by Brian Roewe, NCR
The University of Dayton is leaving fossil fuels in the dust, at least in its investments.
The Marianist school in Dayton, Ohio, announced Monday its board of trustees unanimously approved a new investment policy for its $670 million endowment that will begin the process of divesting from coal, oil and other fossils fuels.
Currently, about 5 percent, or $34 million, of Dayton’s investment pool lies in fossil fuel stocks. The university targeted about 200 firms with significant carbon fuel reserves, and have already begun the process of divesting from domestic equity accounts.
A second phase will see it pull out of fossil fuels in its international holdings, while at the same time seeking substitute investments in green and sustainable technologies, and developing filters to restrict future investments in fossil-fuel supported hedge funds or private equity. The school will review its progress in 18 months.
“This is a path for the University of Dayton to move forward and live up to mission,” Dayton president Daniel Curran told NCR Monday, one that reflects its commitment to environmental sustainability, human rights and its religious mission…