Student Assembly

Dear President Skorton,

I would like to formally communicate Student Assembly Resolution 32, “Toward a Responsible Endowment,” sponsored by KyotoNOW! Co-Presidents Rebecca Macies and Anna-Lisa Castle and S.A. CALS Representative Sarah Balik. The resolution passed 22–2−0 at last Thursday’s S.A. meeting.

The resolution urges Cornell to divest from direct holdings and commingled funds in the fossil fuels industry by the end of the 2020 fiscal year. The resolution further calls on Cornell to reinvest 30% of the divested amount in sustainable funds by 2030, using a positive screen approach that would be developed by the Office of University Investments.

Members of KyotoNOW! and the Student Assembly believe that the university has a moral responsibility to respond to climate change and that the university must do everything possible to engage and invest in sustainable practices. Members believe that the transition away from fossil fuels to renewable energy is inevitable in the 21st century - last year set a record for renewable energy investment - and that divesting responsibly is not only environmentally sustainable but also in the long term interests of the university.

KyotoNOW! and S.A. members asserted that divestment aligns with Cornell’s core commitment to sustainability in that the university “supports research, scholarship, and the practical application of knowledge that address one of humankind’s greatest challenges: achieving a sustainable world for all.” Divesting, moreover, is consistent with Cornell’s pledge to reach carbon neutrality under its Climate Action Plan (CAP) and will further elevate Cornell’s image as a global leader in sustainability. S.A. members joined KyotoNOW! members in their belief that Cornell’s investment practices should not only benefit the university but they should also foster a just and sustainable future for the environment and global community.

Some S.A. members were uncomfortable voting in favor of the resolution without the proper financial expertise. However, there was still overwhelming support for the resolution because it proposes an overarching set of guidelines and does not prescribe specific actions for the Board of Trustees’ Investment Committee or the Office of University Investments.

I have attached Resolution 32 for reference. Please let me know if you have any questions.

Best,
Adam