The AMS has divested from all holdings in companies that produce, transport, and dispense fossil fuels, according to a statement released by the Society on Monday afternoon.

The move makes the AMS the first student government in Ontario to completely divest itself of financial interest in the oil and gas sector. In the Society’s statement, it didn’t specify where it had previously invested the money.

“We must confront the climate crisis systematically and courageously, because we don’t have any other option,” Auston Pierce, AMS president, said in the statement.

The Society also announced it has consolodated its financial services to a singe provider, which Jessica Dahanayake, vice-president (Operations), said will reduce the amount the Society pays in management fees. The move is part of the Society’s restructuring due to the “challenges presented by the Student Choice Initiative,” said Dahanayake.

The announcement comes shortly after Team AJW introducted their updated platform, which was released before AMS Assembly on Thursday and emphasized both sustainability and listening to student voices.

“This is one of many steps we will be taking this year toward cultivating a more sustainable campus community,” William Greene, vice-president (University Affairs) said in the statement.