Princeton announces partial divestment from publicly traded fossil fuel companies and further dissociation from 90 companies
The actions announced on September 29,2022 by the University and the Board of Trustees are a huge step towards full divestment and dissociation from fossil fuels. This decision is the result of a decade of activism by Princeton students, faculty, staff and alumni. While the Trustees fail to acknowledge this activism, Divest Princeton is proud of what has been accomplished. And although the university has taken a critical step, Princeton still falls short. Divest Princeton will keep fighting for our goals of full divestment and the end to all fossil fuel funding of research on campus. We know that it’s possible: They’ve come this far.

It’s Princeton’s moment to become a leader.

          Finance Yahoo          Bloomberg​      The Daily Princetonian       Princeton Alumni Weekly​          more clippings here

After Princeton divests from publicly traded fossil fuel companies, the university will still have $700 MILLION invested in private fossil fuel companies. These tend to be the worst emitters, operating out of the public eye and beyond the oversight of financial regulators. Princeton must FULLY divest. 

In terms of dissociation, we are also continuing to fight for a fossil free Princeton. Princeton must end fossil fuel funding of research (BP´s funding of Princeton's Carbon Mitigation Institute,for example) and industry recruiting on campus (any fossil fuel company is currently free to recruit on campus according to the updated definition of dissociation). Princeton must end all institutional relationships with the fossil fuel industry. 

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16 questions for President Eisgruber

 

October 12, 2022

 

Dear President Eisgruber and Princeton Trustees, 

 

Regarding the announcement published on September 29th, we at Divest Princeton, the organization responsible for the proposal to divest from fossil fuels, have the following questions: 

 

  • What percent of the $1.7 billion invested in fossil fuels do these publicly traded companies represent and what is the dollar value?

  • Knowing that private fossil fuel companies represent a significant portion of emissions, why weren’t those held by private equity included?

  • What is the timeline for dissociation after the 90 day appeal period? 

  • Who will be responsible for making the decisions at the end of 90 days?

  • What is the timeline for divestment and for a net zero endowment?

  • Will the deadline for a net-zero campus be brought forward from 2046? 

  • Most of the world’s largest fossil fuel companies (including Saudi Aramco, PetroChina, China Petroleum & Chemical, BP, Chevron, Marathon, Valero, ConocoPhillips, Gazprom, Rosneft, Shell and Occidental) were not included on the dissociation list. Assuming that this is because their size allows their coal and tar sands operations to fall below the adopted threshold, is there any plan to dissociate from these companies on the grounds that they are responsible for continuing to contribute to global climate change on a massive scale?

  • Would Princeton still accept money from the ExxonMobil Foundation or from any other foundation associated with a fossil fuel company?

  • Is Princeton now limiting its purchases of fossil fuel products to companies not on the dissociation list and if so, is that influencing the exclusion of companies? 

  • Will non-financial partnerships be permitted with companies on the dissociation list? For example will the Andlinger Center continue collaborating with ExxonMobil without funding?

  • Recruiting is an institutional relationship that endorses the companies invited to campus and has financial value for the recruiters. Does dissociation prohibit recruting on campus?

  • Where will the funding come from for the new energy research fund and how much money is anticipated? 

  • Will fossil fuel companies be excluded from contributing to this fund? 

  • Who will be responsible for the annual divestment/dissociation review and will it be made public?

  • Does Princeton have a plan to compensate for the loss and damages caused by Princeton’s extractive legacy?

  • Will Princeton appoint a Dean of Climate and Sustainability? 

 

We continue to look forward to a fossil free Princeton,

 

Divest Princeton

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Princeton University is located on the traditional, ancestral, and unceded territory of Lenapehoking and the Lenape people. We pay respect to Lenape peoples past, present, and future and their continuing presence in the homeland and throughout the Lenape diaspora.

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