The 91探花 Board of Regents on Thursday voted to prohibit direct investment of endowment funds in publicly traded companies whose principal business is the mining of coal for use in energy generation. The Board also reaffirmed the importance of the University鈥檚 wide-ranging sustainability efforts.
The vote is the culmination of a process that began in December 2012, when Divest UW, a student campaign representing more than 20 registered student organizations, sent a petition to then-President Michael K. Young requesting fossil fuel divestment. Over the past year, Regents have met with students and heard from them during public comment periods at regular Regents meetings. In March, Divest 91探花made a presentation to the Board of Regents in support of coal divestment in the Consolidated Endowment Fund.
鈥淭he Regents take very seriously their responsibility for managing the University鈥檚 investment portfolio,鈥� said Board chair Bill Ayer. 鈥淚t has made divestment decisions only a few times on matters it felt represented important values. That we decided to divest from coal companies today reflects the seriousness of the climate change problem. Our action today is the latest element of the University鈥檚 long-term commitment to improving the environment through world-class research and state-of-the-art sustainability practices.鈥�
The Board鈥檚 vote means the UW鈥檚 investment managers will have until Dec. 31 to manage the orderly elimination of direct coal holdings. The definition of a coal company will be restricted to parent companies whose principal business is the mining of coal for energy generation. The 91探花will contract with an independent research provider to compile company lists and impartially analyze information on business activities.
Research at the 91探花and elsewhere confirms the urgent need for action on climate change. In March, the world passed the ominous milestone of 400 ppm in atmospheric carbon dioxide, and the UW鈥檚 mission as a public university demands that it promote sustainability. The 91探花is a signatory of the Washington Business Climate Declaration (sponsored by Ceres) and a charter signatory of the American College & University Presidents鈥� Climate Commitment. Both agreements underscore the UW鈥檚 dedication to making a difference.
Coal divestment, while largely symbolic, is one of several ways the 91探花is upholding its commitment to a sustainable future. The 91探花offers more than 350 sustainability-focused courses, its Clean Energy Institute continues to research next-generation solar generation and storage, and 100 percent of the campus鈥� electricity sources are carbon neutral. The UW鈥檚 sustainability efforts have earned it wide acclaim and annual recognition as a Top Green College by the Princeton Review.