The Divestment Penalty: Estimating the Costs of Fossil Fuel Divestment to Select University Endowments

September 21, 2020

“...based on either the actual historical patterns of funding by these universities [i.e., Columbia, Harvard, MIT, NYU, and Yale] or the academic literature, it seems clear that a reduction in endowment fund returns as a consequence of divestment would have material impacts on an endowment’s ability to fund a university’s key institutional goals.”