Harvard President Says Fossil Fuel Divestment Unnecessary, "Hypocritical"

authordefault
on

A degree from Harvard University was once seen as the pinnacle of achievement in higher education.ย  Parents would boast proudly that their child was attending one of the most prestigious universities in America, and a diploma from Harvard could almost guarantee you a job in whichever field youย chose.

But today, Harvardโ€™s image is being tarnished by fossil fuels. ย The university still maintains considerable holdings in fossil fuels in their endowment funds, and according to University President Drew Faust, that isnโ€™t going to change in the nearย future.

Faust has long been an opponent of fossil fuel divestment, and refuses to take part in the larger movement of universities and other institutions who are pulling their endowment funds out of dirty energy financial holdings.ย  Harvard currently has an endowment worth over $30 billion, the largest of any other institution in the Unitedย States.ย 

ClimateProgress has been following Faustโ€™s anti-divestment campaign for some time, and has completely debunked all of Faustโ€™s talking points on the issue of divestment.ย  In 2013, Faust released a letter explaining her reasoning for refusing to divest, which includes: fossil fuel companies wonโ€™t notice; divestment would hurt Harvardโ€™s bottom line; the endowment is not a tool for social change; and that divestment isย hypocritical.

As ClimateProgress pointed out at the time, all of Faustโ€™s reasoning rests on faulty logic.ย  First of all, divesting from fossil fuels would send a big message to the dirty energy industry and would easily inspire others to do the same.ย  Second, as fossil fuel reserves are depleted, the companies’ stocks will plummet, which will have a significant impact on Harvardโ€™s bottom line.ย  And third, on hypocrisy, it is not hypocritical to remove your financial holdings from an industry that is making money at the expense of human and environmentalย health.

But Faust clearly cannot be swayed by logic, and this week her ignorance was put on full display when a young activist named Alli Welton from Divest Harvard put Faust on the spot and asked her why her university refuses to divest from the dirty energy industry.ย  ClimateProgress provides theย video:

Faust honestly believes that the fossil fuel industry is not standing in the way of renewable energy, which can only mean that she is either living in a state of complete denial, or that she hasnโ€™t bothered to keep up with current events for the last fewย decades.

Again, Joe Romm at ClimateProgress takes Faust to task on herย facts:

The oil, gas, and coal industries have spent over $2 billion lobbying Congress since 1999. In 2009 alone, the oil and gas industry โ€œunleashed a fury of lobbying expendituresโ€ against climate legislation, โ€œspending $175 million โ€” easily an industry record โ€” and outpacing the pro-environmental groups by nearly eight-fold, according to a Center for Responsive Politicsย analysis.โ€

Indeed, the fossil fuel industry is not content these days to merely block new legislation to advance clean energy. They are working in a numerous states to roll back existing clean energyย standards.

The leader of what once was the shining light of higher education has lowered her institution to the position of a mere biostitute โ€” a person or group willing to deny what science is telling us for the rightย price.ย 

Luckily, Faust is virtually alone in her refusal to divest, as even the largest financial organizations on the planet, including the World Bank,ย have endorsed fossil fuel divestment, claiming that it is unsustainable financially, and that continuing to invest is to deny the harsh reality that is climateย change.

Years ago, people might think that her leadership position at Harvard would mean that she probably knows more than the average person.ย  But today, it seems the students are the true leaders pushing their president not to remain a pawn for the dirty energyย industry.

authordefault

Farron Cousins is the executive editor of The Trial Lawyer magazine, and his articles have appeared on The Huffington Post, Alternet, and The Progressive Magazine. He has worked for the Ring of Fire radio program with hosts Robert F. Kennedy, Jr., Mike Papantonio, and Sam Seder since August 2004, and is currently the co-host and producer of the program. He also currently serves as the co-host of Ring of Fire on Free Speech TV, a daily program airing nightly at 8:30pm eastern. Farron received his bachelor's degree in Political Science from the University of West Florida in 2005 and became a member of American MENSA in 2009.ย  Follow him on Twitterย @farronbalanced.

Related Posts

on

Carrboro, N.C., accuses Duke of knowingly fueling the climate crisis for decades with harmful emissions, deception, delay, and "greenwashing."

Carrboro, N.C., accuses Duke of knowingly fueling the climate crisis for decades with harmful emissions, deception, delay, and "greenwashing."
on

Campaigners warn that the UK will face โ€œpressure from American fossil fuel interestsโ€ to slow its energy transition.

Campaigners warn that the UK will face โ€œpressure from American fossil fuel interestsโ€ to slow its energy transition.
Analysis
on

Oil patch advocate Lisa Baiton called for more extraction and less regulation at Vancouver address that didnโ€™t once mention climate change.

Oil patch advocate Lisa Baiton called for more extraction and less regulation at Vancouver address that didnโ€™t once mention climate change.
on

PA-based CEO Toby Rice hobnobbed with Donald Trump at Mar-a-Lago. Now heโ€™s poised for pipelines, exports, and profits.

PA-based CEO Toby Rice hobnobbed with Donald Trump at Mar-a-Lago. Now heโ€™s poised for pipelines, exports, and profits.