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University of Hawaii mulls selling fossil fuel investments

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Increased production in the United States from fracking as well as the return of output from Iraq and Libya have helped to drive down the price of oil in the U.S. An oil derrick, or drilling rig, outside of Williston, N.D.

The University of Hawaii is studying the possibility of selling off investments in companies that produce fossil fuels.

The university’s Board of Regents on Thursday appointed a task group to examine the feasibility and desirability of such a move.

Board Vice Chairwoman Jan Sullivan is leading the task group, which will suggest actions to the board’s budget and finance committee.

The panel is expected to meet the university’s investment manager, hear from other concerned groups and investigate other public universities’ policies. It will make recommendations on divestment by April 30 and on general sustainability policies by June 30.

A regent committee heard testimony earlier this month urging the regents to take a strong stand in support of divesting endowment funds from fossil fuel companies.

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