Georgetown University ditches fossil fuels
Georgetown University is the latest institution to swear off fossil fuel investments in favor of renewable energy.
In a Feb. 6 statement, the university announced a new policy on fossil fuel and impact investments, promising to freeze endowment investments in companies or funds whose primary business is the exploration or extraction of fossil fuels, including all forms of coal, oil and natural gas.
Under the new policy, Georgetown said it will divest from public securities within the next five years and private investments within the next 10 years.
“Divestment allows us to divert more capital to fund development of renewable energy projects that will play a vital role in the transition away from fossil fuels–part of the long-term solution required to prevent the most dangerous effects of climate change,” said Michael Barry, chief investment