Harvard to divest from fossil fuels after decade of protests

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 ¨C 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 ¨C in a move that drew particular rebuke from Professor Bacow?¨C 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 ¨C 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 ¨C 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 ¨C?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?.

paul.basken@ws-2000.com