Pitzer College plans to divest its $125 million endowment of fossil-fuel stocks, said Anna Chang, senior director, communications and media relations for the Claremont, Calif.-based college.
Some $4.4 million of fossil-fuel stocks is scheduled to be sold by Dec. 31 with the remaining $1 million soon after. The divestment is part of a new fossil fuel divestment-climate action model adopted by the college's board of trustees at a special meeting April 5. It was not publicized until an April 12 announcement made by Pitzer College President Laura Skandera Trombley as well as trustees Robert Redford and Donald Gould.
The model also calls for development of an environmental, social and governance policy to guide endowment investment decisions; targets a 25% reduction in the college's carbon footprint; and establishes a campus sustainability task force.