Natural Disasters

In response to pressure from students, faculty — and apparently alumni — who oppose Harvad's Endowment's refusal to divest its fossil fuel stocks, Harvard University’s President Drew Faust’s office issued her second statement on climate change and sent a an email link to Harvard alumni. (N.B.: I am one). Instead of divesting, Harvard will become a signatory to the UN Principles of Responsible Investing and the Carbon Disclosure Project. Alumni are also asked to contribute to a $20 million Climate Change Solutions Fund. Harvard is chipping in $1 million. Meh… I was not alone in my reaction. My email was buzzing with disappointed environmentalists and sustainability investment managers. 100 Harvard faculty members posted a letter objecting to Harvard’s failure to divest. Students who worked so hard for divestment must be crushed. But really, even Harvard’s full commitment to fossil fuel divestment would be symbolic. Only $33.6 million of the fund’s $33 billion is invested in fossil fuels. And even Harvard’s entire endowment pales in comparison to the reserves the fossil fuel industry holds, valued at $27 trillion. Or the $100 million a day Exxon alone spends in exploration.