New England Institutions Divest Endowment from Fossil Fuel Industries

Thursday, January 17, 2013

The Board of Trustees at Unity College in Maine has voted to divest their endowment from fossil fuel industries. Now, the Harvard College Undergraduate Council has announced they want Harvard University to divest its $30.7 billion endowment from fossil fuels.

Most American academic institutions, such as colleges and universities, function in part off of financial endowments. A financial endowment is a transfer of money and/or property donated to an institution. The total value of an institution's investments is often referred to as the institution's endowment and is typically organized as a public charity, private foundation, or trust. The endowments finance portions of the operating or capital requirements of the institution.

The "college divestment movement" is saying to big oil, we do not want your money. The movement is now at 50 universities and backed by The Better Future Project and 350.org.

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