The University of Southern California Board of Trustees’ Investment Committee voted earlier this month to halt new investments in fossil fuels, the university announced Wednesday. The university will also liquidate its existing fossil fuel investments over the next several years.
USC’s current fossil fuel investments are part of private partnerships and illiquid in nature, according to a press release. Therefore, it will take several years to fully divest from them.
“Going forward, our new investment policies reinforce USC’s commitment to generate strong returns while also upholding USC’s values, including sustainability. We see this approach as a way to grow our portfolio and support clean, new technologies for the 21st century,” Amy Diamond, USC’s chief investment officer, said in a statement.
USC also created an Advisory Committee on Investment Responsibility, which will “review ethical and social concerns raised by the USC community and advise the Investment Committee on key issues that pertain to the endowment’s investments,” according to the press release. The university has not made any new dedicated fossil fuel investments in the past two years.