The University of California made the decision to remove all companies that own fossil fuel reserves from the UC Retirement Savings Program (RSP) fund offering. On June 30, 2022, we sold existing holdings from RSP core funds and will no longer invest in fossil fuel companies. UC Investments defines these holdings as publicly traded companies that own any amount of fossil fuel reserves in thermal coal (not metallurgical coal), oil and gas.
Why did we make this change?
UC Investments believes that the fossil fuel industry faces considerable long term financial risk and that removing such companies from the RSP will have a positive financial and risk-reducing impact on fund performance in the long run. Based on our analysis, we already have sold fossil fuel companies from the University’s assets, including our Pension, Endowment and Working Capital asset pools. Removing fossil fuel companies from the RSP was the final step in the journey that UC Investments started in 2015 when we began selling off holdings in companies whose primary business was in thermal coal and oil sand extraction.
Participants who are invested in the RSP core funds will no longer hold fossil fuel names as of July 1, 2022.* However, the RSP offers access to over 10,000 mutual funds and ETFs including unscreened low-cost index or sector-specific funds through Fidelity Brokeragelink®.
Additional information can be found here:
Information was provided by University of California. Fidelity Investments is not responsible for its content.
*Excludes two funds managed by Fidelity: UC Growth Company Fund and UC Diversified International Fund.