Smith College votes in favor of fossil fuel divestment
NORTHAMPTON, Mass. (AP) — A Massachusetts college has announced it will divest all its fossil fuel investments within the next 15 years.
The Daily Hampshire Gazette reports that Smith College of trustees voted in favor of divestment Friday.
The women’s college in Northampton will direct an outsourced endowment management firm to implement “an immediate phaseout of all current investments with fossil-fuel specific managers.”
According to the college’s website, 6.4% of its $1.9 billion endowment is indirectly invested in fossil fuels.
Emma Freedman, a student organizer with Divest Smith College, celebrated the school’s announcement but says a 15-year plan “is not rapid enough.”
Trustees Chairwoman Deborah Duncan says the current timeline is an estimate and the administration “would be happy if it would be faster.”
Information from: Daily Hampshire Gazette (Northampton, Mass.), http://www.gazettenet.com