Amid Campus Discussions, G.U. Board to Consider Divestment of Fossil Fuel Stocks


The Committee for Investments and Social Responsibility at Georgetown University rejected a proposal by the student-run campaign, G.U. Fossil Free, to divest the university’s endowment from all holdings in fossil fuel companies. Meanwhile, the university’s board of directors will consider any divestment issues during its February meeting.

After the student group submitted a final plan to CISR last August, the two groups met for further and continuing discussions.

An advisory group of faculty, students and administrators, which is charged with judging university proposals “on issues related to socially responsible investment,” CISR made its opinion known this week in support of more targeted alternative divestment plans.

The committee’s chairman Jim Feinerman issued a statement, which read in part:
” . . . There are many levels to this complex issue. After four months of discussion and consideration, the CISR voted against the adoption of GUFF’s final proposal to divest completely from fossil fuel companies. The committee does, however, offer an alternative recommendation as to how Georgetown can continue to engage on issues raised by GUFF and related to sustainability more broadly. The members of CISR believe there are opportunities for Georgetown to embrace a range of strategies, including targeted divestment from fossil fuel companies with the worst environmental records and most objectionable practices; shareholder engagement with energy companies to reduce their environmental impact and change harmful practices; and thoughtful collaboration with other universities and non-profit organizations not only to vote proxies consistent with these principles but also to sustain public pressure to reduce environmental harm and to develop alternative sources of energy.”

The adjusted divestment by CISR would exempt oil and gas companies, focusing only on the top 100 companies that facilitate damage to the environment as a result of coal mining. The CISR has said that it hopes to encourage companies to reduce their harmful impacts on the environment by creating partnerships with the university.

G.U. Fossil Free was not satisfied with these proposals. The organization would like to see a widespread divestment, which would include companies from all sectors.

Its reaction to the decision stated: “Partial divestment is a positive first step, and while we are encouraged by the CISR’s receptiveness to divestment as a tactic, their alterations to our proposal rely on false moral distinctions between different fossil fuel companies and greatly weaken the statement that full divestment would make. Partial divestment is an insufficient tactic, and, in light of the challenges at hand, is ideologically inconsistent with the CISR’s mandate to align Georgetown’s investments with its ethical standards . . .”

“We hope that members of [Georgetown University’s] board of directors will favor a more decisive commitment to moral leadership and opt for comprehensive divestment from the top 200 fossil fuel companies across all sectors.”

A university spokesperson said: “We are grateful to the Committee on Investments and Social Responsibility for its work and to G.U. Fossil Free for the important contributions it made to the question of how we make and meet our sustainability goals, as it relates to our endowment and investments. . . . CISR will now forward its proposal to the Finance Committee of the Board of Directors. We expect that, at the February board meeting, the finance committee will direct a working group to engage this proposal in the coming months.”

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