Report Reveals Significant Links Between Universities and the Fossil Fuel Industry
SINGAPORE: A coalition of students in Singapore has called for universities to sever ties with the fossil fuel industry by 2030, as highlighted in a report released on Monday (Jan 17) detailing the “extensive” connections between educational institutions and fossil fuel companies.
The report, titled Fossil-Fuelled Universities, spans 68 pages and outlines the relationships between universities and the fossil fuel sector in areas such as finance and management. It was published by Students for a Fossil Free Future (S4F), which consists of 40 students from the National University of Singapore (NUS), Nanyang Technological University (NTU), Singapore Management University (SMU), Singapore University of Technology and Design (SUTD), and Yale-NUS College.
According to the findings, both NUS and NTU have endowment funds that are “indirectly” invested in fossil fuels. NUS’s investment amounts to “at least S$59 million,” based on a statement from the NUS Investment Office in March 2019, which indicated that the university’s indirect investments in fossil fuels constituted a “low single-digit” percentage of its total endowment fund, valued at S$5.9 billion as of 2021. Meanwhile, NTU’s investments have “minimal exposure to the fossil fuel industry,” although the exact figure remains undisclosed as the university did not reveal the scale of its investments compared to its total endowment of S$2.5 billion.
Other local universities contacted by the student coalition, including SMU, SUTD, SIM Global Education, and Singapore Institute of Technology (SIT), did not disclose their exposure to fossil fuel-linked assets.
The report asserts, “By investing in the fossil fuel industry, universities financially support the sector and signal their confidence in its ability to generate long-term returns.” The authors argue that divesting from fossil fuels would send a “clear social signal” that reliance on fossil fuels is outdated and that companies adhering to such practices risk being left behind.
Board Members and Scholarships Tied to Fossil Fuels
Beyond financial investments, the report raises concerns about potential “conflicts of interest” stemming from the presence of fossil fuel industry leaders—past and present—on university boards. The coalition acknowledges that some board members may have moved away from the fossil fuel sector to pursue sustainable careers or align their work with personal values. They encourage these individuals to share their stories and decisions, as their influence can elevate the importance of sustainability and climate change action among the public, students, and educators.
Additionally, the report highlights that certain scholarships and awards are funded by companies associated with the fossil fuel industry, citing examples such as bursaries sponsored by Shell, ExxonMobil, Keppel Offshore & Marine, Glencore, and Geo Energy Group.
Concerns About “Co-Opting” Campus Spaces
The report critiques what it describes as the “co-opting” of university spaces by fossil fuel companies. It references the ExxonMobil Campus Concerts series at NUS, which has been sponsored since 1986. While acknowledging the benefits of such events for student performers, the report argues that the sponsorship also enables ExxonMobil to promote itself to a wide audience and obscure its environmentally harmful activities.
“These companies leverage universities’ reputations to enhance their own brand image among stakeholders while normalizing their involvement in the climate crisis,” the report states. It draws parallels between fossil fuel companies sponsoring campus events and the Singapore Government’s prohibition of cigarette companies from sponsoring corporate social responsibility activities.
The report contends that “Fossil fuel companies lacking credible commitments to a post-carbon transition should not be permitted to purchase positive branding and social acceptance from our universities.” Removing such branding and legitimacy could compel these companies to seriously reconsider their operations.
CNA has reached out to the universities mentioned in the report for comments.
Recommendations for Action
The report outlines several recommendations for universities to address their connections with the fossil fuel industry, including a complete divestment from fossil fuel companies and related assets by 2030, and the establishment of plans to secure alternative funding from organizations committed to reducing carbon emissions. The coalition also calls for the integration of climate crisis education into university curricula within the next one to two years.
The student coalition described the report as a “ground-up, independent research effort” involving over 60 contributors, including current students, alumni, academics, civil society members, and lawyers.
“This extensive work reflects the urgency and gravity felt across generations regarding the climate crisis and the need to transition away from fossil fuels,” stated Shawn Ang, a member of the S4F team.
“As students, we often worry about potential backlash, censorship, and retaliation for questioning the status quo,” said Mr. Ang, a third-year undergraduate at NTU. “Yet we persist, dedicating countless hours and weekends to this cause, knowing our window to act for a habitable planet is closing fast. We cannot afford to rest without doing everything possible.”
The release of the report also marks the beginning of a two-week campaign aimed at prompting universities to take more decisive action against the climate crisis. During this period, students, professionals, university leaders, and the public will be invited to participate in discussions, both online and on local campuses, regarding the report’s findings and recommendations.
“The priority is to generate excitement and dialogue around the issues we’ve raised,” emphasized Ning Yiran, another S4F member. “We are not dictating what universities should do; rather, we aim to spark conversations about transitioning away from fossil fuels and how universities can lead the way.”
Editor’s Note: An earlier version of this article mistakenly stated that NUS had at least S$5.9 million in endowment funds indirectly invested in fossil fuels. The correct figure is S$59 million. We apologize for the error.
