Prior to this month’s Carleton Board of Trustees meeting, we are writing to update you on recent developments in the Divest Carleton alumni movement, which continues to gain momentum and to support and partner with student actions on campus.
In the last year, we have added nearly 300 signatures to the alumni petition, for a current total of 1595. This includes 1496 living alumni signatures: over 5% of the entire population, representing 68 classes.
These alumni make their interest in divestment known in multiple ways. Since Carleton missed this June’s deadline to divest its endowment from fossil fuels, $2418.13 was distributed from the Carleton College Fossil Free Fund to the nonprofit environmental organizations 350.org and MN350. This brings the total lifetime distributions from the fund to $9199.76, collected from 121 donations. The fund will remain open for further donations through the upcoming academic year, with its next due date set as June 2020. Its current balance sits at $2100.
At this year’s reunion, a concerned group of alumni organized a panel discussion on divestment from fossil fuels and socially responsible investing. It featured student, alumni, and faculty panelists speaking on topics such as the economics of Carleton’s endowment, the history of the Divest Carleton movement, and the role of the Carleton Responsible Investment Committee (CRIC) in the college’s ethical investing decisions.
This event filled the Goodhue Superlounge, with 88 audience members eagerly volunteering questions and comments throughout the hour and a half time slot.
As the Divest Carleton movement grows, so do the worldwide movements to divest and the wider awareness of the threat of climate change. So far, 1135 institutions with managed assets of $11.48 trillion have committed to divesting from fossil fuels. Recently, the entire University of California system joined their ranks, committing to divesting its $13 billion endowment and $70 billion pension. UC’s CIO and Investment Committee Chair stated: “We believe hanging onto fossil fuel assets is a financial risk.” Just this past Friday, Smith College announced that it would also divest its $1.9 billion endowment. Both the ethical and the safe choice, these days, is to divest from fossil fuel stocks.
Many Carleton students and alumni joined this September’s Global Climate Strike, which organizers estimate drew 7.6 million people into the streets to demand systemic action in response to climate change. These protesters and all the alumni, faculty, parents, staff, and students of Divest Carleton agree: the time to act is now. We invite you to read a recent Viewpoint article, submitted by alumni and students, on the ways in which the college can better address the climate emergency, including by divesting from fossil fuels.
Thank you for your time, and for all you do for Carleton. Please let us know if we can answer any questions.
The Divest Carleton alumni leadership team
Mindy Bell ‘80
Eleanor Haase ‘79
Rebecca Hahn ‘09
Maddie Halloran ‘14
David Loy ‘69
Kathryn Olney P’15
Peter Scheuermann ‘12
Dimitri Smirnoff ‘15
Brett Smith ‘64
Rev. Dwight Wagenius ‘64