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The University of California Is Dumping Fossil Fuel Investments
Key Excerpts from Article on Website of Time/Associated Press

Time/Associated Press, September 17, 2019
Posted: October 6th, 2019

The University of California is dumping fossil fuel investments from its nearly $84 billion pension and endowment funds because they are a financial risk, its top financial officers announced. Our job is to make money for the University of California, and were betting we can do that without fossil fuels investments, said an opinion article in the Los Angeles Times written by Jagdeep Singh Bachher, UCs chief investment officer and treasurer, and Richard Sherman, chair of the Board of Regents Investments Committee. UCs $13.4 billion endowment fund will be fossil free by the end of the month and its $70 billion pension fund will soon be that way, the article said. The article appeared the same day that UC announced its president and chancellors had signed a letter declaring a climate emergency, joining more than 7,000 colleges and universities around the world. The UC leaders agreed to increase climate research and environmental education and to achieve climate neutrality by 2025. We have a moral responsibility to take swift action on climate change, UC President Janet Napolitano said. The 10-campus system has been shedding fossil fuel investments for several years. It previously dumped several hundred million dollars worth of investments in coal, tar sands and companies building a Dakota-to-Illinois oil pipeline.

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