WASHINGTON — The nearly decade-old campaign to force major universities, investment firms, and insurance companies to divest from fossil fuels just notched one of its biggest victories yet., the chief investment officer for the University of California system and the chairman of the UC Board of Regents’ investments committee announced that the UC system’s endowment and its pension-fund were going “fossil free.
In their op-ed, Bacher and Sherman write that it wasn’t moral or political pressures that convinced them to phase UC’s hundreds of millions of dollars in fossil-fuel investments. Instead, they say, it was the growing realization that fossil fuel investments no longer made financial sense and weren’t a worthwhile investment. They write:
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