The University of Maine System is planning to fully divest from fossil fuels by 2030 — starting with the elimination of all direct fossil fuel holdings by the end of May.
On Thursday, the investment committee for the system’s board of trustees approved two steps that it framed as major milestones in its commitment to address climate change. The first is a short-term change: to divest from all direct fossil fuel investments by May 31, and make no such investments moving forward.
But that still leaves open other funds held by the system, such as mutual funds and commingled funds, that may have some limited exposure to fossil fuels. The system has set a goal of divesting from those accounts by 2030.
“We are again at the forefront as we adopt divestment actions and goals,” said Kelly Martin, the chair of the Board of Trustee’s investment committee. “Our effort is to continue to demonstrate our strong commitment to addressing climate change in portfolio objectives.”