University of California System Announces Divestment from Fossil Fuels
“they insist that it is based on a ‘sustainable investing’ approach”
Progressive students will celebrate this as a victory because it’s all about politics. Theirs.
Campus Reform reports:
UC system announces divestment from fossil fuels
The University of California system has announced its intention to completely divest from fossil fuels.
Officials in charge of investments insist that their decision to move toward more “sustainable” and environmentally conscious investments is simply in the practical interest of beneficiaries, rather than a product of political opinion.
In an opinion piece in the Los Angeles Times, UC chief investment officer and treasurer Jagdeep Singh Bachher and chairman of the UC Board of Regents’ Investments Committee Richard Sherman reasoned that “hanging on to fossil fuel assets is a financial risk.”
“That’s why we will have made our $13.4-billion endowment “fossil-free” as of the end of this month, and why our $70-billion pension will soon be that way as well,” the officials explained in the September 17 op-ed.
Sherman and Bachher deny that their decision was “born of political pressure,” or that it is a result of “green movement idealism.” Instead, they insist that it is based on a “sustainable investing” approach.
“Today, we are on track to beat our own five-year goal of investing at least $1 billion in climate change solutions and, by incorporating environmental, social and governance factors — ESG factors — into our investment decision-making, we’ve become better stewards of university funds,” the officials explained.
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Comments
I will believe their commitment when the sports teams are transported using only renewable energy.
But they won’t be able to get their biodiesel from Iowa. No one thought this out, obviously. 😉
The last sentence is the dead giveaway, the linchpin of the whole virtue-signaling charade.
Blue chip oil companies provide investors with a safe, reliable dividend. If Cal doesn’t want that in its portfolio, that makes oil company stocks cheaper for other investors.
A decision born out of either ignorance or hypocrisy! renewable energy sources are notoriously unreliable and their production requires fossil fuels. How many of the staph will ride bikes to work? Will they use wagon trains to go to other universities or D.C. to spread their ignorance.
There is a city in Texas that has already found out that “going green” is financially unsustainable.
Liberal Universities are already going under. This should only add “fuel” to the fire. (Pun intended)
Perhaps someone should point out to all the geniuses who support this move that, if it weren’t for fossil fuels, we woulds all likely still be living in caves and huddled around the campfire for warmth after a hard day’s hunting for our dinner with spears.
I’ll believe their sincerity when they completely stop using anything and everything produced by fossil fuels.
Should be fun to watch…
Every tuition increase request should be offset by the results of their Virtue Signalling investments. I suspect a drop