Syracuse University announced Tuesday that it will decrease its financial stake in fossil fuels while looking for additional investments for its endowment in renewable energy companies.
The announcement follows a February meeting between administrators and members of the student group Divest S.U., which has staged rallies to encourage the university to sell off its investments in fossil fuel companies. Divestment also was one of the demands made by a group of students who staged an 18-day sit-in last semester.
The university did not respond to an inquiry about how much of its endowment would be affected by the decision to divest. In the announcement, Syracuse said it won’t “directly invest in publicly traded companies whose primary business is extraction of fossil fuels.” The university also will direct its external investment managers to try to prohibit investing in fossil fuels as well, according to the announcement.
Despite ongoing campaigns from students, most colleges have refused requests to divest from fossil fuels.
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