The Harvard-Yale halftime invasion

If you want to see the future of climate-based investing, you need to look at Harvard and Yale. For those tired of debates dominated by elite universities, note that I am not talking about what goes on inside those hallowed halls. I am referring to last weekend’s football contest between the two Ivies, known as “The Game.” This edition of the ancient rivalry was certainly exciting (Yale came from behind to win 50-43 in double-overtime), but all attention was stolen by events at halftime. Students from the two universities’ campaigns to divest from fossil fuels (Yale Endowment Justice Coalition and Divest Harvard), staged a joint invasion of the field. Both want their endowments (the two largest university nest eggs on the planet) to get rid of all exposure to oil, coal and gas. They also called for divesting from holdings in Puerto Rican debt.

This is important because university divestment campaigns have a history of working. In the 1980s, when the apartheid regime in South Africa was the target, such campaigns contributed to the pressure on the country that eventually led to the release of Nelson Mandela and black majority rule. Universities tend to be averse to negative publicity, while trustees of their endowments tend to prefer the quiet life.