Subscribe

University of California completes fossil fuel divestment

The "Follow This Story" feature will notify you when any articles related to this story are posted.

When you follow a story, the next time a related article is published — it could be days, weeks or months — you'll receive an email informing you of the update.

If you no longer want to follow a story, click the "Unfollow" link on that story. There's also an "Unfollow" link in every email notification we send you.

This tool is available only to subscribers; please make sure you're logged in if you want to follow a story.

Please note: This feature is available only to subscribers; make sure you're logged in if you want to follow a story.

Subscribe

LOS ANGELES — The University of California announced Tuesday that it has divested from all fossil fuels, removing them from its $126-billion investment portfolio.

With 285,000 students, UC becomes the largest educational system in the nation to shed such assets in favor of renewable energy such as solar and wind power.

Environmental goals were included in the university’s published investment framework five years ago.

“As long-term investors, we believe the university and its stakeholders are much better served by investing in promising opportunities in the alternative energy field rather than gambling on oil and gas,” Richard Sherman, chair of the UC Board of Regents’ investments committee, said in a statement.

Jagdeep Singh Bachher, UC’s chief investment officer, said the system has sold more than $1 billion in fossil fuel assets from its pension, endowment and working capital pools and surpassed its five-year goal of investing $1 billion in clean energy projects, the Los Angeles Times reported.

In addition to environmental concerns, fossil fuels have been attacked as being risky investments. Coal prices have been declining and oil prices have plunged because of coronavirus stay-at-home orders that have kept people from commuting to work or other venues.

Bachher said there is likely to be “a bumpy and slow global financial recovery in a post-pandemic world.”

Dozens of universities have committed to divesting themselves of at least some fossil fuel assets.

Please read our commenting policy
  • No profanity, abuse, racism, hate speech or personal attacks on others.
  • No spam or off-topic posts. Keep the conversation to the theme of the article.
  • No disinformation about current events. Claims of "Fake News" will be delayed for moderation
  • No name calling. "Orange Menace", "Libtards", etc. are not respectful.
Send a letter to the editor

Our Network

Sonoma Index-Tribune
Petaluma Argus Courier
North Bay Business Journal
Sonoma Magazine
Bite Club Eats
La Prensa Sonoma
Emerald Report
Spirited Magazine