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November 10, 2021

Dorothy Slater Hannah Story Brown

Blog Post 2020 Election/TransitionClimate and EnvironmentIndependent Agencies

A Fossil Fuel-Aligned Investment Executive Is Biden's Final Nominee to Manage Federal Retirement Funds

Harvard President Larry Bacow announced mid-afternoon on September 9th that the Ivy League university — whose 53.2 billion endowment exceeds the GDP of over 100 countries — would officially end its investments in fossil fuels. That announcement set off a domino reaction of divestment announcements from Dartmouth, the California State University system, Boston University, the University of Minnesota, the University of Toronto, the MacArthur Foundation, the Ford Foundation, the Netherlands’ largest pension fund, and hundreds of other groups. They appear to see the writing on the wall that fossil fuel investments, beyond being morally egregious, are also no longer profitable.