Editorial: Divestment of fossil fuel investments not in university’s best interest

Originally Posted on The Maine Campus via UWIRE

Divest UMaine’s decision to lobby the University of Maine System board of trustees, while perhaps being a noble endeavor in the environmentalist crusade, does not really serve the long-term needs or interests of students or employees.

The idea of divestment is important in a capitalist society. Money is speech. Individuals endorse, through purchasing power, the companies whose products and practices resonate with their values.

However, that’s a practice that must occur purely on an individual level. The University of Maine cannot afford to be so self-interested, as it has a duty to its students and employees to remain fiscally solvent. This means it should prioritize strong investment transactions, and oil is a strong, viable commodity.

It’s not as if the university hasn’t proven its commitment to sustainability through a number of initiatives, particularly through its involvement in the Maine Aqua Ventus offshore wind project.

But, even within this project, there is not wholesale agreement about whether so-called “green energy” technologies are the best step forward in terms of energy needs.

In an interview with this newspaper in January, James LaBrecque, owner of a local heating pump and refrigeration unit business, expressed concern that wind energy, which has lately been given attention as the possible energy of the future, is not the most efficient form available.

For most of the year, wind energy needs to be stored, since electricity consumption in local homes peaks in winter, and electrical energy doesn’t store as well as gas or oil.

Many forms of fossil fuels, such as gasoline, are much denser than electrical energy, meaning a consumer who needs to heat their home over the course of a season would end up using less heating oil than the equivalent of what is stored in electrical form.

Then, advancements in extraction processes, fracking in particular, have developed and can produce a higher quality of fuel that requires less refinement and processing, ultimately contributing less to emissions.

Modernity, for better or worse, depends upon fossil-based fuels and products. It is simply not feasible to abandon every endeavor that is in some way tied to them.

Further, the argument is far more complex than Divest UMaine’s position suggests. Questions of economic and fuel efficiency remain unsettled. There is a tradeoff between the amounts of emissions produced per unit of energy and the amount of energy that must be produced in order to meet the needs of consumers.

Technology is also constantly evolving. What environmentalists often forget is that it is not in the best interests of fossil fuel companies to destroy the world that they depend upon to stay in business. Many companies are committed to natural stewardship and are constantly looking for new, more wholesome means to get efficient energy to consumers. Hence, the recent shift to cleaner, more efficient natural gas.

But finally, and most importantly, the University of Maine System is not a special interest group. Its goals are not primarily ideological devotion. It is a business and has a duty to serve those whom it supports and those who support it. This means that consideration of students must come first.

Read more here: http://mainecampus.com/2014/02/24/editorial-divestment-of-fossil-fuel-investments-not-in-universitys-best-interest/
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