Wednesday 22 April 2020

Harvard’s investment portfolio ‘to become carbon-neutral by 2050’

The Harvard Corporation has pledged to extend its net zero goals to its investment portfolio and has directed the Harvard Management Company (HMC) to develop a plan to achieve net zero greenhouse gas (GHG) emissions by 2050.

According to the announcement, HMC will collaborate with faculty and other experts to develop a methodology for calculating GHG emissions and work with its external asset managers to increase transparency and measure their portfolio’s emission levels.

It says Harvard Corporation, the university's highest governing body, asked HMC for an update by the end of the year to outline how it plans to achieve net zero emissions.

Larry Bacow, Harvard's President said: “With this commitment, our focus is on reducing the demand for fossil fuels, an action that is consistent with the university’s overall commitment to reduce our operational carbon footprint.

“It will require us to work with other investors to develop tools to monitor the carbon footprint of our investment managers. If we are successful, we will reduce the carbon footprint of our entire investment portfolio and achieve net zero greenhouse gas emissions.”

The university has previously pledged to be fossil fuel-free by 2050 and fossil fuel-neutral by 2026 in the operations and maintenance of the campus.