Energy Efficiency, GHG Emissions  -  April 29, 2020

Harvard to work toward net-zero by 2050

Harvard University announced April 21 that they are working with their investment managers on a path toward net-zero emissions by 2050.

The university has previously faced criticism for refusing to divest from fossil fuels previously. This new project will entail a multi-year process to develop a methodology for calculating emissions with the help of faculty and the endowment’s outside investment managers with a goal of measuring their portfolios’ emissions levels to reduce them in the endowment, Bloomberg reported.

Harvard’s endowment was valued at $40.9 billion as of June 2019 and is run by Harvard Management Co.

“With this commitment, our focus is on reducing the demand for fossil fuels, an action that is consistent with the university’s overall commitment to reduce our operational carbon footprint,” Harvard President Lawrence Bacow said in a statement. “It will require us to work with other investors to develop tools to monitor the carbon footprint of our investment managers.”

According to Bloomberg, the university’s governing board directed the fund to provide an update and plan forward by the end of 2020.