The $8 billion, three-foot-wide, 229-mile-long pipeline would have carried methane-based gas from Canada to the Oregon facility where it would have been shipped to international markets.
The measure prohibits public investment in any financial instrument deriving more than 15% of its revenue from fossil fuels, as well as from tobacco products or jail or prison facilities.
The ABP fund is a wealthy and influential investor that manages the pension savings of more than 3 million Dutch workers and has some 15 billion euros invested in fossil fuel production.
The move, coming just weeks away from the U.N. COP26 climate conference in Glasgow, makes the university, which lies in the heart of Europe’s “oil and gas capital”, the 90th in the U.K. to commit to divestment.
A federal judge agreed with conservation groups that fracking and drilling will worsen air quality in a region where smog levels have exceeded federal pollution standards and threaten public health.
Going forward, BU will phase out any investments in companies that extract oil and natural gas. The University’s endowment, more than $3 billion, will not have any direct investments in fossil fuel companies.
There are currently 1,046 active wells, 637 idle wells, and 2,731 abandoned wells in unincorporated areas of the nation’s most populous county.
The Dutch Advertising Code Committee is ordering multinational oil and gas company, Shell, to stop ads that dubiously claim customers can make their fuel purchases “carbon neutral” by paying for carbon offsets.
President Bacow said the school’s endowment had no direct investments in fossil fuel exploration or development companies as of June and will not make such investments in the future.
Intesa’s exclusion covers all financial products and services, as well as advisory services, and applies to projects and companies involved in exploration, production, and pipeline transport of Amazon oil.
