 through investments with low emissions or credible net zero plans.

Learn more on the Office of the Principal website.