Seattle University to divest endowment from fossil fuels
SEATTLE (AP) — Seattle University says it will become the first university in Washington state to completely divest its endowment from fossil fuels.
The Seattle Times reports that within the next five years, the school will no longer have any of its $230 million endowment in the funds and securities of fossil-fuel companies.
University President Stephen Sundborg says the moral imperative for the action is clear, and he hopes other organizations will follow suit.
Many other student environmental groups across the state have asked their universities to combat climate change by divesting from fossil fuels.
In 2015, the University of Washington divested its endowment from coal, which amounted to less than 1 percent of all investments. At the time, the UW Board of Regents approved a resolution saying they did not recommend ending investments in other fossil fuels, such as oil and gas, because it would hurt the school’s endowment too much.
Information from: The Seattle Times, http://www.seattletimes.com