The University of California, keeping pace with the state government’s obsession with climate change, is proposing to invest $1 billion over five years in companies and researchers that are seeking solutions solving climate change, the Sacramento Business Journal reports.
UC plans to erect a framework for sustainable investment by the beginning of July next year, thus becoming the first public U.S. university to follow principles outlined by the United Nations for responsible investment. But UC is not planning to give up its holdings in fossil fuel companies, which total $10 billion in assets.
The UC Board of Regents’ investment committee will take up the proposal on Friday; if approved, the Board will vote on the plan September 18.
Napolitano released a statement, which said: “Today’s announcements show the very real commitment of the University of California to invest our human and financial assets in finding solutions to global climate change. From our research scientists, to our students, to our investment professionals, we are tackling these problems with vigor and determination.”
Napolitano permitted UC campuses to trade equity from faculty startups for the use of university facilities and services this past summer.