SYRACUSE, N.Y. -- Syracuse University is ending its direct investment in coal mining and other fossil fuel companies.
The university announced the policy change Tuesday, after years of student and faculty calls to do so. Last fall, student protesters, calling for divestment, among other issues, occupied SU's administration building for 18 days.
With the decision, SU joins other universities, including Stanford University and the University of Maine, which have taken similar action. Stanford last year divested in coal mining companies.
In late February, SU officials met with members of Divest SU, a student-based group seeking to divest the university's endowment from the fossil fuel industry.
Syracuse will not directly invest in publicly-traded companies whose primary business is extraction of fossil fuels, the administration said in a statement. SU will direct its external investment managers to take every step possible to prohibit investments in these public companies as well.
"Syracuse has a long record of supporting responsible environmental stewardship and good corporate citizenship, and we want to continue that record," says Chancellor Kent Syverud. "Formalizing our commitment to not invest directly in fossil fuels is one more way we do that."
The university is seeking additional endowment investments in companies that are developing new technology related to solar energy, biofuels and advanced recycling, the university said in a statement.
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