WPRO News and the Associated Press
PROVIDENCE, R.I. (AP) – The Rhode Island School of Design has announced that it will divest from fossil fuels.
A RISD spokeswoman said Wednesday that the school’s board of trustees unanimously voted last week to divest the endowment’s direct investments in fossil-fuel extraction company stocks and bonds. She says the decision followed a two-year study.
The prestigious art school plans to divest over the next two years.
The spokeswoman says RISD’s direct investments in fossil-fuel extraction companies are $5.92 million, which is 1.8% of the school’s endowment.
RISD Board of Trustees Chairman Michael Spalter says the board decided to divest because it’s an important issue to the school and its community.
Two other Rhode Island universities, Brown University and the University of Rhode Island, have chosen not to divest from fossil fuels.
