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UC fully divests from fossil fuels; largest university to do so – Los Angeles Times

(LA TIMES) Teresa Watanabe, May 20, 2020

The University of California announced Tuesday that it has fully divested from all fossil fuels, the nation’s largest educational institution to do so as campaigns to fight climate change through investment strategies proliferate at campuses across the country.

The UC milestone capped a five-year effort to move the public research university system’s $126-billion portfolio into more environmentally sustainable investments, such as wind and solar energy. UC officials say their strategy is grounded in concerns about the planet’s future and in what makes financial sense.

“As long-term investors, we believe the university and its stakeholders are much better served by investing in promising opportunities in the alternative energy field rather than gambling on oil and gas,” Richard Sherman, chair of the UC Board of Regents’ investments committee, said in a statement.

The movement against fossil fuels has mushroomed to encompass more than 1,100faith, educational, government, corporate and nonprofit institutions with $14 trillion in assets in the last decade, according to 350.org, a global climate justice organization. Among them, more than 50 universities have committed to full or partial divestment.

Source: https://www.latimes.com/california/story/2020-05-19/uc-fossil-fuel-divest-climate-change