University of California divests fully from fossil fuels

The University of California (UC) announced on Tuesday 19 May it has fully divested from all fossil fuels, America’s largest educational institution to do so as campaigns to fight climate change through investment strategies proliferate at campuses across the country, writes Teresa Watanabe for the Los Angeles Times.

The UC milestone capped a five-year effort to move the public research university system’s US$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.
Full report on the Los Angeles Times site