Tags: Climate Change | university | california | global | warming

U. of Calif. to Invest $1 Billion to Fight Climate Change

By    |   Thursday, 11 Sep 2014 03:08 PM

As part of a broad effort to establish itself as a leader in sustainability, the University of California plans to invest $1 billion over five years in companies and researchers that are pursuing solutions to climate change, the university announced this week. 

"Today's announcements show the very real commitment of the University of California to invest our human and financial assets in finding solutions to global climate change. From our research scientists, to our students, to our investment professionals, we are tackling these problems with vigor and determination," said UC President Janet Napolitano in a statement.

Napolitano served led the Department of Homeland Security from 2009 to 2013 and was Arizona's 21st governor from 2003 to 2009.

Earlier this year, Napolitano created the President's Global Climate Leadership Council, which was tasked with developing recommendations to improve UC's sustainability efforts and meet its 2025 carbon neutrality goal.

The UC Board of Regents' investment committee will take up the Council's recommendations on Friday; and, if approved, the Board will vote on the plan September 18.

UC is a registered Electric Service Provider, which enables the University's Wholesale Power Program to supply electric power to five of the state's 10 campuses, including the medical centers located at UC Irvine and UC San Francisco, according to The University Herald. 

UC said it would use part of its $91 billion portfolio to invest in a broad range of sustainability recommendations, including integrating "environmental, social and governance (ESG) factors as a core component of portfolio optimization and risk management" and

While agreeing climate change is an issue that needs to be addressed, a majority of the task force voiced opposition to divesting its $10 billion in assets held in fossil fuel companies.

The university's announcement states the task force "believed that addressing and accounting for this issue in a holistic way would produce the best possible returns in the long-term and align the university's investment practices with its demonstrated commitment to sustainability." 

On Monday, the university announced it had entered into two agreements with Frontier Renewables to help power its campuses and medical centers more sustainably. 

Frontier Renewables is a German-American utility scale project developer and independent power provider.

The agreement will allow the university to use solar power generated from the German company's two to-be-constructed solar fields in Fresno County. UC also plans to become the first public university to adopt United Nations-supported principles for responsible investment, The Sacramento Business Journal reports.

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As part of a broad effort to establish itself as a leader in sustainability, the University of California plans to invest $1 billion over five years in companies and researchers that are pursuing solutions to climate change, the university announced this week.
university, california, global, warming
407
2014-08-11
Thursday, 11 Sep 2014 03:08 PM
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