“Fewer Funds for Fossil Fuels,” Schools Decide

Prestigious universities and pension funds across the United States and Canada are massively divesting from fossil fuels, to be on the right side of history.

“The slowdown in funding for new projects means that oil companies will instead need to focus on squeezing every last drop of profit out of older ones while keeping a closer eye on environmental concerns. They’re not going to be focused on growth,” says an executive at the investment giant Morningstar. “They’ll be more in a holding situation, and focusing on cost efficiencies, and reducing their carbon footprint.”

The 20 richest schools in America have a total worth of $322 billion, and half of them – including Harvard – have already divested from fossil fuels, following decades of pressure from activists. Pension funds have also joined the fight, like the Caisse de Dépôt et de Placement du Québec, Canada’s second-biggest pension fund and world’s twelfth, with a $315 billion divestment. And in the U.S., New York City and New York State, for example, each removed more than $200 billion from fossil fuel financing.