UC has announced recently that they have “fully divested” from all fossil fuels in an effort to slow the affects of climate change. The milestone was a 5 year effort to move the system’s $126B portfolio into environmentally sustainable sources of energy like wind and solar. 50 other universities have joined this mission either fully or at least partially.
Environmentalists have called this “groundbreaking” due to the size of the portfolio and the potential to educate its 285,000 students.
Richard Brooks, a strategist with 350.org, said “It’s the largest and one of the most recognizable universities in the nation … if they can do it, any other university can do it.”
The University’s chief investment officer (Jagdeep Singh Bachher) and the chair of the UC Board of Regents’ investment committee (Richard Sherman) released a duel statement, saying, “Our job is to make money for the University of California, and we’re betting we can do that without fossil fuels investment.”