Peter Rothberg and StudentNation, May 16, 2013 – 3:38 PM ET
Kudos to Green Mountain College for its announcement this week that it is committing to divest its $3.1 million endowment from companies profiting from fossil fuels. GMC is the fifth college nationwide and the second in Vermont to commit to divestment as part of a nationwide campaign that has spread to over 300 colleges and universities and more than 100 cities and states across the country.
The GMC Board of Trustees voted on Friday, May 10 to immediately divest from fossil fuels and establish a process for aligning future investments with social, environmental and governance goals. GMC has a $3.1 million endowment, only 1 percent of which is currently invested in the 200 fossil fuel companies that own the vast majority of the world’s coal, oil and gas reserves. So it’s a symbolic victory, yes, but one that demonstrates the increasing traction of the divestment movement.
“We’re pleased with the conversation that has occurred this semester between students and administration, resulting in the divestment from the list of the most destructive 200 fossil fuel companies,” said a statement issued by Divest GMC, the student group on campus who led the divestment campaign. “As students of an environmental liberal arts college we look forward to continuing the dialogue of authentic sustainability, both environmentally and socially. In this way we are strengthening student voice in all aspects of institutional education.”