Harvard University is ending its investments in fossil fuels, the school’s president said on Sept. 9, drawing praise from divestment activists who had long pressed the leading university to exit such holdings.
In a letter posted on Harvard’s website, President Lawrence Bacow said the school’s endowment had no direct investments in fossil fuel exploration or development companies as of June and will not make such investments in the future, “given the need to decarbonize the economy.”
The university’s indirect investments in the fossil fuel industry “are in runoff mode,” he added. The indirect investments, made through private equity funds, make up less than 2% of the endowment, Bacow wrote.
Recently valued at about $42 billion, the most of any university, the school’s endowment has been under pressure for years from students, alumni and other activists to sell off its fossil fuel holdings as a way to slow climate change.
Others have called such moves only posturing. In May an activist fund took a different tack and won three seats on ExxonMobil Corp.’s board, vowing to reform the leading oil company’s climate record.
Representatives for the Cambridge, Massachusetts school did not immediately provide further details.
For most of the past decade previous Harvard officials had resisted calls to sell fossil fuel stocks but more recently changed course under new leaders including Bacow, president since 2018.
Internal pressure for divestment has also grown, including from young members elected to one of Harvard’s leadership boards last year on a divestment platform.
Divest Harvard, one of the activist groups, on Twitter described the move as “a massive victory for our community, the climate movement, and the world—and a strike against the power of the fossil fuel industry.”
Recommended Reading
Midstream Operators See Strong NGL Performance in Q4
2024-02-20 - Export demand drives a record fourth quarter as companies including Enterprise Products Partners, MPLX and Williams look to expand in the NGL market.
Enbridge Sells Off NGL Pipeline, Assets to Pembina for $2.9B
2024-04-01 - With its deal to buy Enbridge’s NGL assets closed, Canada's Pembina Pipeline raised EBITDA guidance for 2024.
Targa Resources Forecasts Rising Profits on 2024 Exports
2024-02-20 - Midstream company Targa Resources reports a record fourth quarter in volumes and NGL fractionation.
Post $7.1B Crestwood Deal, Energy Transfer ‘Ready to Roll’ on M&A—CEO
2024-02-15 - Energy Transfer co-CEO Tom Long said the company is continuing to evaluate deal opportunities following the acquisitions of Lotus and Crestwood Equity Partners in 2023.
Williams Beats 2023 Expectations, Touts Natgas Infrastructure Additions
2024-02-14 - Williams to continue developing natural gas infrastructure in 2024 with growth capex expected to top $1.45 billion.