Students eager to chart a clean energy future on campus are joining lawmakers in their push to divest the state’s pension fund of fossil fuel companies.
Students from the University of Vermont, St. Michael’s College and Middlebury College gathered at the Statehouse on Thursday to support legislation that would require the state to pull fossil fuel investments from the state’s pension fund.
Rep. Chris Pearson, P-Burlington, leader of the Progressive caucus, said the recent heavy rainfall and flooding associated with climate change is costing the state millions.
“So, the concept is, if this is costing us money, why would we be investing in the very companies that are perpetuating climate change, that are contributing and exacerbating our climate challenges?” said Pearson, lead sponsor of the House bill, H. 271.
Caroline DeCunzo, a UVM sophomore, said the state should redirect its fossil fuel investments toward income equality, local livelihoods and sustainable energy.
“We need to divest from fossil fuel destruction and invest in a sustainable future,” she said.
The students are also urging state colleges and the University of Vermont to eliminate endowment holdings in fossil fuel companies. The UVM Board of Trustees’ three-member investment subcommittee voted down a proposal that would have been a step toward divestment last year.
Rep. Kesha Ram, D-Burlington, a member of the UVM board, said selling these holdings would send a strong political message.
“UVM’s (action) … would affect its endowment, which at a public institution, an endowment is by its nature something that becomes political, that becomes a statement about our values,” she said.
DeCunzo said studies show investing in profitable fossil fuel companies is not better than investing in other fast-growing companies with smaller profit margins.
“The reality is that as mature public companies, fossil fuel companies do not outperform the market,” she said.
