divestment

Thu, 2014-04-10 12:52Ben Jervey
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Campus Discontent: Washington University Students Sit-In Against Peabody, Harvard Faculty Call for Divestment

It's a busy week in the campus fossil fuel divestment movement. 

A “sit in” by students at the Washington University of St. Louis enters its third day today. The protestors have camped out underneath their campus's Brookings Archway since Tuesday, demanding that the school cut ties with Peabody Energy — the world's largest private coal company — and its CEO Greg Boyce. 

Boyce was named to WU's Board of Trustees in 2009. One year earlier, Peabody gave the university millions of dollars to help create the Consortium for Clean Coal Utilization. (Along with Arch Coal, who also kicked in, the investment was roughly $5 million.) 

According to Caroline Burney, a senior at Washington University, the sit-in only became necessary after many other attempts for dialogue with the school's administration were exhausted. Burney writes: 

Peabody Energy CEO Greg Boyce also holds one more distinction: member of the Washington University Board of Trustees. Since Boyce was placed on the board in 2009, students have been actively organizing against Peabody Energy’s presence on campus. We have demanded that Boyce be removed from the Board of Trustees and that the University change the name of the “Consortium for Clean Coal Utilization,” a research entity to which Peabody and Arch Coal donated $5,000,000. We have met with the Chancellor – multiple times. We have dropped banners at coal events, peacefully disrupted speeches by Greg Boyce on campus, marched through campus and taken our demands to Peabody’s headquarters. We have protested with residents from Black Mesa, collected signatures for the Take Back St. Louis ballot initiative and rallied with the United Mine Workers in their fight against Peabody.

But, five years later, Boyce is still on the board, the name of the Clean Coal Consortium remains unchanged, and Chancellor Wrighton continues to stand behind Peabody Energy. Indeed, just this week he emailed us saying, “your opinion that peabody energy behaves in an ‘irresponsible and unjust manner’ is not one that I share.” The Administration has successfully used a “deny by delay” process by holding town hall meetings and developing task forces around renewable energy and energy efficiency while ignoring the role that coal plays on the campus.

Wed, 2014-03-05 18:00Farron Cousins
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Harvard President Says Fossil Fuel Divestment Unnecessary, "Hypocritical"

A degree from Harvard University was once seen as the pinnacle of achievement in higher education.  Parents would boast proudly that their child was attending one of the most prestigious universities in America, and a diploma from Harvard could almost guarantee you a job in whichever field you chose.

But today, Harvard’s image is being tarnished by fossil fuels.  The university still maintains considerable holdings in fossil fuels in their endowment funds, and according to University President Drew Faust, that isn’t going to change in the near future.

Faust has long been an opponent of fossil fuel divestment, and refuses to take part in the larger movement of universities and other institutions who are pulling their endowment funds out of dirty energy financial holdings.  Harvard currently has an endowment worth over $30 billion, the largest of any other institution in the United States. 

ClimateProgress has been following Faust’s anti-divestment campaign for some time, and has completely debunked all of Faust’s talking points on the issue of divestment.  In 2013, Faust released a letter explaining her reasoning for refusing to divest, which includes: fossil fuel companies won’t notice; divestment would hurt Harvard’s bottom line; the endowment is not a tool for social change; and that divestment is hypocritical.

As ClimateProgress pointed out at the time, all of Faust’s reasoning rests on faulty logic.  First of all, divesting from fossil fuels would send a big message to the dirty energy industry and would easily inspire others to do the same.  Second, as fossil fuel reserves are depleted, the companies' stocks will plummet, which will have a significant impact on Harvard’s bottom line.  And third, on hypocrisy, it is not hypocritical to remove your financial holdings from an industry that is making money at the expense of human and environmental health.

But Faust clearly cannot be swayed by logic, and this week her ignorance was put on full display when a young activist named Alli Welton from Divest Harvard put Faust on the spot and asked her why her university refuses to divest from the dirty energy industry.  ClimateProgress provides the video:

Tue, 2014-02-04 20:29Sharon Kelly
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Risks of Fracking Boom Draw Renewed Attention from Investors

A coalition of investors called out five oil and gas companies for failing to measure or reduce risks associated with fracking on Tuesday, singling out companies both large and small for how they’ve handled the myriad risks associated with shale oil and gas extraction.

Shareholders in five companies — ExxonMobil, Chevron, EOG Resources, Occidental Petroleum and Pioneer Resources — filed resolutions objecting to the ways that the companies describe the risks of hydraulic fracturing and their failures to reduce the environmental and social impacts of fracking.

“The damaging impacts of hydraulic fracturing on air, water, and local communities have made the public understandably nervous and resistant to permitting this controversial industrial activity,” said Leslie Samuelrich, President of Green Century Capital Management, which together with the New York State Comptroller Thomas DiNapoli, filed the resolution at EOG Resources.

“Companies that fail to demonstrate a public commitment to identifying and mitigating their impacts will fail to earn the public trust,” she added, “and may put shareholder value at risk.”

Four of the five companies – ExxonMobil, Chevron, EOG Resources, and Occidental Petroleum –  received failing scores in a recent report that examined how companies disclosed the impact of fossil fuel extraction and graded their efforts to mitigate risks. Disclosing the Facts: Transparency and Risk in Hydraulic Fracturing Operations focused on 24 companies that use fracking, assessing the ways each handled toxic chemicals, water and waste, air emissions, community impacts, and governance. EOG Resources received a score of 6 out of 32, Chevron a score of 3, ExxonMobil and Occidental Petroleum each got a score of just 2.

That has some investors, including those overseeing New York City’s pension fund, worried.

Thu, 2013-01-24 15:41Guest
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James Lawrence Powell: Divest Over Global Warming?

This is a guest post by James Lawrence Powell, originally published on GoFossilFree.org

A generation ago, students urged colleges to sell their stock in companies doing business in Apartheid South Africa. At least 155 colleges and universities, as well as 26 state governments, 22 countries, and 90 cities, partially or fully divested. One of the first private institutions to divest was Columbia University, whose trustees said in 1978 that they had done so “to maintain educational leadership,” which demanded “ethical and humane positions that give effective expression to our highest national ideals” (Columbia Spectator, June 8, 1978). In 1986, the University of California sold $3 billion in South Africa-related stocks, the largest public institution to do so.

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