Harvard Political Review quotes Humphreys on fossil-fuel divestment and responsible endowment management
Harvard president Drew Faust asserted that Harvard's $6.5 billion capital campaign would ensure that the university's work is 'as good as it is great,' or as moral as it is excellent. However, President Faust's comment is in contrast to her previous statement regarding divestment. This, and the reality of the university's investments, reveal an inconsistency between Harvard's supposed moral obligations and its practice when it comes to managing its wealth.
Blake McGhghy quotes Joshua Humphreys, president and senior fellow at Croatan Institute: "Harvard has been making very aggressive investments in real assets, such as timberland and farmland in developing markets. Those have had very deleterious effects on local communities and environments. Harvard has violated local laws in Argentina around wetland conservation for example, and these are some of the most profitable investments that Harvard makes."
To contact Joshua Humphreys, send an email to firstname.lastname@example.org.
Source: Blake McGhghy, "As Good As We Are Great," Harvard Political Review, October 13, 2013.