University of California decides against divesting from fossil fuels

A University of California (UC) panel won’t be divesting from its fossil fuel holdings any time soon, despite announcing new climate change initiatives to make its system more sustainable.

The university’s Task Force on Sustainable Investing is recommending funneling more than $1 billion in a five-year period into climate change initiatives, and expanding its use of solar energy to make the university system carbon-neutral by 2025, Reuters reports.

“We are looking under every rock in the university system for ways to alleviate the effects of climate change,” said Dianne Klein, a spokeswoman for UC President Janet Napolitano.

The majority of the 11-person task force, however, opposed divesting the university’s $10 billion in fossil fuel-related companies and funds. In all the system has a $91 billion investment portfolio.

So far, 13 university across the U.S. have stopped investing in coal, gas and oil, Reuters reports, but UC officials made the argument that divesting from fossil fuels would not slow down climate change and would imperil the university’s funds.