UNC-Asheville drops fossil fuel investments

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FILE – In this Feb. 13, 2015 file photo, stacks and burn-off from the ExxonMobil refinery are seen at dusk in St. Bernard Parish, La. New York City officials say they will begin the process of dumping about $5 billion in pension fund investments in fossil fuel companies, including Exxon Mobil, because of environmental concerns. […]

ASHEVILLE, N.C. (AP) — The University of North Carolina-Asheville has moved to divest a portion of its $50 million endowment away from fossil fuels.

The Asheville Citizen-Times reports it is the first school in the UNC system to do so.

The school’s board of trustees recently voted to shift about $5 million of its endowed funds to a private asset manager that focuses on investments billed as socially responsible.

In recent years, some of the nation’s universities have drawn criticism for making investments in certain industries that activists say run counter to the schools’ mission.

Colleges are split. Some have stopped investing in industries such as fossil fuels or prisons. Others put few restrictions on their investments.

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