The divestment craze continues. Guess who will pay for the loss of all that revenue from their portfolio?
The University of California announced Tuesday that it has fully divested from all fossil fuels, the nation’s largest educational institution to do so as campaigns to fight climate change through investment strategies proliferate at campuses across the country.
The UC milestone capped a five-year effort to move the public research university system’s $126-billion portfolio into more environmentally sustainable investments, such as wind and solar energy. UC officials say their strategy is grounded in concerns about the planet’s future and in what makes financial sense.
“As long-term investors, we believe the university and its stakeholders are much better served by investing in promising opportunities in the alternative energy field rather than gambling on oil and gas,” Richard Sherman, chair of the UC Board of Regents’ investments committee, said in a statement.
The movement against fossil fuels has mushroomed to encompass more than 1,100 faith, educational, government, corporate and nonprofit institutions with $14 trillion in assets in the last decade, according to 350.org, a global climate justice organization. Among them, more than 50 universities have committed to full or partial divestment.
One question every reporter writing these articles forgets to ask is “well, are you going to stop using fossil fuels for your institutional functions?” Because there is no mention from UC that they are going to replace all their fossil fueled vehicles, and fossil fueled travel for things like their sports teams.
At UC, students began organizing for divestment across all 10 campuses in 2012 and formed Fossil Free UC with staff, faculty and alumni. A major win came in 2017, when UC Santa Barbara Chancellor Henry Yang became the first campus leader to endorse divestment following a three-day occupation of the administration building, according to an account by two UC Santa Barbara students.
Remember this from England
Oxford official to students demanding divestment:
“I am not able to arrange any divestment at short notice. But I can arrange for the gas central heating in college to be switched off w/immediate effect. Please let me know if you support this proposal.”https://t.co/Q0MBDNCjVU
— Steve Milloy (@JunkScience) February 3, 2020
And when the kiddies said the response was flippant, the professor replied “It is all too easy to request others to things that carry no personal cost to yourself.” Well, there doesn’t seem to be any sort of personal cost for the UC system or the kids. Or, is there?
Good news: college system run by Democrats in Democrat run state to raise tuition after refusing to refund students for spring 2020 semester https://t.co/5icdLsobN9
— WilliamTeach2 (@WTeach2) May 15, 2020
In all fairness, this is also due to the massive revenue loss from Coronavirus in multiple ways. Kids aren’t happy, though. Will they be more happy when the revenue from divestment is lost? It won’t be coming back from “green” investments. UC should ban all fossil fueled vehicles from campus. That would be fair, right?
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