UNC-Asheville drops fossil fuel investments

ASHEVILLE, N.C. (AP) — The University of North Carolina-Asheville has moved to divest a portion of its $50 million endowment away from fossil fuels.

The Asheville Citizen-Times reports it is the first school in the UNC system to do so.

The school’s board of trustees recently voted to shift about $5 million of its endowed funds to a private asset manager that focuses on investments billed as socially responsible.

In recent years, some of the nation’s universities have drawn criticism for making investments in certain industries that activists say run counter to the schools’ mission.

Colleges are split. Some have stopped investing in industries such as fossil fuels or prisons. Others put few restrictions on their investments.