umass.edu – BOSTON – The University of Massachusetts today became the first major public university to divest its endowment from direct holdings in fossil fuels. The decision was made by a unanimous vote of the Board of Directors of the UMass Foundation, a separate not-for-profit corporation that oversees an endowment whose value was $770 million at the end of the last fiscal year.
The decision followed a series of developments that signaled the University community’s desire to fight climate change. Last year, the Foundation voted to divest from direct holdings in coal companies in response to a petition from the UMass Fossil Fuel Divestment Campaign, a student group. The UMass Board of Trustees later endorsed the Foundation’s decision and described climate change as “a serious threat to the planet.” Last month, the Campaign staged a series of demonstrations at UMass Amherst to call for divestment from all fossil fuels.
Categories: Election 2016