BOSTON UNIVERSITY MUST ACCEPT DIVEST BU'S UPDATED DEMANDS!
The Issue
The students of Boston University call upon President Brown, the Board of Trustees, and the Investment Committee to expedite their timeline for divestment, operate with increased transparency, and create a social impact fund ASAP.
Boston University announces divestment:
On September 22, 2021, the Boston University Board of Trustees voted to end the investment of BU’s endowment in fossil fuels. The new investment policy summary can be found here.
Context:
This decision has been a long time coming. Divest BU has been fighting for divestment since 2012. The Board of Trustees, Advisory Committee on Socially Responsible Investing, and President Brown have continuously dismissed our concerns. In 2019, the ACSRI said that the climate crisis “was not significant enough” to warrant reconsideration of divestment by the Board of Trustees. Although the recent announcement is a step in the right direction, the plan does not go far enough to ensure BU is on the right side of history in preventing the climate crisis.
Fossil fuels are destructive to the environment and human health. They disproportionately affect those who are least responsible for the climate crisis and least able to combat its effects. As one of the largest property owners in Boston, BU cannot drag its feet. It is unacceptable that “the current private fossil fuel investments may take more than a decade to liquidate.” This delayed timeline and lack of commitment will contribute to the further destruction of the environment, putting billions of people at risk and continuing to jeopardize the University’s finances.
Our demands are as follows:
1. Expedite divestment timeline
You say divestment may take over a decade, yet you also say we must act within the decade to prevent the worst effects of the climate crisis. We demand a timeline that halves this; complete divestment in no more than 5 years. This is based upon precedent from other schools that have divested. Learn more at Divest Ed.
The Investment Committee must meet more frequently than their current schedule in order to speed up divestment: We demand progress on this be released with a frequency of at least once per semester.
2. Increased transparency
Release information about who voted and how for divestment by revealing the identities of all members of the BOT and Investment Committee. Release the full investment policy adopted by the BOT, not just the summary from President Brown’s email. Democratize the process and include the BU community in decision-making. This means real meetings, not inconsequential “listening panels.” Additionally, add 2 student representatives to the BOT.
Clarify these phrases: 1. “Voted to end the investment of our endowment in fossil fuels” -- Does this include direct and indirect investments? 2. “Prepare us for the impacts of global warming” -- Who is “us?” What are you expecting will happen at BU? 3. “Urgent action”, “immediately” -- How fast will this be? 4. “Making best efforts to limit fossil fuel exposure during the divestment process” -- How will you measure this and stay accountable? 5. “Finite-lived private equity investments”, “alternative energy-transition-focused product”, “de minimis” -- Define. 6. “Periodically report on development progress” -- How often will reports be released? We demand progress reports no less than once per semester.
3. Create a Social Impact Fund
Reinvest into a Social Impact fund that uplifts local Environmental Justice communities. BU’s fund should invest in existing local social impact funds, like Ujima, Bluehub Capital, or others outlined in the Reinvest Report by the Solidarity Economy Initiative. Among other things, these funds support businesses generally excluded from established sources of capital, affordable housing projects, public infrastructure, community-owned energy, and other endeavors that align with BU’s values of forging strong community connections, adapting to the needs of its students, and social justice leadership.
Read more about our guidelines for a Social Impact Fund created out of a Green Economies Fund and about Divest Ed’s guidelines for reinvestment.
We call on you and every other BU student and alum to stand in solidarity to end BU's complicity in the climate disaster. BU is a prestigious institution with a $3+ billion dollar endowment, but we the students and alumni give them that notoriety and power. Please sign in support of our demands to fight for the sustainable and just future the world needs.
In Solidarity,
Divest BU
The Issue
The students of Boston University call upon President Brown, the Board of Trustees, and the Investment Committee to expedite their timeline for divestment, operate with increased transparency, and create a social impact fund ASAP.
Boston University announces divestment:
On September 22, 2021, the Boston University Board of Trustees voted to end the investment of BU’s endowment in fossil fuels. The new investment policy summary can be found here.
Context:
This decision has been a long time coming. Divest BU has been fighting for divestment since 2012. The Board of Trustees, Advisory Committee on Socially Responsible Investing, and President Brown have continuously dismissed our concerns. In 2019, the ACSRI said that the climate crisis “was not significant enough” to warrant reconsideration of divestment by the Board of Trustees. Although the recent announcement is a step in the right direction, the plan does not go far enough to ensure BU is on the right side of history in preventing the climate crisis.
Fossil fuels are destructive to the environment and human health. They disproportionately affect those who are least responsible for the climate crisis and least able to combat its effects. As one of the largest property owners in Boston, BU cannot drag its feet. It is unacceptable that “the current private fossil fuel investments may take more than a decade to liquidate.” This delayed timeline and lack of commitment will contribute to the further destruction of the environment, putting billions of people at risk and continuing to jeopardize the University’s finances.
Our demands are as follows:
1. Expedite divestment timeline
You say divestment may take over a decade, yet you also say we must act within the decade to prevent the worst effects of the climate crisis. We demand a timeline that halves this; complete divestment in no more than 5 years. This is based upon precedent from other schools that have divested. Learn more at Divest Ed.
The Investment Committee must meet more frequently than their current schedule in order to speed up divestment: We demand progress on this be released with a frequency of at least once per semester.
2. Increased transparency
Release information about who voted and how for divestment by revealing the identities of all members of the BOT and Investment Committee. Release the full investment policy adopted by the BOT, not just the summary from President Brown’s email. Democratize the process and include the BU community in decision-making. This means real meetings, not inconsequential “listening panels.” Additionally, add 2 student representatives to the BOT.
Clarify these phrases: 1. “Voted to end the investment of our endowment in fossil fuels” -- Does this include direct and indirect investments? 2. “Prepare us for the impacts of global warming” -- Who is “us?” What are you expecting will happen at BU? 3. “Urgent action”, “immediately” -- How fast will this be? 4. “Making best efforts to limit fossil fuel exposure during the divestment process” -- How will you measure this and stay accountable? 5. “Finite-lived private equity investments”, “alternative energy-transition-focused product”, “de minimis” -- Define. 6. “Periodically report on development progress” -- How often will reports be released? We demand progress reports no less than once per semester.
3. Create a Social Impact Fund
Reinvest into a Social Impact fund that uplifts local Environmental Justice communities. BU’s fund should invest in existing local social impact funds, like Ujima, Bluehub Capital, or others outlined in the Reinvest Report by the Solidarity Economy Initiative. Among other things, these funds support businesses generally excluded from established sources of capital, affordable housing projects, public infrastructure, community-owned energy, and other endeavors that align with BU’s values of forging strong community connections, adapting to the needs of its students, and social justice leadership.
Read more about our guidelines for a Social Impact Fund created out of a Green Economies Fund and about Divest Ed’s guidelines for reinvestment.
We call on you and every other BU student and alum to stand in solidarity to end BU's complicity in the climate disaster. BU is a prestigious institution with a $3+ billion dollar endowment, but we the students and alumni give them that notoriety and power. Please sign in support of our demands to fight for the sustainable and just future the world needs.
In Solidarity,
Divest BU
The Decision Makers
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Petition created on October 13, 2021