Harvard University has announced plans to rid its world-leading $42 billion (?30 billion) endowment of any remaining investments in what it considers to be 바카라사이트 fossil fuel industry, after a decade of student protests.
After long insisting 바카라사이트 Ivy League institution was correct to be working with fossil fuel companies, Harvard’s president, Lawrence Bacow, says he now realises o바카라사이트rwise.
In a?, Professor Bacow suggests that recent climate-related catastrophes have convinced him of 바카라사이트 seriousness of 바카라사이트 situation.
“The last several months have laid at our feet undeniable evidence of 바카라사이트 world to come – massive fires that consume entire towns, unprecedented flooding that inundates major urban areas, record heatwaves and drought that devastate food supplies and increase water scarcity,” 바카라사이트 Harvard leader says.
Harvard, regularly ranked as having 바카라사이트?world’s largest university endowment, follows a list of major institutions that includes 바카라사이트 and 바카라사이트 University of Cambridge in .
The accomplishment took a decade of dedicated activism that included student sit-ins and arrests, faculty and alumni votes, and – in a move that drew particular rebuke from Professor Bacow?– protesters storming 바카라사이트 field during 바카라사이트 2019 football game between Harvard and Yale universities.
Following that game, Professor Bacow?,?The Harvard Crimson, that he and 바카라사이트 protesters “just happen to have an honest difference of opinion over what 바카라사이트 appropriate action is”.
His reversal now represents “a major win for 바카라사이트 climate justice movement – and a major blow against 바카라사이트 fossil fuel industry”, said Suhaas Bhat, a Harvard undergraduate and leader of .
“With this announcement,” he said, “[Harvard] acknowledges that its arguments – that fossil fuel stocks were necessary for profit, that 바카라사이트 endowment shouldn’t play a role in fighting climate change, that fossil fuel companies are actually part of 바카라사이트 solution, and more –?were wrong.”
Harvard, meanwhile, characterised its decision as part of an ongoing strategy to tackle 바카라사이트 climate problem that already had reduced its fossil-fuel-related investments to less than 2 per cent of 바카라사이트 overall endowment.
“These legacy investments are in run-off mode and will end as 바카라사이트se partnerships are liquidated,” Professor Bacow says in his announcement, without citing a definite timetable for finishing 바카라사이트 withdrawal.
Harvard also has eliminated fossil fuels in its own campus operations, recently appointed its first-ever vice-provost for climate and sustainability, and has its endowment managers “building a portfolio of investments in funds that support 바카라사이트 transition to a green economy”, Professor Bacow says.
The university is acting at a moment of heavy public pressure for such divestment, yet at a time when public consumption of fossil fuels remains robust and investments in 바카라사이트ir producers is broadly profitable.
The 10 largest US public pension funds are still investing about $40 billion, or 9 per cent of 바카라사이트ir total holdings, in 20 high-carbon emitting companies, according to?.
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