UC’s investment portfolios fossil free; clean energy investments top $1 billion.
https://www.universityofcalifornia.edu/press-room/uc-s-investment-portfolios-fossil-free-clean-energy-investments-top-1-billion
Source: By UC Office of the President.
Excerpt: The University of California Office of the Chief Investment Officer of the Regents announced today (May 19) that its investment portfolios are fossil free after the sale of more than $1 billion in assets from its pension, endowment and working capital pools. At the same time, the office has surpassed its five-year goal of investing $1 billion in promising clean energy projects. Both moves are in accord with UC Investments’ comprehensive ESG (environmental, social and governance; https://www.ucop.edu/investment-office/sustainable-investment/index.html) policy, which requires weighing environmental, social and governance issues as an essential risk factor in making all investment decisions and broadly aligns with UC’s systemwide sustainability efforts. “Today’s announcements on our investment strategy underscore our hopeful view of the future,” said Richard Sherman, chair of the UC Board of Regents’ Investments Committee. “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.” ...UC’s Chief Investment Officer Jagdeep Singh Bachher noted that UC Investments’ journey with ESG began five years ago and that the office sold all its coal and oil sands assets a year later. “Today we remain convinced that continuing to invest in fossil fuels poses an unacceptable financial risk ...“While we certainly could not have predicted the speed nor depth of the recent downturn in the traditional energy sector, signs point to a structural shift — not merely another cycle of boom or bust. ...Said UC President Janet Napolitano, “The University of California uses more green power than any other university in the nation, and we are also the leader in the amount of renewable electricity we generate on our campuses. Sustainable climate solutions and sustainable investing are more important than ever....
Source: By UC Office of the President.
Excerpt: The University of California Office of the Chief Investment Officer of the Regents announced today (May 19) that its investment portfolios are fossil free after the sale of more than $1 billion in assets from its pension, endowment and working capital pools. At the same time, the office has surpassed its five-year goal of investing $1 billion in promising clean energy projects. Both moves are in accord with UC Investments’ comprehensive ESG (environmental, social and governance; https://www.ucop.edu/investment-office/sustainable-investment/index.html) policy, which requires weighing environmental, social and governance issues as an essential risk factor in making all investment decisions and broadly aligns with UC’s systemwide sustainability efforts. “Today’s announcements on our investment strategy underscore our hopeful view of the future,” said Richard Sherman, chair of the UC Board of Regents’ Investments Committee. “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.” ...UC’s Chief Investment Officer Jagdeep Singh Bachher noted that UC Investments’ journey with ESG began five years ago and that the office sold all its coal and oil sands assets a year later. “Today we remain convinced that continuing to invest in fossil fuels poses an unacceptable financial risk ...“While we certainly could not have predicted the speed nor depth of the recent downturn in the traditional energy sector, signs point to a structural shift — not merely another cycle of boom or bust. ...Said UC President Janet Napolitano, “The University of California uses more green power than any other university in the nation, and we are also the leader in the amount of renewable electricity we generate on our campuses. Sustainable climate solutions and sustainable investing are more important than ever....