NYU Divests From Fossil Fuels In Student Activist Win: Report

GREENWICH VILLAGE, NY — After almost two decades of intransigence, New York University has agreed to fully divest its massive endowment from fossil fuels, according to reports.

This marks a major victory for the climate movement, as NYU is one of the nation's largest private universities, with an endowment totaling more than $5bn.

The move was marked in a formal letter from the NYU chair of the board of trustees, William R. Berkley, The Guardian reported.

“New York University commits to avoid any direct investments in any company whose primary business is the exploration or extraction of fossil fuels, including all forms of coal, oil, and natural gas, and not to renew or seek out any dedicated private funds whose primary aim is to invest in the exploration or extraction of fossil fuels,” he wrote, according to a copy of the letter shown to The Guardian.

According to Berkley, the university currently has “no direct ownership of public securities” of fossil fuel companies, but The Guardian reports that in 2014, the school's own disclosures noted $139 million of its endowment was invested in coal, oil and gas — about five percent of its endowment at the time.

The decision to finally divest came after the NYU board of trustees met with the Sunrise Movement in February, and Berkley even addressed his letter directly to the group's organizers, according to The Guardian.

An NYU spokesperson told The Guardian that the commitment will apply to the top 200 coal, oil and gas companies.

Read more at The Guardian.com