Smart People Do Smart Things, Sometimes Very Late

BREAKING: After a decade of constant pressure by students, faculty, and alums,
@HARVARD
IS FINALLY DIVESTING FROM FOSSIL FUELS.

While Rupert Murdoch is not even worthy of the “too little too late” moniker, Harvard University is worthy of “better late than never:”

Triumph! Harvard Finally Divests From Fossil Fuel

The richest university in the world capitulates after a decade of activism

The end came, as ends often do, quietly: at midafternoon today Harvard president Larry Bacow released a letter to Harvard students, faculty, and alumni. He didn’t use the word ‘divestment’–that would have been too humiliating–but he did say that the richest university on earth no longer had any direct investments in fossil fuel companies, and that its indirect investments through private equity funds would be allowed to lapse. “HMC has not made any new commitments to these limited partnerships since 2019 and has no intention to do so going forward. These legacy investments are in runoff mode and will end as these partnerships are liquidated.” Continue reading

Fossil Fuel Divestment Debate Settled

Protesters have argued that you shouldn’t try to profit off the end of the world. New analysis shows that, in any event, you won’t. Photograph by David Grossman / Alamy

This is a short read with a big implication; as always we are grateful to Bill McKibben for his weekly newsletter:

The Powerful New Financial Argument for Fossil-Fuel Divestment

A report by BlackRock, the world’s largest investment house, shows that those who have divested have profited not only morally but also financially.

In a few months, a small British financial think tank will mark the tenth anniversary of the publication of a landmark research report that helped launch the global fossil-fuel-divestment movement. As that celebration takes place, another seminal report—this one obtained under the Freedom of Information Act from the world’s largest investment house—closes the loop on one of the key arguments of that decade-long fight. Continue reading