Becoming the first major university to do so, the University of Massachusetts announced Wednesday that it will divest from fossil fuels. The university’s endowment totals $770 million. The movement for divestment was started by UMass students. “Important societal change often begins on college campuses and it often begins with students. I’m proud of the students and the entire University community for putting UMass at the forefront of a vital movement, one that has been important to me throughout my professional life,” UMass President Marty Meehan said in a release.
The decision to divest was made by the Board of Directors of the UMass Foundation, a separate not-for-profit corporation that oversees the endowment. “The Foundation’s primary responsibility is a fiduciary one. Its primary mission is overseeing the endowment in an effort to maximize returns on funds donated for research, academic programs, financial aid and other purposes. That we took this step reflects not just our comfort as fiduciaries but the seriousness with which we see climate change,” said Foundation Treasurer and Investment Committee Chairman Edward H. D’Alelio.