Harvard University, one of the richest and most prestigious colleges in the United States of America, released a statement disclosing that it will end all investments in fossil fuels. According to Harvard’s self-published news update, climate change is a “consequential threat”. Harvard goes on to reference the findings of the Intergovernmental Panel on Climate Change’s Sixth Assessment Report. The IPCC’s sixth assessment is its latest report that outlines the physical evidence and environmental tolls of climate change.
To some extent, its apparent that Harvard recognizes the emerging need to decarbonize on an international scale. Earlier this year (2021), Harvard Management Company (HMC) announced that it had already ceased all direct investments in companies that pursued fossil fuels. Harvard admits that HMC has legacy investments that are still indirectly tied up in “private equity funds with holdings in fossil fuel industries”.
According to Harvard, HMC has no interest in renewing these legacy investments once the relevant partnerships end or are liquidated. If Harvard and HMC are in fact serious about being conducive to the clean energy transition, then they are setting a standard for other institutions and companies to follow.
Beyond HMC’s vow to achieve net-zero greenhouse gas emissions within its own operations by July 2023, its also collaborating with the Carbon Disclosure Project, Principles for Responsible Investment, and Climate Action 100+. These organizations all, in some way or another, help manage carbon and fossil fuel outputs from governments and other entities. Students, athletes, and Harvard’s sports attendees have been floating banners that read “Divest Harvard” on them. Tweets from Al Gore, to Environmental expert, Bill McKibben, highlight just how celebrated Harvard’s news about ending new investments is.
HARVARD JUST DIVESTED FROM FOSSIL FUELS.— Bill McKibben (@billmckibben) September 9, 2021
Because great activists never let up.
They don’t use the word ‘divestment,’ but they said they have no direct investments left, will make no new ones, and that their indirect investments are in ‘runoff mode’ and will be allowed to expire
After years of activism from students, faculty & alums, Harvard is finally divesting from fossil fuels. Thank you to @DivestHarvard and all those who pushed to make this happen. Let this be a strong signal to other institutions that the era of fossil fuels is coming to a close.— Al Gore (@algore) September 10, 2021