Estimates put Harvard’s missed earnings because of its fossil fuel divestment at around $1 billion.
— an organization that describes itself as “A global movement to end the age of fossil fuels and build a world of community-led renewable energy for all” — to date 1,552 institutions have divested. The total value of the institutions divesting isThe purpose of the divestment movement is to starve fossil fuel companies of the investments they need to develop new resources. Activists are attempting to address fossil fuel consumption by curbing supplies.
So, even as organizations are taking actions to reduce supply and drive prices higher, politicians — even those who are sympathetic to the cause of reducing fossil fuel consumption — are working to counteract those price increases. A good case in point is President Biden’sAs an investor — and the author of a widely-read investment newsletter — I preach diversification. Indeed, despite its name, the investments I recommend are diversified across multiple sectors.
Year-to-date , the total return of the energy holdings in the S&P 500 Index — as measured by the Energy Select Sector SPDR Fund — is +70.8%. . Over that same timeframe the S&P 500 is down 15.5%. Harvard University made news last year when it announced that it had divested from the fossil fuel industry. In a September 9, 2021, President Lawrence Bacow said that as of June the university was no longer making direct investments in companies that explore or develop fossil fuels. He added that existing fossil fuel investments “are in runoff mode and will end as these partnerships are liquidated.