Political correctness like greed apparently knows no bounds as, according to today's Wall Street Journal, "Fossil Fuels Stir Debate at Endowments."A nationwide showdown between activists and universities over investments in coal, oil and gas intensified Tuesday after a University of California task force abruptly pulled back a draft recommendation not to sell its fossil-fuel holdings.
The group—charged with advising the university's investment committee—had planned to suggest that the state system join Harvard University, Yale University and Brown University in holding fast against activist calls to dump their fossil-fuel investments, said people familiar with the discussions.
But in an hour long meeting
Tuesday, several task-force members successfully argued for preserving
the option of divestment. The task force subsequently removed from its
recommendation to an investment committee language stating that selling
those investments "would not meaningfully impact climate change," these
people added.
A system spokeswoman said
the university isn't currently considering a complete fossil-fuel
divestment but may decide to sell some assets as it sets new investment
guidelines.
Be that as it may, this is just another reason why we like energy stocks going forward. If energy gets anymore unloved, it could become a politician.
t. man hatter
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