Originally published at Fund Fire
February 5, 2020 by Aziza Kasumov
Harvard University’s faculty on Tuesday voted overwhelmingly in favor of a motion advising the school to dump all its fossil fuel holdings, the latest in a string of divestment efforts targeting one of the country’s largest university endowments.
The faculty voted 179 to 20 in support of the motion, which advises university leadership to instruct the Harvard Management Corporation (HMC), the organization managing the school’s $41 billion endowment, to sell all its investments in the discovery and development of fossil fuels. The proposal also asks HMC to fire external asset managers unwilling to follow those instructions.
Endowment divestment campaigns across the country have also surged in recent months, building on that momentum, says Alyssa Lee, director of Divest Ed, a support organization for campus activists. On Feb. 13, at least 50 colleges, including Harvard, will host fossil fuel divestment events.
“There’s absolutely an uptick in activism and campaigns,” says Lee, adding that campaigns are also spreading more toward the Mid-Atlantic and Midwest regions.