Below is the full text of an article originally published in The Sophian following the panel discussion hosted by President McCartney about Divestment.
On Monday, February 24th, concerned members of the Smith community filled the Carroll Room to discuss the relationship between the college’s endowment and the fossil fuel industry. President McCartney’s office sponsored the panel discussion in response to the growing movement on campus to divest from the fossil fuel industry. The conversation focused on the financial structure of endowments. The panelists and administrators who spoke failed to place our endowment in the context of Smith’s institutional power and failed to address the political statement we are making by investing in the fossil fuel industry.
After publicly recognizing the threat of climate change, Smith created the Sustainability and Climate Action Management Plan, which details how Smith will reach carbon neutrality by 2030, although it does not mention investments. In the past, Smith recognized the political statements made by our assets and divested from companies operating in Apartheid South Africa during the 1980s, and in Sudan in 2007. By refusing to recognize the implications of investment in the fossil fuel industry, Smith is making a statement that our institution supports the harmful practices of fossil fuel companies that result in community and environmental destruction, while simultaneously perpetuating climate change.
Divest Smith College, a network of concerned students, advocates that Smith cease investing our endowment funds in the fossil fuel industry, because Smith has the responsibility to reflect institutional values in its financial decisions. This divestment campaign is backed by strong support from the student body, a third of whom have signed a petition advocating for divestment from the fossil fuel industry.