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Linda Worden 2019

Linda Worden 2019's activity stream


  • signed Not Donating Till We Divest 2017-04-26 21:47:30 -0400

    Not Donating Till We Divest

    123 signatures

    Join us in withholding your donations

    until Williams commits to keep endowment money

    from financing fossil fuel extraction. Sign below.

     


    Members of the Williams College Board of Trustees,

    We will withhold any further contributions to Williams College, and urge current and future alumni to do the same, until the College takes direct steps to divest its endowment funds from fossil fuel-based companies.

    Investment in fossil fuels is not a morally neutral act. Accepted science has clearly demonstrated the existential threat to the planet from the continued extraction and burning of fossil fuels. Its fundamental impropriety is heightened by the fact that the largest producers of petroleum products have invested significant resources in deliberately suppressing climate science, misinforming the public, and purchasing political influence to protect their industry at the expense of safer and saner alternatives. 

    Moreover, President Trump and most of his cabinet not only deny the existence of global warming, but appear committed to policies that can only exacerbate its effects in the interest of the fossil fuel industry. For Williams not to take a firm, public stand against such dangerous sophistry is to turn its back on its historic moral responsibility.

    Some contend that a decision to divest from fossil fuels presents a choice between Williams’ moral responsibility and its financial responsibility to maximize return on its investments. We believe that Williams' decisions should always be driven by moral responsibility, but we are also convinced, given continuing research on investment risks and returns, that in this case what is morally correct would be the more financially sound course to take over the long term.

    We note that Yale University, whose endowment fund is managed by one of the most respected investors in the world, added climate change awareness to its investment strategy and has moved to eliminate its exposure to oil and coal industries. Longitudinal studies have shown the wisdom of this strategy, demonstrating that over time portfolios without fossil fuel investments have fared as well and sometimes better than those with such investments. We are concerned that the large number of Williams’ Trustees who themselves have significant investments in fossil fuels has stood in the way of the College’s serious consideration of a similar, forward-looking position that reflects Williams’ national leadership role.

    We note that you have asked your fund managers to consider the impact of their investments on greenhouse gas emissions. We now ask that you follow up with more meaningful action.  We request that you create a three-year plan that:   

    1-    identifies the extent to which endowment funds are financing fossil fuel extraction, misinformation, pro-fossil fuel lobbying, and other initiatives that work against efforts to confront climate change;

    2-    directs the endowment’s fund managers to begin divesting from those investments as soon as possible and in no case later than three years; and

    3-    disassociates the College from fund managers who persist in financing endeavors that contribute to global warming.

    We did not reach this decision lightly. As advocates of a strong Williams, we understand the role alumni donations play in supporting its continued role as one of the premier educational institutions in the country. We believe it is wrong, however, for the College to ask for contributions that it in turn invests in industries that threaten our very survival. We look forward to the time when we can once again offer our financial support to Williams.  

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