NEW YORK—New York University students, alumni, and faculty are urging the school to withdraw its investments from fossil fuel companies.
With fossil fuel companies’ operating budgets in the billions of dollars, pulling out an estimated $78 million to $100 million in investments would not affect drastic change, the student group, NYU Divest, said. But it’s the ethical issue the group is concerned about.
The students said that the school’s investments in the fossil fuel industry run counter to its sustainability goals and visions.
While standing in the rain in Washington Square Park Friday, a group of alumni left voice messages for NYU President John Sexton as students and faculty cheered on.
NYU estimated its endowment fund to be at $2.6 billion in September 2012. A typical college will have 3 to 4 percent of investments allocated to fossil fuel companies, said founder of NYU Divest, Sophie Lasoff.
“We definitely don’t go around claiming that as a real number, because we technically don’t have a true idea,” Lasoff said.
Universities that don’t invest in fossil fuels, like Unity College, Sterling College, and College of the Atlantic usually make the fact known. NYU does not. In April NYU Divest was granted a one-hour meeting with executives from the university including Chief Financial Officer Martin Dorph. According to Lasoff, Dorph didn’t deny allegations that the college was investing in fossil fuel companies.
“NYU should not be profiting from the products that are the source of our demise,” said Michael Leone, an alumnus. “It’s important that we send a message that this is no longer an industry that we can continue to support.”
NYU Divest asks that the school stop investing in fossil fuel companies, pull out current investments, and use the money to invest in clean energy.
The divestment movement started last fall with many student-led groups organizing protests across the nation.
The NYU Investment Office did not return requests for comment. Administrative Coordinator Ava Nelson was told to say that all the information available is already on the website.
The NYU Endowment Fund Summary on the school’s website has no information about investments in the fossil fuel industry.
To Lasoff, the NYU Divest effort is not an attempt to hurt the fossil fuel companies, she said.
“It’s much more [about] making a social and political statement,” Lasoff said.
