Days ahead of the American University Board of Trustees vote on fossil fuel divestment, Cambridge Associates, the school’s investment consultant, has announced that they are now able to provide fossil free portfolios to their clients. Cambridge advises 81% of major college and university endowments and until now, their position on divestment had been relatively unclear. Cambridge stated:
“Climate change is on the minds of many institutional investors, including endowments. Fortunately, there are a number of avenues institutions can elect to pursue to act on their concerns, from a focus on alternative energy and fossil-free investment managers, to various degrees of divestment within a portfolio. Cambridge Associates stands ready to help institutions pursue any of these paths.”
This quote was accompanied by a commitment to provide clients interested in fossil fuel divestment, like American, with a list of managers who were able to create fossil free portfolios.
Members of Fossil Free American University met with Cambridge in late September to discuss Cambridge’s role in making divestment feasible for colleges and universities. “It’s clear that Cambridge Associates, and the financial community in general, recognizes that the divestment movement has legs — and it’s great to see them rise to the opportunity,” said Audrey Irvine-Broque, a Fossil Free American University organizer who attended the Cambridge meetings. “That Cambridge Associates stands ready to assist American University should it choose to divest, allows us to say with more confidence than ever before: ‘AU Board of Trustees–divest our endowment from the fossil fuel industry.”
Fossil Free American University delivered a letter to President Kerwin today with the Cambridge announcement, and has sent Cambridge’s commitments to the Board of Trustees and administrators in the Office of the Treasury. Just days before the AU Board of Trustees makes their decision on divestment, Cambridge’s announcement gives Trustees a final push to vote YES. Join Fossil Free American University on Friday November 21st at 7:30 AM in Mary Gordon Center right before the Board of Trustees vote on divestment.