University of Maine divests from coal

Another domino has toppled in the global divestment movement, with the University of Maine Board of Trustees agreeing to divest from direct holdings in coal-mining companies.

The university released a statement which said the decision was made based on “potential costs of climate change, the steady decline of coal as a non-renewable resource and the emergence of new green technologies”, Reuters reported.

The university only has $502,000 worth of direct investments in coal companies, however it also has $1.7 million in exposure to coal in managed investments, pension and operating funds.

The university also said it would consider divestment from fossil fuels across the board.

Alumni and member of Divest UMaine Iris SanGiovanni said the group was “ecstatic that the Board of Trustees made the right decision.”

“Divesting now protects our assets, and sends the message that we take climate change seriously,” SanGiovanni said.

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