March 13, 2013

Maine college sells its fossil fuel investments

The Associated Press

BAR HARBOR — The College of the Atlantic is selling off its investments in fossil fuel-related businesses such as oil, gas and coal companies.

At a special meeting Monday, trustees accepted a student proposal calling on the college to divest itself of those investments in an effort to combat global warming and affirm its commitment to the environment.

Second-year student Lucas Burdick, who led the divestment campaign, said divesting is "morally and politically just." He said divestment is nothing more than reinvestment and doesn't mean the school will lose money or have to raise tuition.

The college says about $1 million of its $30 million endowment was invested in fossil fuel companies.

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