ESG: Brown University Dumps 90% of Its Fossil Fuel Investments
Brown University has divested 90% of its holdings in companies that extract fossil fuels. In a letter to the campus Wednesday, President Christina Paxson announced the decision. The school’s endowment will eventually liquidate the rest of its holdings.
Paxson said that climate change “may be the single most pressing problem that society faces today.”
She continued and said that scientific evidence proves that “without a rapid transition away from fossil fuels on a global scale, it will become impossible to avert disastrous consequences for humans and the natural environment worldwide.”
Brown University On Climate Change
The university’s $4.2 billion endowment aims to address climate change beyond just divestment.
“Brown is playing a leadership role in improving Rhode Island’s resilience to climate change,” Paxson said. She also noted that the school will encourage investors to reduce exposure to fossil fuels and help boost sustainable technologies. In addition, she pledged that the school will continue to apply ESG standards in all investment decisions.
The school is also working to reduce its carbon footprint by a substantial amount in the years ahead. It says it will reduce emissions by 75% by 2025 and will be net-zero on emissions by 2040. Furthermore, the school has several projects to incorporate wind and solar power to help it achieve its initial goal.
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