New York University to Divest From Fossil Fuels
“represents a significant win for the climate movement, organizers said”
Student activists have been pushing for this for years and it’s little more than a virtue signal.
The Guardian reports:
New York University will divest from fossil fuels in win for student activists
New York University plans to divest from fossil fuels, the Guardian has learned, following years of pressure from student activists.
The move from one of the US’s largest private universities, whose endowment totals over $5bn, represents a significant win for the climate movement, organizers said.
The university first formalized the commitment in an August letter from William R Berkley, chair of NYU’s board of trustees, which was seen by the Guardian, addressed to a student activist group. “New York University commits to avoid any direct investments in any company whose primary business is the exploration or extraction of fossil fuels, including all forms of coal, oil, and natural gas, and not to renew or seek out any dedicated private funds whose primary aim is to invest in the exploration or extraction of fossil fuels,” he wrote.
NYU has taken other steps to address the climate crisis, Berkley wrote, including slashing greenhouse gas emissions from building energy, setting goals to reduce food-related emissions and pledging to achieve net zero by 2040.
The university currently has “no direct ownership of public securities” of any fossil fuel company, he wrote. In 2014, the school had $139m, or 4% of its endowment invested in coal, oil and gas, university disclosures said at the time.
The commitment will apply to the top 200 coal, oil and gas companies, said an NYU spokesperson, Joseph Tirella.
The letter follows a February meeting between the NYU board of trustees’ investments committee and the university’s chapter of the youth-led climate organization Sunrise Movement, which has led recent advocacy for divestment on campus.
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Comments
Does that include their heating plant, their electricity, their vehicles…
Investment portfolio only.
Hey, they can invest in whatever they want, it’s a free country.
Mais fica, say Elon Musk, Chris Gronet, and Mads Nipper.
They can but do they have the courage of their convictions or not?
Will they invest in wind and solar?
Yes. All students will be required to wear 1950s style beanie caps with propellers attached to small batteries. Batteries will be collected each evening to generate electricity in the President’s office.
Ok, so all the local fossil fuel dealers can stop delivering. Virtue signaling is great in a Sep NY, not so much in January
And watch their endowment income drop precipitously, because oil companies are usually major and steady dividend payers even during periods of recession and inflation. The big companies, like ExxonMobil, also have good credit ratings and rarely default on their bond and debenture issues, according to my broker of so many decades. Academia—always cutting off their noses to spite both sides of their faces.
One can hope.
I’m old enough to remember a time when the goal of obtaining a higher education was obtaining a higher education. smh
New York gets 45.6% of their electricity from natural gas. So this school will have to cut all their electrical input from the NY grid to avoid using any of this dirty, tainted power. They’ll have to install their own nuke or hydropower dam to do that.