Dear Students, Faculty, Staff, Alumni, and other members of the Santa Clara University community,
In June of 2015, Michael Hindery, SCU’s Vice President for Finance & Administration, sent an email to all campus affiliates on the topic of fossil fuel divestment. This letter formally laid out the administration’s stance on the issue for the first time.
For the past two and a half years, Fossil Free SCU has advocated for the immediate cessation of new investments in fossil fuel extraction companies and complete divestment from these corporations within five years. The fossil fuel industry perpetuates an oppressive system that marginalizes the poor and disenfranchised communities our Jesuit values call us to protect.
The word “divestment” is nowhere to be found in the nearly 200 pages of the papal encyclical released Thursday, but by addressing the threat of climate change in such a forceful way, Pope Francis is likely to add momentum to the movement by big institutions to sell holdings tied to fossil-fuel stocks.
(Vatican Radio) A Catholic university in the United States has announced its decision to begin divesting coal and fossil fuels from its investment portfolio. The University of Dayton, a Marianist University, is believed to be the first Catholic university in the nation to take the step.
“I think that first of all, when you look at the whole issue of sustainability, it’s coming to the forefront in the country… amongst our students it’s a very important issue,” said Dr Daniel J. Curran, president of the University of Dayton. “But when we looked at some of the positions of the Church in general, and the University’s stated mission, it became very important.”
The Norwegian Parliament has just ordered its $A1.15 trillion Sovereign Wealth Fund to divest from coal. This represents the largest single divestment from fossil fuels in human history, and our biggest sign yet that the age of coal is over and the financial case for investing in fossil fuels is likely to disintegrate.