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New legislation filed by progressive lawmakers would invoke an article in the Massachusetts Constitution to mandate Harvard University’s divestment of fossil fuels.
This move represents a legislative angle to the long-pushed “divestiture” campaigns, which have targeted Harvard for years. At issue is $838 million, around 2% of Harvard’s $42 billion endowment, which is still invested in the fossil fuel industry. According to Harvard’s 2021 climate report, the percentage of the endowment invested in the fossil fuel industry has declined and is down from 11% in 2008.
“Harvard is so well-positioned to be a leader here by leveraging the vast wealth and resources of its endowment, setting the example that they’re going to turn away from fossil fuel investments,” bill sponsor Rep. Mike Connolly (D – 26th Middlesex), who wrote the legislation with Divest Harvard, told