[Below are excerpts from the press release PAR received on March 4 regarding the action at Yale]
Yale University police arrested and issued citations to 17 Yale students who held an occupation of the Investments Office [March 4] demanding that Yale direct its fund managers to cancel their holdings in Puerto Rico’s debt and divest the endowment from fossil fuel companies. A total of 30 students and New Haven community members participated in the sit-in lasting the entire afternoon. They have emphasized that they will continue returning to the Investments Office until the University takes action on their demands.
In the face of hurricanes, devastating California wildfires and the latest UN climate report, bold and comprehensive action is needed to address climate change. Climate change exacerbates existing economic inequity, as seen in Puerto Rico, where several “vulture funds” that hold Puerto Rico’s considerable debt are demanding to be repaid before the island can rebuild and support its poorest residents. Research has shown that the intensity of hurricanes like Maria, which struck the island in September last year, is being exacerbated by climate change.
“As Puerto Rico struggles to recover from a climate change-fueled hurricane and a massive debt crisis, Yale’s fifth largest fund manager Baupost is suing the island to be repaid first. Our demands for bold moral action from Yale have been met with silence. That’s why we’re continuing to take direct action to hold our university accountable to principles of climate justice,” said Adriana Colón, a member of Des-pierta Boricua, the Yale Puerto Rican students association. Yale’s CIO David Swensen sits on the board of Baupost.
For six years, student and community organizers have worked with the Yale administration to advocate for the divestment of Yale’s $29.4 billion endowment from fossil fuel corporations. Yale would join 998 institutions that have committed to divesting $7.2 trillion from the fossil fuel industry worldwide. Most recently, Middlebury College announced it will divest its $1 billion endowment from fossil fuel companies. For more information, please contact Martin Man at email@example.com or call (845) 505-9281.