The San Diego Union Tribune reports:
Top financial officials with the University of California announced Tuesday morning in an opinion article in the Los Angeles Times that the school system plans to undertake a major divestment from fossil fuels.
The stocks and bonds to be sold off are currently part of UC’s $13.4 billion endowment and $70 billion pension fund.
The article — penned by Jagdeep Singh Bachher, UC’s chief investment officer and treasurer and Richard Sherman, chairman of the UC Board of Regents’ Investments Committee — comes after faculty across the 10-campus system held a historic vote in July to demand divestment of the endowment.
“I have been hearing rumors about this, but I was surprised that they included the pension plan,” said Eric Halgren, a UC San Diego professor who played a key role in organizing the push for divestment.
There's more:
“We believe hanging on to fossil fuel assets is a financial risk,” they wrote. “That’s why we will have made our $13.4-billion endowment ‘fossil free’ as of the end of this month, and why our $70-billion pension will soon be that way as well.”
The wack jobs will no longer have a voice at the table since they aren't going to be shareholders.
