FOR IMMEDIATE RELEASE
May 14, 2013
Green Mountain College Will Divest from Fossil Fuels
Green Mountain is the fifth college in the nation and second in Vermont to commit to fossil fuel divestment
Poultney, VT -- Green Mountain College (GMC) announced today that it is committing to divest its $3.1 million endowment from fossil fuels. It is the fifth college in the nation and the second in Vermont to commit to divestment as part of a nationwide campaign that has spread to over 300 colleges and universities and more than 100 cities and states across the country.
"We're pleased with the conversation that has occurred this semester between students and administration, resulting in the divestment from the list of the most destructive 200 fossil fuel companies," said a statement issued by Divest GMC, the student group on campus who led the divestment campaign. "As students of an environmental liberal arts college we look forward to continuing the dialogue of authentic sustainability, both environmentally and socially. In this way we are strengthening student voice in all aspects of institutional education."
The GMC Board of Trustees voted on Friday, May 10 to immediately divest from fossil fuels and establish a process for aligning future investments with social, environmental and governance goals. GMC has a $3.1 million endowment, 1% of which is currently invested in the 200 fossil fuel companies that own the vast majority of the world’s coal, oil and gas reserves.
According to recent reports, roughly 80% of those reserves will need to stay underground to keep global warming below 2°C, a goal that the United States and nearly every other country on earth has agreed to meet, yet the industry is currently spending hundreds of millions a day looking for new hydrocarbons to burn. (1)
“Green Mountain College has long been at the forefront of academic approaches to sustainability,” said Bill McKibben, Schumann Distinguished Scholar at Middlebury College and the founder of 350.org, an international climate campaign that is helping lead the Go Fossil Free divestment effort. “But this news shows that their commitment goes straight to their core. They're showing what it looks like to be a college that means what it says."
Students at GMC began their divestment campaign last February. In March, a number of students participated in Mountain Justice Spring Break, traveling to West Virginia to witness the devastation of mountaintop removal firsthand. In April, the GMC Student Senate voted unanimously to support divestment and over 50% of the student body signed on to a petition supporting the move.
"A heartfelt thanks to the handful of students of Club Activism at Green Mountain College who never lost hope and to the administration and board of trustees at Green Mountain College who listened as the murmur became a broad movement across the college community,” said Dr. Paul Hancock, Professor of Economics and Director of Sustainable Community Development Center at GMC. “This small place has accomplished so much to sound the alarm about climate change and overhaul the way we work and live. As we blow past 400 ppm let's hope the folks in our nation's capital respond to the demands of these young leaders."
A report by financial analysts at the Aperio Group concluded that fossil fuel divestment poses an inconsequential risk to a diversified portfolio and opens the door for new, sustainable investments that can also deliver a solid return. (2) Other recent reports and articles from Carbon Tracker, HSBC, the Economist, and the Guardian have highlighted the potential risk of staying invested in fossil fuel companies as countries look to regulate carbon emissions. (3)
The announcement at GMC provides a boost of momentum for divestment campaigns at other Vermont colleges including Goddard, St. Michaels, Johnson State, Middlebury, and the University of Vermont.
"This puts huge pressure on Middlebury's Board of Trustees to divest," said Middlebury College sophomore Teddy Smyth. "Our school's reputation for environmental leadership is lagging behind our neighbors at Green Mountain College."
Activists are also pushing for divestment at the state and city level. Over 957 people have signed a petition calling on the state legislature to pass legislation to divest the state’s pension funds from fossil fuels.
“Vermonters want to align the state’s financial holdings with our strong environmental ethic,” said Maeve McBride, an organizer with 350 Vermont. “The Vermont legislature has banned fracking and set ambitious efficiency targets, but our state pension funds are invested in companies that frack, drill, and pillage. We were the first state to ban fracking, and we can lead again by divesting our state pension funds from fossil fuels.”
Over the coming weeks, students across the country will continue to meet with their boards of trustees to push for divestment. This summer, the Go Fossil Free campaign aims at expanding the divestment movement to more cities, states and religious institutions and lay the groundwork for an even bigger fall of organizing on campus. The campaign is supported by a coalition that includes As You Sow, the Energy Action Coalition, the Responsible Endowments Coalition, the Sierra Student Coalition, the Sustainable Endowments Institute, and 350.org. (4)