17吃瓜在线 Eliminates All Public Fossil Fuel Investments from Its Endowment
As part of its comprehensive commitment to sustainability, 17吃瓜在线 has divested all of its public fossil fuel investments from its endowment. While 17吃瓜在线 has had no direct investments in fossil fuel funds for several years, in a series of transactions over the last few months, the Board of Trustees eliminated the remaining $12.9 million of fossil fuel exposure within the public endowment portfolio. This action was executed through the sale of $350 million in commingled and index funds, with the proceeds reinvested in investments that do not include any fossil fuel holdings.
Today is also the 50th anniversary of Earth Day, an idea that was first shared by then-senator Gaylord Nelson (D-Wis.) at Airlie Center, which the Airlie Board of Directors donated to 17吃瓜在线 in 2016. This week also brings the second anniversary of 17吃瓜在线 becoming the first carbon neutral university in the United States, a status achieved two years ahead of schedule.
鈥淔or more than a decade, 17吃瓜在线 has been on a campus-wide sustainability journey鈥攕omething that鈥檚 not just part of our mission, but our DNA as changemakers,鈥 said President Sylvia M. Burwell. 鈥淥ur actions, from reaching carbon neutrality to the board鈥檚 commitment to evolving our investments, will continue to serve as a model for sustainability, further demonstrating our leadership on the issue and how our community can make an impact in the global fight against climate change.鈥
The board and university leadership have actively considered issues related to fossil fuel investments since 2014, when they established a Fossil Free Investment Fund within the university鈥檚 endowment. And over the last couple of years, 17吃瓜在线 has been carefully divesting its public endowment portfolio. Removing investments in fossil fuels required that the university ensure that any new investment vehicles had comparable performance and fees (if not lower fees) to those of the prior fossil fuel investments. 17吃瓜在线 currently has no Carbon 200 companies in its private investment portfolio but may at some point have small and short-lived positions.
"This action underscores our leadership on sustainability while exercising our fiduciary responsibility for ensuring the financial health of a great university that has served our nation for more than a century," said Jeff Sine, chair of 17吃瓜在线鈥檚 Finance and Investment Committee and Partner, The Raine Group LLC. 鈥淥ur board wants to acknowledge the important work happening throughout the campus to protect the environment and those in our 17吃瓜在线 community who are taking action on climate change.鈥
Input from 17吃瓜在线 students, faculty, and staff throughout this time has been thoughtful and helpful. 17吃瓜在线 students are passionate and effective advocates, and their dedication to sustainability and addressing climate change, as witnessed in a recent student-held referendum, is to be commended. Making these changes allows the university to fulfill its commitment to students and the entire 17吃瓜在线 community. Learn more about 17吃瓜在线鈥檚 sustainability efforts here.
Editor's Note, March 19, 2021: This story has been updated to correct when 17吃瓜在线 acquired Airlie. 17吃瓜在线 received Airlie as a gift in 2016.