Shortly after Harvard announced that its new sustainable investing guidelines do not exclude investing in fossil fuels, 93 faculty members sent an open letter of protest to the president and fellows.
On April 7th, Harvard President Drew Faust said that divestment is not an option the university is willing to consider. Faust made the absurd statement that the school can do more to influence the future of fossil fuels by holding onto these assets.
As explained by faculty members, the fossil fuel industry is premised on misinformation. They said that in addition to being the primary cause of the climate change, the petrochemical industry compounds promotes misinformation and influences government to move in the wrong direction.
Among the impacts of fossil fuels, the Harvard faculty letter cites the following:
- Extreme weather
- Rising levels of ocean acidification acidified
- Loss of biodiversity
"We know that fossil fuel use must decrease. To achieve this goal, not only must research and education be pursued with vigor, pressure must also be exerted. If there is no pressure, then grievous harm due to climate change will accelerate and entrench itself for a span of time that will make the history of Harvard look short."
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