Sunday, May 20th, 2018

University of California task force won’t support divesting fossil-fuel holding

By Joaquin Palomino SAN FRANCISCO (Reuters) – A University of California panel announced recommendations on Wednesday to combat climate change and make the university more sustainable, but declined to endorse shedding its fossil fuel holdings from its $91 billion invesment portfolio. The university’s Task Force on Sustainable Investing suggested sinking more than $1 billion over a five-year period into climate change solutions, and greatly expanding its use of solar energy in an effort to make the university system carbon-neutral by 2025. “We are looking under every rock in the university system for ways to alleviate the effects of climate change,” said Dianne Klein, a spokeswoman for UC President Janet Napolitano. While the 11-person task force reached unanimous agreement on the importance of addressing climate change, the majority opposed divesting the university’s $10 billion in fossil fuel-related companies and funds.

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