NORTHAMPTON, Mass (WWLP) – Smith College is phasing out its use of fossil fuels over the next decade.
The women’s college in Northampton is hoping to eliminate all fossil fuel investments within the next 15 years; The Smith College Board of Trustees voted in favor of divestment on Friday.
The college will direct an outsourced endowment management firm to implement “an immediate phaseout of all current investments with fossil-fuel specific managers.”
According to the college’s website, 6.4% of its $1.9 billion endowments are indirectly invested in fossil fuels. One of the goals is to increase the stigma around fossil fuels and the companies that profit from them.
One student 22News spoke with said it’s a step in the right direction.
“I’m kind of glad the board of trustees voted to divest in fossil fuel. They did say that it will take 15 years to liquidate the stocks. I think they should do it sooner and Smith College should declare a state of emergency. “-Shehrbano, senior at Smith College
In 2016, the University of Massachusetts became the first major public university to divest its endowment from direct holdings in fossil fuels.
Smith has a goal of achieving net-zero greenhouse gas emissions by 2030.
Other students on campus said they are for the endowment, they just wish it wouldn’t take as long as 15 years.