Crescent Sustainability Initiatives

Issue: 04; Revised on 2023

Responsible Executive:   Director (IQAC)
Responsible Office:          Internal Quality Assurance Cell, Estate Office, and SDG Cell
Contacts:                            Registrar, Director (IQAC)

7.1 STATEMENT OF POLICY

The B.S. Abdur Rahman Crescent Institute of Science and Technology is committed to divesting from carbon-intensive energy industries, particularly coal and oil, to promote sustainable energy practices and contribute to the global efforts to combat climate change. This policy aims to:

1. Ensure universal access to affordable, reliable, and modern energy services.
2. Increase substantially the share of renewable energy in the global energy mix.
3. Double the global rate of improvement in energy efficiency.
4. Enhance international cooperation to facilitate access to clean energy research       and technology.
5. Promote investment in energy infrastructure and clean energy technology.

7.2 REASON FOR THIS POLICY

This policy is established to minimize the Institute’s carbon footprint by reducing investments in fossil fuels and promoting renewable energy sources. By divesting from carbon-intensive industries, the Institute aligns with the United Nations’ Sustainable Development Goals, particularly SDG 7: Affordable and Clean Energy, and supports the transition to a sustainable energy future.

7.3 RESPONSIBILITIES

7.3.1 Policy Principles

The Institute shall implement the following principles to ensure effective divestment from carbon-intensive energy industries:

1. Conduct a comprehensive review of current investments to identify carbon-intensive assets.
2. Gradually divest from all investments in coal and oil industries within a specified timeframe.
3. Reallocate funds towards renewable energy projects and sustainable technologies.
4. Collaborate with financial institutions that prioritize sustainable investment practices.
5. Promote transparency in investment decisions and publicly report on divestment progress.
6. Engage with stakeholders, including students and faculty, to raise awareness about the importance of divestment from fossil fuels.
7. Support research and development initiatives focused on clean energy technologies.

7.3.2 Dissemination of Policy

1. This policy shall be publicly accessible on the Institute’s website to ensure transparency.
2. Awareness programs shall be conducted regularly for all stakeholders regarding the importance of divestment from carbon-intensive industries.
3. Updates on divestment progress shall be communicated through newsletters and reports.

7.3.3 Enforcement of Policy

1. The Director (Finance) and their team are responsible for monitoring compliance with this policy and reporting on divestment progress.
2. Any breach of this policy may result in a review of investment strategies and potential disciplinary actions as prescribed by the Institute’s code of conduct.

7.2.6 – DIVESTMENT POLICY.pdf

Promotion and Implementation of the Divestment Policy from Carbon-Intensive Energy Industries

The B.S. Abdur Rahman Crescent Institute of Science and Technology (BSACIST) has established a robust Divestment Policy for Carbon-Intensive Energy Industries, mainly focusing on coal and oil. This policy reflects the institute’s commitment to sustainable energy practices. It aligns with global efforts to combat climate change, specifically targeting the United Nations’ Sustainable Development Goals (SDGs), particularly SDG 7: Affordable and Clean Energy.

Existence of Policy

The existence of the divestment policy is clearly articulated in the document titled Policy for Divestment from Carbon-Intensive Energy Industries. This policy outlines the institute’s strategic approach to minimizing its carbon footprint by reducing investments in fossil fuels and promoting renewable energy sources. The policy aims to ensure universal access to affordable, reliable, and modern energy services while increasing the share of renewable energy in the global energy mix.

Evidence Provided

Evidence of the policy’s implementation is demonstrated through the institute’s commitment to gradually divest from all investments in coal and oil industries within a specified timeframe. The policy mandates a comprehensive review of current investments to identify carbon-intensive assets and reallocates funds towards renewable energy projects and sustainable technologies. BSACIST has actively engaged financial institutions to prioritise sustainable investment practices, promote transparency in investment decisions, and publicly report divestment progress.

Additionally, the recent energy audit conducted at BSACIST has identified significant opportunities for energy savings and efficiency improvements, which align with the divestment policy’s objectives. The audit revealed a potential annual savings of 487,014 kWh, translating to a cost saving of approximately Rs. 40,11,685. This financial evidence supports the institute’s commitment to reducing reliance on carbon-intensive energy sources and investing in energy-efficient technologies.

Public Accessibility of Evidence

The evidence supporting the policy’s implementation is publicly accessible, as the divestment policy document is available on the institute’s website. This transparency ensures stakeholders, including students, faculty, and the broader community, are informed about the institute’s commitment to sustainable practices. Regular awareness programs educate stakeholders about the importance of divestment from carbon-intensive industries, further reinforcing the institute’s dedication to sustainability.

Policy Review Period

The divestment policy has undergone several revisions to ensure its relevance and effectiveness, with the most recent review occurring on June 16, 2023. This continuous improvement reflects the institute’s proactive approach to adapting to new challenges and advancements in sustainable investment practices. Previous revisions were made in October 2017 and March 2021, indicating a consistent commitment to enhancing the policy aligned with evolving sustainability goals.

Summary

In summary, BSACIST’s Divestment Policy from Carbon-Intensive Energy Industries is a comprehensive framework that promotes sustainable investment practices and provides tangible evidence of its implementation. The institute’s commitment to divesting from fossil fuels is evident through its strategic initiatives, public accessibility of policy documents, and regular reviews, ensuring alignment with contemporary sustainability goals. The insights gained from the energy audit further bolster this commitment, showcasing the institute’s dedication to energy efficiency and sustainability. By fostering a culture of sustainability and innovation, BSACIST sets a precedent for educational institutions and contributes significantly to global efforts in combating climate change. This commitment enhances the institute’s environmental stewardship and empowers the community to engage in sustainable practices, further amplifying the impact of the divestment policy.