The Guardian reports: Syracuse University will remove its $1.18 bn (£800m) endowment from direct investments in fossil fuel companies, it announced on Tuesday.
Syracuse is the biggest university in the world to have committed to divest from fossil fuels. It aims to make additional investments in clean energy technologies such as solar, biofuels and advanced recycling.
In a statement, the university said it will “not directly invest in publicly traded companies whose primary business is extraction of fossil fuels and will direct its external investment managers to take every step possible to prohibit investments in these public companies as well”.
Chancellor Kent Syverud said: “Syracuse has a long record of supporting responsible environmental stewardship and good corporate citizenship, and we want to continue that record. Formalising our commitment to not invest directly in fossil fuels is one more way we do that.”
Syracuse joins other universities who have made similar commitments, including Stanford, Maine, Glasgow and the New School in New York.
Bill McKibben, founder of the environmental group 350.org said: “This is one of America’s great universities. It’s a great tribute to the students who made real sacrifices to stand up to power and to an administration that can see where the future lies.” [Continue reading…]