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NOW, THEREFORE, the Board of Trustees of �鶹Ƶ�� hereby RESOLVES that �鶹Ƶ�� must do its part, as a leading institution of higher education, and as a community, to address the threat of climate change by adopting the following policies:

I. Fossil Fuels, Sustainability and Carbon Footprint Reduction in the Endowment

1. Fossil Fuel Related Investments

For several years �鶹Ƶ�� has been intentionally increasing its focus on sustainability in the endowment portfolio and has been reducing its exposure to fossil fuel-related investments. The endowment has not made any new commitments to commingled private oil and gas funds since 2016.

RESOLVED: �鶹Ƶ�� will no longer make investments in fossil fuel-related private partnerships and will not make additional direct fossil fuel-related investments, unless such investments support lower carbon emission transition strategies to renewable sources. Further, the College will work to liquidate its investments in illiquid fossil fuel-related partnerships in an orderly manner as soon as is practical.  

2. Sustainability Investments

�鶹Ƶ�� has also been increasing its direct commitments to sustainable investment strategies aligned with the energy transition to renewable sources, and to other strategies pursuing solutions to climate change challenges.

RESOLVED: �鶹Ƶ�� will continue to increase its endowment commitments to energy transition strategies as a percentage of total endowment assets.

3. Further Carbon Footprint Reduction

RESOLVED: �鶹Ƶ�� will work with its investment advisor, Cambridge Associates, to further reduce the carbon footprint of the endowment portfolio, and to evaluate the potential feasibility of a ‘Net-Zero Emissions by 2050” plan for the �鶹Ƶ�� endowment.

II. Data Request

RESOLVED: In the short term, instruct Cambridge Associates to create a model of the current portfolio of publicly traded securities excluding companies principally dedicated to extraction, refining, distributing, and selling fossil fuels.