"As an Eco-Certified institution, it is essential that we have a sustainable profile throughout our operations. I am thrilled we can finally move our funds away from the fossil industry and weapons," says principal Astrid Kvalbein.
Switching to Fossil-Free Funds
The Norwegian Academy of Music has decided to move its funds away from investments in fossil energy.
I am thrilled we can finally move our funds away from the fossil industry and weapons.
principal
wo foundations associated with the Norwegian Academy of Music, namely the "Advokat Thorvald Meyer and wife Elsa Margrethe Meyer's Music Fund" and the "Norwegian Music Conservatory's Fund for the benefit of music students," support student activities such as study stays, courses, auditions, competitions, and travel through the returns on their investments.
The financial management of these foundations, treated as independent entities in Brønnøysund, is not directly related to the Academy's overall finances. The Norwegian Academy of Music board, led by principal Astrid Kvalbein, has overarching responsibility, while Unifor manages and administers the funds and allocations. Until recently, the funds had invested in the oil and gas industry and conventional weapons.
I support for systematically prioritising climate work and appreciates the decision to divest from fossil energy.
leader the Student Committee
The decision to shift investments to fossil-free funds has been a recent topic in the Music Conservatory's board, prioritising putting the funds into action, including establishing a biannual application portal. The issue of fossil investments was discussed on November 16th.
The leader of the Student Committee, Mitra Fagerli Rahman, expresses support for systematically prioritising climate work and appreciates the Norwegian Academy of Music's decision to divest from fossil energy. However, there is also an acknowledgement of the challenges of prioritising environmental initiatives during difficult times with budget cuts.
