Rutgers board votes to divest its financial portfolio of fossil fuels
Acting on a recommendation from a committee of faculty, students, and staff, Rutgers University said Tuesday it will take steps to divest its financial portfolio from coal, oil, and natural gas over the next decade and refrain from any future investments in them.
About $80 million, or 5% of the university's $1.6 billion endowment, is invested in those so-called fossil fuels, the university said. Sixty percent of the investments are in private funds, and the university committed to divesting from those within the next 10 years, though board members said they expected it to happen sooner.
The rest are in public equity or fixed income accounts, and the school said it would exit those within a year and reinvest in "more environmentally friendly versions of those indices." The university also committed to looking for new investments in renewable energy and energy-efficiency areas.
"This decision aligns with Rutgers' mission to advance public health and social justice," president Jonathan Holloway said in a statement, following a vote by the board of trustees. "While the university has taken steps recently to limit investments in this area, approving a policy of divestment from fossil fuels is a significant expression of the values of our institution and our broader community."
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