ACTIVISTS AT PITT
Fossil Free Coalition demands trustees take action on investments.
Student activists and others demanding that the University of Pittsburgh divest itself from fossil fuel investments entered the Cathedral of Learning at noon Friday and quietly began what they described as an indefinite occupation.
About 40 students sat down in a circle on the floor of the firstfloor Commons Room, some with signs that read “Pitt Funds Climate Violence” and “We’re Still Here. Ask Us Why.” Some said they brought bedding and other provisions for a multiday protest.
The group hung large orange divestment banners from a
balcony overlooking the room in support of their calls for the university to rid its $4.3 billion endowment of coal, gas, oil and related industry stocks.
The sit-in comes a week ahead of a Pitt board of trustees meeting during which members are expected to consider establishing a policy for socially responsible investing but are not expected to vote to divest — the core demand of the Fossil Free Pitt Coalition, a group of campus organizations.
Discussions at Pitt about climate change and university investing practices date back a decade. They spawned a now fiveyear campaign by Fossil Free Pitt.
Annalise Abraham, a sophomore and coalition organizer, said the university has had more than enough time to ponder the issue.
“We don’t need them to create another committee,” said Ms. Abraham, 20, from Newtown, Bucks County. “In a decade the impacts of climate change will be irreversible.”
Pitt freshman Loretta Donoghue, 18, of Frederick, Md., was among those sitting on the floor. She said the group is arranging to keep a continuous presence while individual students leave to attend classes.
Although coalition organizers have not specified how long they plan to remain, Ms. Donoghue, a double major in political science and Africana studies, said she personally is prepared to protest for seven days depending on Pitt’s response.
“I brought a mattress topper,” she said.
Ms. Donoghue said she told her parents, and they were supportive. “They said, ‘Be careful.’ ”
Pitt officials said they are committed to combating climate change, and at next Friday’s meeting trustees “will show their support for the Pitt community’s ongoing efforts to address global climate change,” a statement Friday from the university said.
The board will consider actions to support a threepronged strategy announced by Pitt chancellor Patrick Gallagher, which include:
• An update on Environmental, Social and Governance criteria;
• A resolution on a socially responsible investing process that allows community concerns to be analyzed and considered by the Board in making investment exclusions; and
• A resolution of support for Pitt’s commitment to become carbon neutral.
If approved, a socially responsible strategy would take into account environmental, social and governance factors.
Pitt’s statement also said officials met with activists in recent days to update them on sustainability efforts “and to confirm that the Board will not be voting on divestment at the Feb. 28 meeting.”
Coalition members have escalated their protests in recent weeks.
Nationwide, the push by activists for fossil fuel divestment has been buoyed by recent announcements on major college campuses, including one on Feb. 6 by Georgetown University and a September disclosure by the University of California-Berkeley.
Georgetown leaders announced plans to divest from public securities of fossil fuel companies within five years and to divest from existing private investments in those enterprises over the next decade.
Georgetown administrators said they will continue to invest in market-worthy areas of renewable energy, energy efficiency and related areas but will be freezing new endowment investments in companies or funds whose primary business is the exploration or extraction of fossil fuels.
“Our endowment has for a number of years profitably invested in the development of renewable power assets and energy efficiency companies, and we are continuing to search for new opportunities,” said Michael Barry, Georgetown’s chief investment officer. “But climate change, in addition to threatening our planet, is increasing the risk of investing in oil and gas companies, as we expect a more volatile range of financial outcomes.”
The University of California cited not just environmental issues but also financial risk associated with fossil fuel assets in a Sept. 17 op-ed piece in the Los Angeles Times that laid out those concerns.
At Pitt, officials have noted the complexity in a decision about whether to divest.
Pitt’s board of trustees has a fiduciary responsibility to protect the value and return on investment. Officials also noted that the endowment is not invested directly in individual stocks but instead goes through institutional funds and thus involves vehicles including mutual funds.
That means eliminating some investments and over-weighing others could have adverse effects on funds the university depends on for its long-term health, officials said.
On Friday afternoon, Kenyon Bonner, vice provost and dean of students, spoke with students, according to organizers. Amid their protest, classes and other activities in the cathedral continued normally. Students sat at tables nearby studying, and tour groups came and went, with some doing double takes at the protest signs.