Harvard’s decision to #divest its $40 plus billion endowment fund from fossil fuels is a precedent-setting event that warrants the attention of decisionmakers globally. Here’s why. 🧵
With help from @Climate_Defense, @DivestHarvard students did something that hasn’t been done before: filed a complaint with @MassAGO, arguing that Harvard’s investments in fossil fuels runs afoul of the university’s charitable mission. via @emilypont grist.org/climate-energy…
The complaint continued that the failure of Harvard to divest may be seen as a violation of the law. The issue needed to be vetted using the investigative resources of the @MassAGO. via @thecrimson thecrimson.com/article/2021/5…
While this action from @DivestHarvard is precedent-setting, it happened amidst a larger trend. Earlier this year, @BlackRock noted that large institutional investors are divesting from #fossilfuels—and no fund experienced negative consequences.
https://twitter.com/ieefa_institute/status/1374079476259299328
The financial matter was settled: Investment returns will not be impaired by #divestment. Harvard now needed to reconsider the legal, scientific, political and moral issues at stake, and was in a position where it may have to answer to the state AG.
It’s understandable why Harvard might divest instead of having to answer thorny questions related to its charitable status. Harvard remains an intellectual and ethical compass. The science of fossil fuels and #climate is clear; the investment strategy has not been aligned.
.@Harvard can embrace its leadership role now. It could also help by releasing the memos and relevant reports from advisors that assessed the pros and cons of #divestment. NYC made an important contribution when it released BlackRock’s three volumes. ieefa.org/major-investme…
How Harvard travels the road of a #climatechange leader is important. It will set the stage for discussion and dialogue at the university level—and across the philanthropic and investment landscape nationally and globally. More from Tom Sanzillo. ieefa.org/ieefa-u-s-harv…
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