Fossil Free Penn, a student-led group, has taken the University of Pennsylvania to task, legally challenging its fossil fuel investments. They argue that Penn’s financial ties to the fossil fuel sector contradict its charitable mission and expose the community to climate change’s harsh realities.
Katie Francis, a Penn senior and Fossil Free Penn advocate, voiced the group’s concerns. She emphasized that while Penn’s green initiatives are commendable, true commitment requires full divestment from fossil fuels.
Penn’s President, Liz Magill, previously stated that the university doesn’t directly invest in fossil fuel entities. She acknowledged the complexities of transitioning from fossil fuels, given the world’s current energy dependencies.
The 67-page legal complaint, crafted with insights from the Climate Defense Project, asserts that Penn’s Board of Trustees breached its fiduciary duties. Specifically, it points to Pennsylvania’s Title 20 law, which mandates nonprofits to invest in line with their charitable goals.
Ted Hamilton, from the Climate Defense Project, highlighted the contradiction when institutions pledge to combat climate change but financially back the very industry causing it.
Other Ivy League schools, like Harvard and Princeton, have faced similar scrutiny and calls for divestment. Penn sophomores, I hope this legal push will inspire Penn to lead in environmental commitment.
The attorney general’s decision on this matter could set a precedent, urging universities to reevaluate their investments in the context of global environmental challenges. As the energy landscape shifts, institutions like Penn are under the spotlight, with their investment choices reflecting their stance on the planet’s future.