Harvard University has announced that its massive endowment fund is divesting from fossil fuels. Many other universities had already done so under pressure from their students and alumni and others are likely to follow.
Academic endowments are entering a new normal after Harvard University, the richest school in the world, said it would divest from fossil fuels.
The decision wasn’t made lightly. The nearly $42 billion endowment succumbed to years of pressure from students and climate activists, a massive protest at a 2019 football game, and a string of legal efforts. President Lawrence Bacow in the past has said the endowment shouldn’t be used for political ends. Earlier this month he changed his tune.
…A cascade of similar announcements has followed in Harvard’s wake, with Boston University, the University of Minnesota and the $8 billion MacArthur Foundation pulling the plug on fossil fuels. And there are more to come.
“We’re going to see this ripple out in the coming months,” said Richard Brooks, climate finance director at the nonprofit Stand.earth. “The financial arguments have never been stronger, with declining demand for oil, gas and coal. The social acceptability has now shifted as well.”
Divestment activists now have turned their focus to Yale, the University of Pennsylvania, Princeton, Boston College and the University of Wisconsin-Madison, none of which have fully abandoned fossil fuels.
