ANN ARBOR, Mich. (AP) – The University of Michigan won’t pull investments from oil and mining companies because of climate change.
President Mark Schlissel says the university’s $10 billion endowment supports academics, research, students and the health system. He says it “should not be used to further other causes, however noble.”
A group of students and faculty has urged the university to stop investing in fossil fuel companies.
Schlissel notes that the university relies on fossil fuels to operate. He says “there is no viable alternative to fossil fuels at the necessary scale.”
His statement was posted online on Dec. 4 during the Paris climate change conference. Schlissel says campus researchers are deeply involved in climate change work, and the university will spend $100 million to improve reductions in waste and greenhouse gases.