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Has the UC System Truly Divested from Fossil Fuels? – The Soapbox

Despite claims of full fossil fuel divestment, UC's recent SEC filings reveal ongoing investments in fossil fuel companies, raising transparency concerns.
Did UC system ever really divest from fossil fuels? | The Soapbox
In 2020, the University of California Board of Regents claimed to have fully divested from fossil fuels. They announced having sold more than $1 billion in fossil fuel assets and invested the same amount into clean energy projects, as part of their environmental, social and governance (ESG) investment strategy.

However, public documents reveal that the UC system continues to possess public and private assets in fossil fuel companies. As per the UC’s recent Form 13F filing — a document required by the Securities and Exchange Commission (SEC) — it still possesses more than $3.9 million in ExxonMobil shares, a company accused in multiple lawsuits of misguiding the public about climate change impacts of fossil fuels.

As of mid-2023, the UC endowment and retirement plan still have substantial investments in private equity firms with oil and natural gas industry assets including Peyto Exploration, Foundation Energy Management, EnCap Flatrock Midstream, and Lime Rock Partners. Private equity investments, unlike mutual funds, do not trade publicly, are not available for individual purchase, and have higher risk profiles but potentially higher returns.

UC Investments also possesses indirect shares in major oil and gas firms through investments in index funds like S&P 500 and MSCI. The UC announced in May 2020 its request to MSCI to create an index excluding tobacco and fossil fuels. However, UC’s proxy voting record signifies continued shareholdings in public oil and gas companies, contradicting its divestment claim.

The UC system’s endowment is not managed entirely by the UC Board of Regents or UC Investments. Each UC campus has its own endowment managed by a campus foundation. The UC Berkeley Foundation, for instance, has not voted to divest from fossil fuel companies. Campus foundations, including UC Berkeley Foundation, are urged to hold a vote to divest from fossil fuels.

Although the UC system has made progress towards a clean energy future, more transparency is expected from UC Investments about divestment parameters from fossil fuels and a timeline for full divestment. Such actions are crucial for building trust between the UC Board of Regents, the university community, and achieving the university’s stated goals of implementing ESG principles in its investment practices.

Original Story at www.dailycal.org

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Mississippi River Faces Persistent Saltwater Intrusion, Region Seeks Long-Term Solutions



For the third consecutive year, the Mississippi River is experiencing significant saltwater intrusion, prompting local communities and environmental experts to search for sustainable solutions. This recurring issue arises as the river’s flow decreases, allowing saltwater to move upstream and threaten drinking water supplies. The U.S. Army Corps of Engineers is actively involved in addressing this problem, employing temporary measures like saltwater barriers to mitigate the impact on affected areas.



Saltwater infiltration poses serious risks to public health and agriculture, as freshwater sources become compromised. The situation is exacerbated by prolonged periods of drought, which have reduced freshwater flow in the Mississippi River. According to the National Weather Service, drought conditions have worsened due to climate change, increasing the frequency and severity of saltwater intrusion events.



Local authorities are collaborating with federal agencies to explore permanent solutions. Among the proposed strategies are enhanced levee systems and improved water management techniques. The U.S. Army Corps of Engineers is evaluating the feasibility of long-term infrastructure projects to prevent further saltwater encroachment. Additionally, community leaders are advocating for increased funding to support these initiatives and safeguard the region’s water resources.



The impact of saltwater intrusion extends beyond drinking water concerns, affecting local ecosystems and agricultural productivity. Farmers in the region have reported crop damage due to elevated salinity levels in irrigation water. The Natural Resources Conservation Service is working with farmers to implement adaptive practices, such as planting salt-tolerant crops and improving soil management techniques.



As the Mississippi River continues to face challenges from saltwater intrusion, stakeholders emphasize the importance of collaborative efforts and innovative solutions. The ongoing threat underscores the need for comprehensive planning and investment to protect one of America’s most vital waterways from the impacts of climate change and environmental stressors.

November 19, 2024



Environmental activists have raised concerns over the fossil fuel sector’s significant impact on COP29, the latest United Nations Climate Change Conference. Activists argue that the industry’s presence diverts focus from critical climate actions.



The conference, designed to promote global climate agreements, faces criticism for allowing fossil fuel companies to participate extensively. Environmental groups claim these companies undermine efforts to reduce carbon emissions and transition to renewable energy sources.



According to Climate Action Network, fossil fuel representatives have increased their lobbying activities, aiming to weaken climate policies. These industries allegedly influence negotiations, leading to watered-down commitments that fail to address the urgency of climate change effectively.



Experts suggest that the influence of these companies stems from financial contributions and longstanding relationships with decision-makers. Critics argue that this affects the conference’s ability to enforce meaningful climate change regulations.



During the event, several protests highlighted the need for transparency and a stronger focus on sustainable energy solutions. Activists are calling for increased participation of renewable energy stakeholders in future conferences.



The controversy surrounding fossil fuel involvement at COP29 underscores the ongoing challenge of balancing industrial interests with the global imperative to combat climate change.



November 19, 2024