Harvard Will Not Divest From Fossil Energy, Instead Issues Net-Zero Bullshit For 30 Years From Now
In the lead-up to Earth Day, two wealthy, world-renowned universities made historic decisions about their relationships with fossil fuel companies and commitments to tackling climate change. Oxford passed a motion to divest its endowment from fossil fuels. Harvard, meanwhile, decided to skirt divestment in favor of a plan to “set the Harvard endowment on a path to achieve net-zero greenhouse gas (GHG) emissions by 2050.”
Harvard’s announcement was both mildly celebrated and highly criticized by divestment advocates on campus and beyond, who have put increased pressure on the administration to divest over the last six months. In November, student activists joined their counterparts at Yale to storm the field in protest at the annual Harvard-Yale football game, disrupting the match for more than an hour. In February, the Faculty of Arts and Sciences voted 179-20 in favor of a resolution asking the school to stop investing in companies that are developing new fossil fuel reserves. And a student and alumni climate group collected enough signatures earlier this year to nominate five candidates to the university’s Board of Overseers, which has a say in who manages the endowment, which was valued at $40.9 billion last year.
In a letter explaining the net-zero portfolio plan to faculty, University President Lawrence Bacow said that divestment “paints with too broad a brush” and vowed to work with fossil fuel companies rather than demonize them. “The strategy we plan to pursue focuses on reducing the demand for fossil fuels, not just the supply,” Bacow wrote. The school says its commitment matches the decarbonization timeline set by the Paris Agreement — but it’s not yet clear what it will entail, and whether the school will be able to fulfill it.
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But for divestment advocates, maximizing returns is beside the point. In an op-ed for the Crimson, the campus paper, alumnus Craig S. Altemose criticized Harvard’s net-zero plan for ignoring the question of responsibility for the climate crisis and the fossil fuel industry’s track record of spreading disinformation and lobbying against climate policies. He also argued that the plan is not aggressive enough to meaningfully help the world avoid the worst effects of climate change. In a Medium post, the group Divest Harvard argued that “a good-faith effort to reach carbon neutrality would have acknowledged that divestment is the logical first step.” Oxford University ran with that concept: After its initial announcement to divest, Oxford instructed its endowment managers work toward net-zero across the rest of its portfolio.
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https://grist.org/climate/harvard-didnt-divest-from-fossil-fuels-so-what-does-its-net-zero-pledge-mean/
