While Corporation members maintained during the meeting that Harvard will not divest from the fossil fuel industry, they did say the University is currently not investing in the coal industry.
Harvard University is not legally required to divest from the fossil fuel industry, a Massachusetts Appeals court ruled last week.
Four members of the student activist group Divest Harvard were arraigned and charged with trespassing after staging a sit-in in the lobby of the Boston Federal Reserve, home to the offices of the Harvard Management Company, which manages Harvard’s $37.6 billion endowment.
Police arrested several members of the student activist group Divest Harvard after they staged a sit-in within the lobby of the Boston Federal Reserve Tuesday afternoon, protesting Harvard Management Company’s investment in the fossil fuel industry.
Members of Divest Harvard have shown support and offered protest models for Fossil Free MIT, a student activist group that recently completed a 116-day sit-in to urge the MIT administration to end its investment in the fossil fuel industry.
In 2015, the two committees—the corporation committee, which consists of four members of the Corporation, and the Advisory Committee on Shareholder Responsibility, a 12-member panel of students, faculty, and alumni—voted on 54 proposals.
The pledge asks for an “ambitious agreement” at this winter's United Nations conference on climate change in Paris.
Pedicini, who will leave HMC after just two-and-a-half years, departs after her department suffered criticism from Divest Harvard over the Management Company’s steadfast refusal to fully divest the endowment from the fossil fuel industry.
Faust emphasized the role that universities can have in combatting climate change and lobbied for increased federal funding for research.
The plaintiffs claim in their 113-page appeal that Harvard has mismanaged its endowment by investing in “abnormally dangerous activities."
The event’s headliners included U.S. Senator Edward J. Markey and Harvard English professor James T. Engell ’73.
The study, funded by a lobby organization for the petroleum industry, examined the cost of divestment for Harvard and four other universities.
The report comes as environmental activists at Harvard and elsewhere call for colleges and universities to divest from fossil fuel companies.