The push to get institutional investors like pension funds and university endowments to divest holdings in fossil fuel-related businesses is reaching a fever pitch with a Harvard student getting arrested today during a 300-student-strong protest on the esteemed institution’s campus.
The activist campaign has reportedly persuaded 11 US colleges to scale back investments in oil, gas and coal companies. The organizers said one of the goals of the Harvard protest was to get administrators to engage in a debate on the topic.
“We’ve shown that Harvard would rather arrest students than join in an open debate,” activist Chloe Maxmin is quoted as saying in the Financial Times.
Harvard claims it has had several meetings with the protest group – known as Divest Harvard – and believes selling its energy company shares would be of little benefit for multiple reasons.
“Divestment is likely to have negligible financial impact on the affected companies. And such a strategy would diminish the influence or voice we might have with this industry.” – Drew Faust, Harvard President