Syracuse University to divest $1.18bn endowment from fossil fuels

Following a two-year student campaign, the American university has publicly committed to divestment and to investing in clean energy technologies

Syracuse University will remove its $1.18bn (£800m) endowment from direct investments in fossil fuel companies, it announced on Tuesday.

Syracuse is the biggest university in the world to have committed to remove its endowment from direct investments in coal, oil and gas companies. It aims to make additional investments in clean energy technologies such as solar, biofuels and advanced recycling.

In a statement, the university said it will “not directly invest in publicly traded companies whose primary business is extraction of fossil fuels and will direct its external investment managers to take every step possible to prohibit investments in these public companies as well”.

Keep it in the Ground campaign

Chancellor Kent Syverud said: “Syracuse has a long record of supporting responsible environmental stewardship and good corporate citizenship, and we want to continue that record. Formalising our commitment to not invest directly in fossil fuels is one more way we do that.”

Syracuse joins other universities who have made similar commitments, including Stanford, Maine, Glasgow and the New School in New York.

Bill McKibben, founder of the environmental group said: “This is one of America’s great universities. It’s a great tribute to the students who made real sacrifices to stand up to power and to an administration that can see where the future lies.”

On Wednesday, the Guardian Media Group announced it will divest from oil, coal and gas companies. Chair Neil Berkett said it was “a hard-nosed business decision” justified on moral and financial grounds.

It follows a campaign launched by the Guardian calling on the world’s two largest charitable foundations to divest from fossil fuels. It asks the Bill and Melinda Gates Foundation and the Wellcome Trust to move their money out of the top 200 fossil fuel companies and to immediately freeze any new investments. More than 150,000 people have signed the petition.

The fast-growing global divestment campaign launched by has so far persuaded more than 220 institutions to divest, including faith organisations, pension funds, philanthropic foundations and local authorities. Last year the Rockefeller Brothers Fund and the British Medical Association (BMA) committed to remove any investments in fossil fuels companies.

In April, students at Harvard University will host a week of action calling on the institution to divest in a campaign supported by high profile alumni including Natalie Portman and Robert Kennedy Jr.

The decision by Syracuse University follows a two-year campus campaign. Students staged a sit-in for 18 days in November and met with the university’s administration a month ago.

Student campaigner Jonathan Schmidt said: “It is very exciting to see Syracuse taking this step, but we acknowledge that there is still a lot to do, both with ensuring that Syracuse fully divests from fossil fuels and that it takes on other social justice issues on campus.”

Fossil fuel ticker
  • This article was amended on 1 April 2015. An earlier version said that Syracuse University is the biggest in the world to divest from fossil fuel companies. It was amended to specify that it is the biggest to commit to direct divestment from oil, coal and gas companies.


Emma Howard

The GuardianTramp

Related Content

Article image
University of Hawaii System votes to divest from fossil fuels
In our latest Keep it in the ground update, Hawaii university says it will divest its $66m fund from fossil fuels, we launch our Climate Publishers Network, plus how to join in our next live event

Emma Howard

22, May, 2015 @10:50 AM

Article image
Edinburgh university rejects calls to divest from all fossil fuels
University with £290m endowment commits to ‘engage before divestment’ but will pull out off the most polluting coal and tar sands companies

Libby Brooks

12, May, 2015 @12:15 PM

Article image
Why the University of Edinburgh must divest from all fossil fuels now | Letter
Letter: Pitting fossil fuel divestment against the world’s poor is a cynical move which ignores the fact that the world’s poorest people are being impacted most severely by the effects of global warming


24, May, 2015 @5:08 PM

Article image
Ten UK universities divest from fossil fuels
Institutions with endowments worth £115m are withdrawing their investments from fossil fuels ahead of crunch UN climate talks in Paris

Emma Howard

10, Nov, 2015 @3:36 PM

Article image
Rowan Williams calls on Cambridge University to divest from fossil fuels
Former archbishop of Canterbury says the university should withdraw its £5.8bn fund from from oil, coal and gas on ethical and financial grounds

Jessica Aldred

28, Apr, 2016 @2:48 PM

Article image
Why the University of Edinburgh will not divest from all fossil fuels
We will not withdraw investment without prior engagement but will seek to help tackle climate change through research and development with companies in the fossil fuel sector and beyond

Charlie Jeffery

12, May, 2015 @4:03 PM

Article image
Leading health charities should divest from fossil fuels, say climate scientists
Moral authority of Bill and Melinda Gates Foundation and Wellcome Trust could be undermined by continued investments, say researchers

Karl Mathiesen, Harry Davies and James Ball

23, May, 2015 @6:00 AM

Rockefeller Brothers Fund: it is our moral duty to divest from fossil fuels
In an exclusive interview, Rockefeller Brothers Fund chair, Valerie Rockefeller Wayne and president, Stephen Heintz, talk about the decision to cut ties to fossil fuels, what it meant for the divestment movement and the challenges involved

Suzanne Goldenberg in New York

27, Mar, 2015 @1:08 PM

Guardian Media Group to divest its £800m fund from fossil fuels
GMG becomes largest fund yet known to pull out of coal, oil and gas companies in a move chair Neil Berkett calls a ‘hard-nosed business decision’ justified on ethical and moral grounds

Damian Carrington

01, Apr, 2015 @1:39 PM

Article image
Thomas Piketty calls for investors to divest from fossil fuels ahead of climate talks
Economist says Paris summit offers a decisive moment in history for investors to move out of the dirty fuels that put the ‘public’s wellbeing at risk’

Emma Howard

14, Nov, 2015 @6:00 AM