HAWAII – The University of Hawaiʻi Board of Regents has voted to divest the university’s $66-million endowment from fossil fuels today.

UH joins more than 200 higher learning and government institutions that have pledged to do the same, according to the website gofossilfree.org. UH is one of the biggest universities to move their investments in coal, oil and gas companies elsewhere.

A task force appointed by Regents to study the idea concluded divestment would not directly result in the reduction of carbon emissions, but would “galvanize the UH community to take action” and “invest in the production of alternative energy, to make energy-saving investments and to change institutional as well as individual behaviors.”

The board approached its discussion on divestment with the spirit of collaboration. The divestment task group was comprised of faculty, students, administrators and board members. The result was a superb collaborative effort and the final outcome represented the best of shared governance.” Randy Moore, UH Board of Regents Chair

The task group worked closely with the board’s investment manager UBS Financial Service, Inc. to evaluate potential divestment options as well as impacts to the investment goals and policies. UBS says it has seen an increasing number of institutional investors seeking fossil fuel-free funds, and anticipates that eventually such funds will be offered at competitive fees. UH System

State House Representative Chris Lee, Chair of the House Energy and Environmental Protection Committee, issued a statement on the UH vote.