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USC will halt making new investments in fossil fuels and will begin liquidating current investments in an effort to make sustainability a priority, the University announced in a news release Wednesday.
The decision comes after a Feb. 4 vote from the USC Board of Trustees Investment Committee and efforts by faculty, staff, student groups including DivestSC and student governments urging the University to divest its $277 million in fossil fuel investments 5% of the $5.5 billion endowment.
“Going forward, our new investment policies reinforce USC’s commitment to generate strong returns while also upholding USC’s values, including sustainability,” Chief Investment Officer Amy Diamond said in the press release. “We see this approach as a way to grow our portfolio and support clean, new technologies for the 21st century.”
The forest will also be using a method called “mulching” or covering the top soil with crop residues to help the soil retain water during dry months.
GREATER NOIDA: A piece of land measuring over 4 hectares, which had been dug up to extract soil for road projects in the city, would soon be transformed into the city’s first urban forest.
The top soil on this plot had become infertile and had to be conserved for around six months to make it conducive for saplings to grow. The district administration had handed over this piece of land to an IT major, which will develop the urban forest project with help from city-based environmentalists. To start with, 20,000 saplings have already been planted.