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Harvard Board Member Calls on University to 'Stop Owning Climate Change'
Kathryn "Kat" Taylor, a member of the Harvard Board of Overseers and wife of billionaire climate activist Tom Steyer, made an unprecedented public call on Harvard University to divest from fossil fuel stocks.
The action comes after the university's $37.1 billion endowment—the world's largest academic fund—reported a lackluster 8.1 percent return that reflected "deep structural problems" that will take years to turn around, its endowment manager said.
Taylor, whose six-year term on the elected board will be ending this spring, wrote in an op-ed that as her last act, she is calling on University President-elect Lawrence S. Bacow and the Harvard Corporation, the university's highest governing body, "to adopt ethical investment principles."
"At a minimum," she is asking the endowment arm of the university, Harvard Management Company, "to divest from fossils fuels to prevent the end of life as we know it through cascading climate-driven disasters."
"This single act would not only take steps to address the existential crisis of our time, but it would allow the University to lead its peers, as few, if any, American universities thus far have taken this important moral stance," Taylor said.
The Harvard alumna ('80) joins a growing chorus of students, faculty, alumni and community members criticizing Harvard's portfolio that contains fossil fuel companies. The 70,000-member organization Divest Harvard demands that the Ivy League institution immediately divest direct holdings from the top 200 publicly traded fossil fuel companies.
"Many more experts than I have advocated for Harvard's leadership to take the responsible action of divesting. For instance, more than 200 Harvard faculty members, including top scientists in the field, have called on the University to divest from fossil fuel corporations," Taylor said.
According to 350.org, a major campaigner in the global fossil free movement, more than 800 institutions, including universities, religious and medical groups, have joined the divestment movement to date.
"The movement to divest is large and thoroughly mainstream, comprised of many other top schools, cities, including New York City, as well as the Church of England and some pension funds," Taylor noted. "Their commitments to divest over the next few years now cover over $6 trillion in assets. So, our request, with these august endorsements, is not radical—but recalcitrance is."
In a stunning conclusion, Taylor said:
I am not going public with this call to action lightly or to be impolite. I have tried everything else—diplomatically in the background with other Overseers and outspokenly but behind closed doors in plenary. But this is too important for me to remain silent. It's because I love Harvard that I am compelled to speak with all the force of my position before it extinguishes. Harvard once refused to divest from companies doing business with apartheid South Africa in spite of a moral movement on campus. I marched in the student protests in 1980 and received the same disregard we are dishing out to our future leaders now. After ten years of dismissal, and the election of no less than Bishop Tutu to the Board of Overseers, Harvard finally reversed itself. Let's not repeat this mistake.
It's time for Harvard to stop owning climate change. We can make money ethically, with more resilient returns too. We don't just get profit from what we finance in this life, we endorse the activities underlying that profit—there is nowhere to hide from that. It is because we love our country and its most respected institutions that we call out the highest standards to which they must live.
While Harvard has not fully dropped its fossil fuel holdings, last year the elite college indicated it was "pausing" investments in minerals and oil and gas.
Colin Butterfield, the head of natural resources at the Harvard Management Company, said at the time that climate change is a "huge problem" and "I clearly feel that we are stealing from the future generations."
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‘Companies Should Not Be Allowed to Use Hazardous Ingredients in Products People Use’: Michelle Pfeiffer Speaks Up for Safer Cosmetics
The beauty products we put on our skin can have important consequences for our health. Just this March, the U.S. Food and Drug Administration (FDA) warned that some Claire's cosmetics had tested positive for asbestos. But the FDA could only issue a warning, not a recall, because current law does not empower the agency to do so.
Michelle Pfeiffer wants to change that.
The actress and Environmental Working Group (EWG) board member was spotted on Capitol Hill Thursday lobbying lawmakers on behalf of a bill that would increase oversight of the cosmetics industry, The Washington Post reported.
By Julia Conley
Scientists at the United Nations' intergovernmental body focusing on biodiversity sounded alarms earlier this month with its report on the looming potential extinction of one million species — but few heard their calls, according to a German newspaper report.
The climate crisis is a major concern for American voters with nearly 40 percent reporting the issue will help determine how they cast their ballots in the upcoming 2020 presidential election, according to a report compiled by the Yale Program on Climate Change Communication.
Of more than 1,000 registered voters surveyed on global warming, climate and energy policies, as well as personal and collective action, 38 percent said that a candidate's position on climate change is "very important" when it comes to determining who will win their vote. Overall, democratic candidates are under more pressure to provide green solutions as part of their campaign promises with 64 percent of Democrat voters saying they prioritize the issue compared with just 34 percent of Independents and 12 percent of Republicans.
President Donald Trump has agreed to sign a $19.1 billion disaster relief bill that will help Americans still recovering from the flooding, hurricanes and wildfires that have devastated parts of the country in the past two years. Senate Republicans said they struck a deal with the president to approve the measure, despite the fact that it did not include the funding he wanted for the U.S.-Mexican border, CNN reported.
"The U.S. Senate has just approved a 19 Billion Dollar Disaster Relief Bill, with my total approval. Great!" the president tweeted Thursday.
"There was a lot of devastation throughout the state," Governor Mike Parson said at a Thursday morning press conference, as NPR reported. "We were very fortunate last night that we didn't have more injuries than what we had, and we didn't have more fatalities across the state. But three is too many."