Tuesday 24 June 2014

US University to ditch fossil fuel investment

A Catholic university in the US has pledged to stop investing in fossil fuel projects.

The University of Dayton said it will begin divesting coal and fossil fuels from its $670 million (£394.7m) investment pool following unanimous approval from its board of trustees.

It will initially eliminate fossil fuel holdings from its domestic equity accounts and develop plans to do the same from international holdings as more investment will be aimed towards green and sustainable technologies.

It has also pledged to restrict future investments in private equity or hedge funds whose investments support fossil fuel or “significant carbon-producing holdings”.

Daniel J. Curran, University of Dayton President said: "We cannot ignore the negative consequences of climate change, which disproportionately impact the world's most vulnerable people.

"Our Marianist values of leadership and service to humanity call upon us to act on these principles and serve as a catalyst for civil discussion and positive change that benefits our planet."