April 12 (Bloomberg) -- Pitzer College agreed to divest almost all of the school’s investments in fossil-fuel stocks by year-end while saying it plans to create a sustainability fund.
The agreement calls for an environmental, social and governance policy to guide future endowment investing decisions, the school said in a statement. The Claremont, California-based school also said it will reduce its carbon footprint by 25 percent by 2016.
A student-led divestment movement has spread across U.S. campuses in the past two years, though some schools, including Harvard University and Brown University have resisted selling their fossil-fuel holdings. Harvard President Drew Faust said last year that the school can be more effective in addressing climate change through teaching and research, while reducing greenhouse gases on campus.
“Today’s announcement makes Pitzer the first college or university in Southern California to divest, and the first to come up with an innovative solution that other organizations can model,” said actor Robert Redford, a school trustee.
The school, founded in 1963, has about 1,000 students, according to its website. College President Laura Skandera Trombley will announce the divestment today.
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