BOSTON—The Massachusetts Institute of Technology (MIT) is launching a five-year plan to combat climate change but says it won’t divest its $12.4 billion endowment from fossil fuels.
A world leader in science and engineering research, MIT says it wants to work with fossil fuel companies to develop the technology to combat climate change. The university plans to create eight new centres to focus on solar energy, nuclear fusion and other technologies.
MIT also plans to reduce campus emissions and eliminate its use of fuel oil.
Students at campuses across the country have pushed for divestment. The student group Fossil Free MIT called for divestment last year, and expressed surprise and disappointment Wednesday with MIT’s decision. A group spokesman says MIT is putting money before morals.