University of California, Oakland, is divesting from fossil fuels within both its $13.4 billion endowment and $70 billion pension plan, a university spokesman confirmed.
The school's chief investment officer and treasurer Jagdeep Singh Bachher and chairman of the board of regents' investments committee Richard Sherman wrote in an op-ed that appeared Tuesday in the Los Angeles Times that the endowment will be "fossil free" by "the end of this month," and its pension plan "will soon be that way as well."
"We believe hanging on to fossil fuel assets is a financial risk," Messrs. Bachher and Sherman wrote in the op-ed.
The university announced that its general endowment returned a net 8.2% for the fiscal year ended June 30, above its custom policy benchmark of 5.7%. In addition, the university's defined benefit plan returned a net 6% for the same period, compared to its custom benchmark of 5.9%.