Thread by @EmilyLyWilliams

The University of California has gone fossil free!!! After 6+ years of campaigning, the UC officially announced it’s pulling its $13.4 endowment and $70 pension out of fossil fuel investments... this is a huge win for people and planet. #FossilFreeUC THREAD/ 1/

Eric Halgren (faculty at UCSD) and others just got out of a meeting with the Regents and Chief Investment Officer and have confirmed that the UC is divesting the endowment and pension from fossil fuels (keep an eye out for the official press release). 2/

This includes divesting from: all stocks, bonds, directly & indirectly managed funds, private and public, and companies involved downstream (pipelines, etc.). They’re also going to look at potentially increasing green investments. THIS IS A BIG VICTORY! 3/

This would not have been possible without the countless hours of campaigning by students, faculty, staff, and alums. This is a win of a thousand people over 6 years of campaigning and many more of laying the groundwork. 4/

Back in 2013, we showed up at the Regents meeting with this sign -- we knew time was running out to act. If that was the 11th hour, then it’s nearing midnight now...and I can’t tell you how relieved I am that they finally decided to divest. 5/

Divestment alone won’t solve climate change, but by divesting the largest endowment yet, the UC signaled to all other institutions that the time for fossil fuels dominating our society and our political economy is over. It’s time to relegate fossil fuels to the history books. 6/

Jagdeep Baccher (the UC’s Chief Investment Officer) and Regent Sherman published this op-ed yesterday in the LA Times making the big announcement and describing why the UC divested: 7/

latimes.com/opinion/story/…

The two men speak of fiduciary responsibility, of cutting ties with a high risk industry. They speak about how they listened to the opinions of students & faculty, yet made a calculated/objective choice based solely on financial prudence. 8/

Well, to a degree, they’re right. Fossil fuels are a bad investment. We’ve been telling them for that for 6 years. The UC took its time to decide, but we applaud that they made the decision. 9/

But is fiduciary responsibility really the only reason they divested? It just so happens that they made this announcement mere months after 77% of faculty across the UC system voted to divest from fossil fuels. 10/

If they had divested back in 2013, the UC would have made more money -- the fossil fuel industry has been underperforming the S&P500. Alas, hindsight is 20/20. 11/

sciencedirect.com/science/articl… ; ieefa.org/ieefa-report-f…

You know what else is clear? That 97% of climate scientists agree that climate change is human-driven (and the other 3% used bad methods in their research). That concentrations of carbon dioxide have broken 400ppm. That this year had the hottest summer. 12/

Fossil fuels are devastating people around the world and in California - from deadly fires to extreme heatwaves to the daily lived existence of living next to oil wells. While governor (& UC Regent), Jerry Brown permitted 20,000 oil wells; the UC has a legacy to undo. 13/

Students, faculty, alums, and *chancellors* have had that clarity of vision and have thus called on the university for 6+ years to cut ties with this industry. After all, what good is education on an unlivable planet? 14/

pacbiztimes.com/2017/05/11/ucs…

Fossil fuels are a risky investment, and a morally bankrupt one too. Divestment got us to talk about the role of the fossil fuel industry - it has shined a light on their contribution to climate change & in spreading disinformation about climate science. 15/

Divestment was never about financially bankrupting these companies; it was always about socially bankrupting them. Though, if this catalyzes other institutions to divest and we do manage to financially bankrupt them… 16/
bit.ly/money_climate

This is a huge victory - and a sorely needed one in 2019. But the work doesn’t end here. The next stage is reinvestment (like Our Power Campaign). It’s holding fossil fuel companies accountable for unavoided climate destruction. 17/
climatejusticealliance.org/workgroup/rein…

The point is we still have a lot of work to do in a lot of different fights. So what are you involved in? It’s not too late to start organizing with a campaign… or two :) Why not start by joining the #climatestrike on September 20-27? 18/

globalclimatestrike.net

Sincerely, a very happy PhD Student.

Your turn, @DivestHarvard ;)

@billmckibben @beccarast @celiaalario @leahstokes @alyssaleeeeeeee @theolequesne @v_fernie ...and so many others!

end of thread/

Clarification: Th UC is divesting its $13.4 BILLION endowment and $70 BILLION pension!