Students for a Just and Stable Future
We call upon Harvard to divest from the top 200 publicly-traded companies that own the majority of global fossil fuel reserves and to reinvest in socially responsible funds.
Global warming has already begun to take its toll on our communities. Hurricane Sandy’s devastating power, the scorching drought across the Midwest, and the wildfires that raged through Colorado this year demonstrate the damage that global warming can cause to our society and economy. Unless we act quickly, the lives of millions–if not billions–of people will be lost.
Higher education institutions like Harvard exist as investments in the future for their students and their countries. Yet, while investing in our future, Harvard simultaneously invests its money in corporations that threaten our future and that of our country by causing the climate crisis.
The top 200 publicly-traded fossil fuel corporations own 2,795 gigatons of carbon in their reserves, but we can only burn 20% of that– 565 more gigatons– if we want to stay under 2 degrees Celsius (the upper warming limit set by the UN). The share prices of fossil fuel corporations are inflated by the illusion that all 2,795 of the gigatons of carbon in their reserves will be burnt and become profit, a scenario completely incompatible with any hope for a stable future society. Harvard thus puts its endowment at risk by investing in fossil fuel corporations whose value must plummet when the “carbon bubble” bursts.
Harvard has stood for centuries as a beacon of knowledge, discovery, and service and should not put its long-term survival at risk for small short-term gains. Investing in fossil fuel corporations jeopardizes Harvard’s institutional resilience and integrity as well as the future of its students.
It is time for our Harvard to divest from global warming.
Divest Harvard is supported by SJSF’s community partners Better Future Project and 350.org.
