Harvard University ignored widely-reported student protests for the institution to divest from fossil fuel holdings, and instead beefed up its brown investments seven-fold during 2014’s third quarter. The Guardian reports:
The new investments increased Harvard’s stake in oil and gas companies – including those involved in the Deepwater Horizon oil disaster and fracking – from $11.8m (£7.8m) to about $79.5m, according to an analysis of Securities and Exchange Commission (SEC) filings by campus divestment activists.
Predictably, this isn’t going over well with those involved, including one of Harvard’s own faculty who labeled those oil and gas investments “blood money.” But the higher-ups at Harvard are apparently more familiar with the goal of investing: making money. The Guardian continues:
Drew Gilpin Faust, Harvard’s president, has rejected fossil fuel divestment as not “warranted or wise”. In October 2013, she wrote: “The endowment is a resource, not an instrument to impel social or political change.”
The divestment movement has never made much sense, so it’s good to see a high-profile institution like Harvard refusing to bow to pressures from those who have allowed green ideals to cloud rational judgment.