Reed College’s Board of Trustees has decided against selling off the college endowment’s investments in fossil fuels, as requested by climate change activists in the campus group Fossil Free Reed.
In a letter issued today to Fossil Fuel Reed, board chairman Roger Perlmutter said the trustees agree that climate change “poses quite possibly the biggest challenge in human history,” but don’t believe the private college should divest its oil, gas and coal company stock holdings.
The trustees were clearly divided, Perlmutter said in the letter. Some were concerned about financial losses resulting from changing investment managers or investment strategies. Others thought the move would be hypocritical as long as the college community is consuming fossil fuels. Others said the college’s chief role should be to reduce its carbon footprint and educate students about climate change and ways to address it.
To read the full statement from the trustees: www.reed.edu/news_center/press_releases/2013-2014/071714_ffrletter.html.
Steve Law can reached at 503-546-5139 or email@example.com.
Follow Sustainable Life at facebook.com/portland.sustainable.life.