Harvard Won’t Divest Endowment From Fossil Fuels, Faust Says

Harvard University, the world’s richest school, won’t sell its investments in fossil-fuel companies amid pressure from students, President Drew Faust said in a letter released today.

“I do not believe, nor do my colleagues on the Corporation, that university divestment from the fossil fuel industry is warranted or wise,” Faust said in the letter, referring to Harvard Corporation, the school’s governing board. “The endowment is a resource, not an instrument to impel social or political change.”