By Staff for Pacific Coast Business Times - After a four-day sit-in, UC Santa Barbara students won the endorsement of Chancellor Henry Yang on the divestiture of the University of California’s $2.8 billion in its endowment from fossil fuel companies. Margaret Klawunn, vice president of student affairs, delivered the statement May 11 on behalf of the chancellor at Cheadle Hall, where around 400 students, faculty and staff took part in the sit-in. “In the coming week, I look forward to working with my fellow chancellors in support of a thorough and transparent discussion on divestment from fossil fuels as part of the UC’s approach to combating the climate crisis,” Yang’s statement said. Investments should instead go toward more sustainable companies, said Cassie Macy, a spokeswoman for the student group Fossil Free UCSB that organized the protest. The first step is to get out of fossil fuels, Macy said, but “we’ve shown them that investments in sustainable companies have almost no difference in financial results. So we think that it’s very important that we invest in these companies that will better our future.” The effects of climate change affect marginalized communities most strongly, said fellow spokeswoman Celeste Argueta, including air quality and coastal erosion.
