Harvard University will divest itself from fossil fuels

Harvard University will divest itself from holdings in fossil fuels, President Lawrence Bacow said Thursday.

Harvard Management Co., which oversees the university’s nearly $42 billion endowment, has already been reducing its exposure to fossil fuels and has no direct investments in companies that explore for or develop further reserves of fossil fuels, Bacow said in a message posted on the university’s website.

The university has legacy investments in a number of private equity funds with holdings in the fossil fuel industry. Those indirect investments constitute less than 2% of the endowment, according to Bacow.

The school has not made any new commitments to these limited partnerships since 2019 and has no intention to do so going forward, he added.