University of Michigan Pledges to Become Net-Zero by 2050
The $12.5 billion endowment’s portfolio will immediately shift to sustainable assets and shun fossil fuels.
The University of Michigan has committed to reducing the carbon footprint of its $12.5 billion endowment to net-zero by 2050, and said it will immediately realign its portfolio toward sustainable investments and put an end to investing in companies that produce fossil fuels and greenhouse gases.
The move, which was unanimously approved by the university’s board of regents, calls for the endowment to immediately shift its natural resources investments to focus more on renewable energy. It will also stop investing in funds that are focused on certain fossil fuels and discontinue direct investments in publicly traded companies that are the largest contributors to greenhouse gases.
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