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Harvard University will stop investing in fossil fuels and instead use its giant US$42 billion endowment to support the green economy, joining a growing wave of investors moving away from pollutive industries.
The move comes after years of sustained activism from students calling for fossil-fuel divestment
Harvard University will stop investing in fossil fuels and instead use its giant US$42 billion endowment to support the green economy, joining a growing wave of investors moving away from pollutive industries.
Harvard Management Co., which runs the endowment, has no investments in companies that explore for or develop fossil fuels and “does not intend to make such investments in the future,” President Larry Bacow said Thursday in a letter posted on the university’s website.
The move comes after years of sustained activism from students calling for fossil-fuel divestment, and amid increasingly urgent demands from investors that financial institutions withdraw their support of businesses that are contributing to man-made climate change.
The Ivy League college, the richest in the U.S., will be following in the footsteps of peers such as the University of California and the U.K.’s Cambridge University, which have committed to divesting their endowments from the fossil fuel industry.
Harvard vowed last year to work with its investment managers to create a path to “net zero” greenhouse gas emissions by 2050. However that wasn’t fast enough for a students group, which filed a complaint in March with the Massachusetts attorney general in an attempt to force the university to sell its estimated US$838 million fossil fuel holdings, according to the Harvard Crimson.
“Given the need to decarbonize the economy and our responsibility as fiduciaries to make long-term investment decisions that support our teaching and research mission, we do not believe such investments are prudent,” Bacow said Thursday. Harvard has legacy investments in private equity funds with fossil fuel exposure but these are less than two per cent of the endowment and “are in runoff mode,” he said.
The university will also be joining a growing group of institutional investors and governments that are responding to pressure to accelerate decarbonization efforts. China, Japan and South Korea all committed to net-zero goals last year. Beijing didn’t finance any coal projects via its Belt and Road Initiative in the first half, the first time that’s happened since it was launched in 2013, the International Institute of Green Finance said in a report.
The asset management industry is increasingly looking for ways to speed moves toward carbon neutrality. Pacific Investment Management Co. and Fidelity International are among funds devising standards for so-called net-zero investing. BlackRock Inc. Chief Executive Officer Larry Fink said last year that his firm will take steps to tackle climate change across the thousands of companies it invests in.
Despite the growing importance of climate change in investment decisions, the 10 largest U.S. public pension funds still have a lot of money invested in the biggest corporate polluters, however. Analysts at Bloomberg Intelligence recently put the figure at about US$40 billion, meaning nine per cent of the funds’ combined equity holdings are devoted to 20 high-carbon emitting companies.
Harvard Management said in 2017 it would it take into consideration the environmental impact of some its investments, but that move wasn’t seen as enough by the students. Harvard’s endowment was valued at US$41.9 billion as of June 2020, making it one of the largest among private U.S. universities.
TORONTO – Canada’s main stock index was up more than 250 points in late-morning trading, led by strength in the base metal and technology sectors, while U.S. stock markets also charged higher.
The S&P/TSX composite index was up 254.62 points at 23,847.22.
In New York, the Dow Jones industrial average was up 432.77 points at 41,935.87. The S&P 500 index was up 96.38 points at 5,714.64, while the Nasdaq composite was up 486.12 points at 18,059.42.
The Canadian dollar traded for 73.68 cents US compared with 73.58 cents US on Thursday.
The November crude oil contract was up 89 cents at US$70.77 per barrel and the October natural gas contract was down a penny at US2.27 per mmBTU.
The December gold contract was up US$9.40 at US$2,608.00 an ounce and the December copper contract was up four cents at US$4.33 a pound.
This report by The Canadian Press was first published Sept. 19, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.
For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.
Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.
Let’s unearth how these updates can simplify the process for you and your family.
Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.
Here’s how it works.
Probate ensures everything is done by the book, giving you peace of mind during a difficult time.
Several updates to probate law in the country are making the process smoother for you and your family.
Here’s a closer look at the fundamental changes that are making a real difference.
Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.
Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.
Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.
Fewer forms and legal steps mean less hassle for families handling modest estates.
Courts can now approve wills with minor errors if they reflect the person’s true intentions.
This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.
These changes help make probate less stressful and more efficient for you and other families across Canada.
Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.
Here’s how they can help.
Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.
They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.
If conflicts arise, probate lawyers resolve them, avoiding legal battles.
With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.
With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.
The updates to probate law make a big difference for Canadian families. Here’s why.
With these changes, probate becomes smoother and more manageable for you and your family.
Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.
These simple steps make the probate process easier for everyone involved.
Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.
Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.
TORONTO – Canada’s main stock index was higher in late-morning trading, helped by strength in energy stocks, while U.S. stock markets also moved up.
The S&P/TSX composite index was up 34.91 points at 23,736.98.
In New York, the Dow Jones industrial average was up 178.05 points at 41,800.13. The S&P 500 index was up 28.38 points at 5,661.47, while the Nasdaq composite was up 133.17 points at 17,725.30.
The Canadian dollar traded for 73.56 cents US compared with 73.57 cents US on Monday.
The November crude oil contract was up 68 cents at US$69.70 per barrel and the October natural gas contract was up three cents at US$2.40 per mmBTU.
The December gold contract was down US$7.80 at US$2,601.10 an ounce and the December copper contract was up a penny at US$4.28 a pound.
This report by The Canadian Press was first published Sept. 17, 2024.
Companies in this story: (TSX:GSPTSE, TSX:CADUSD)
The Canadian Press. All rights reserved.
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