Boston University announced Thursday it will divest from fossil fuels, just days after Harvard University made a similar announcement.
The university, which has a $3 billion endowment, will immediately begin to phase out its investments in crude oil and natural gas. The university already divested from tar sands and coal companies in 2016.
“This has been a long journey within the BU community and the Board of Trustees,” Robert Brown, president of the university, said in a statement. “This is putting us on the right side of history.”
He acknowledged the work of student, employee and alumni activists, who had been pushing the university to divest from oil, gas and coal companies for nearly a decade.
“Advocates here have been very influential in talking with the [trustees’] advisory committee and swaying their opinion,” Brown said. “I am proud of everyone who is involved, because it’s a complicated process.”