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BOSTON (AP) — The University of Massachusetts system says it will eliminate direct investments in fossil fuels from its endowment.
A board that oversees the $770 million endowment voted unanimously in support of the decision on Wednesday, a month after students called for divestment during protests at the Amherst campus.
UMass President Marty Meehan said in a statement that the change reflects the university's commitment to take on environmental challenges.
The system already agreed to cut direct investments in coal last year in response to a petition from a student group.
Direct holdings refer to investments made directly by the endowment's managers, rather than by hedge funds or other pooled funds where universities often invest.
The decision makes UMass one of the first public universities in the U.S. to divest from fossil fuels.
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