SF State joins campaign to divest money from fossil fuels

S.F. examiner file photoSan Francisco State University has committed to divest money from fossil fuel investments.

San Francisco State University has pledged to become greener through a campaign to refrain from accepting fossil fuel-related investments.

Last month, the school’s Foundation Board unanimously approved a resolution committing to divest money from investments associated with fossil fuels, becoming the first four-year public university to join a growing list of colleges in a Fossil Free campaign.

As part of the resolution, at its March 29 the board called for a number of changes within five years, including continuing to divest “from direct ownership of companies with significant exposure to production or use of coal and tar sands,” according to college spokeswoman Gianna Devoto.

The resolution also requires the careful monitoring of specific funds to determine the percentage of these investments in companies that produce or use considerable amounts of fossil fuels, Devoto said.

In addition, a “socially responsible” portfolio option will be made available for donors wanting to invest in such causes, according to Devoto. A carbon footprint will be created for the portfolio, which will be published each year along with a separate carbon footprint for the entire campus.

Outreach for such measures is also requested in the resolution, so that other foundations, pension funds or investors may choose to adopt all or part of the policies.

The changes are meant to be implemented beginning July 1.

While the board had previously voted to divest direct money from companies that use fossil fuels considerably, the new resolution outlines direct steps the board will take toward environmentally conscious investing.

John Gumas, chairman of the SF State Foundation, said the university is “charting new waters” with its fossil fuel divestment policy and will share its experience with other colleges and universities that may be interested in similar efforts.

“The foundation makes investments so that returns can help build the University and its future — that is our fiduciary responsibility,” Gumas said. “We believe that with careful planning we can both build our endowment and do our part to endow future generations with a healthy environment.”Bay Area NewseducationFossil fuelsSan Francisco State UniversitySF State Foundation Board

If you find our journalism valuable and relevant, please consider joining our Examiner membership program.
Find out more at www.sfexaminer.com/join/

Just Posted

City officials closed San Francisco County Jail No. 4 on the top floor of the Hall of Justice at 850 Bryant St. in September, reducing the number of beds in the jail system by about 400. 
Kevin N. Hume/
S.F. Examiner
SF jail closure prompts doctor to call for release of more inmates

Reduced space increases risk of COVID-19 spreading among those in custody

Cyclists have flocked to Market Street since private vehicles were largely banned from a long stretch of it in January. (Amanda Peterson/Special to the S.F. Examiner)
Plans for sidewalk-level bikeway on Market Street dropped due to costs, increased cyclist volume

Advocates say revisions to Better Market Street fail to meet safety goals of project

Prop. 21 would allow San Francisco city officials to expand rent control to cover thousands more units. (Kevin N. Hume/S.F. Examiner)
Tenant advocates take another try at expanding rent control with Prop. 21

Measure would allow city to impose new protections on properties 15 years or older

Tenderloin residents are finding benefits to having roads closed in the neighborhood. <ins>(Kevin N. Hume/S.F. Examiner)</ins>
Should there be fewer cars in the Tenderloin’s future?

The pandemic has opened San Franciscans’ eyes to new uses of urban streets

Singer-songwriter Cam is finding musicmaking to be healing during 2020’s world health crisis. 
Courtesy 
Dennis Leupold
Cam challenges country music tropes

Bay Area-bred songwriter releases ‘The Otherside’

Most Read