BURLINGTON, Vt. (AP) — The University of Vermont’s Board of Trustees voted unanimously Tuesday afternoon to divest the university’s endowment of fossil fuel investments.
The university says it will immediately end new direct investment in fossil fuels and will fully divest from public investments in fossil fuels by July 2023.
It will allow pre-existing multi-year private investments, which it stopped acquiring in 2017, to lapse.
UVM will continue investing in opportunities that focus on sustainability, climate change and mitigation.
President Suresh Garimella says divesting from fossil fuels is the right thing to do, given the school’s history and longstanding commitment to sustainability.
“As the climate crisis deepens, divestment — here and at other schools — is also the right thing to do for our environment and future generations," he said in a statement. "As we work to have a tangible effect on emissions, divesting brings attention to the global need for governments, organizations and individuals to aggressively confront the challenge of climate change.”