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Harvard's president said Thursday that the university would stop investing in fossil fuels, drawing praise
from divestment activists who have long urged the leading university to exit such assets.
In a message posted on Harvard's website, President Lawrence Bacow said that given the need to decarbonize the economy, as of June, the university's endowment fund did not invest directly in fossil fuel exploration or development companies and would not make such investments
in the future.
He added that the university's indirect investment in the fossil fuel industry was "in runoff mode.
"
According to Bacow, indirect investments through private equity funds account for less than 2%
of endowments.
Harvard's endowment is worth about $42 billion, the largest of
any university.
But the university's endowment has been under pressure for years from students, alumni and other activists to sell its fossil fuel holdings to mitigate climate change
.
Harvard's president said Thursday that the university would stop investing in fossil fuels, drawing praise
from divestment activists who have long urged the leading university to exit such assets.
In a message posted on Harvard's website, President Lawrence Bacow said that given the need to decarbonize the economy, as of June, the university's endowment fund did not invest directly in fossil fuel exploration or development companies and would not make such investments
in the future.
He added that the university's indirect investment in the fossil fuel industry was "in runoff mode.
"
According to Bacow, indirect investments through private equity funds account for less than 2%
of endowments.
Harvard's endowment is worth about $42 billion, the largest of
any university.
But the university's endowment has been under pressure for years from students, alumni and other activists to sell its fossil fuel holdings to mitigate climate change
.
