加州大学的投资主席表示，这是'化石自由。为什么为什么自己拥有石油公司？

On May 19 at aUniversity of California Board of Regents meeting, chief investment officer Jagdeep Bachher made a bold announcement: “As of today, the endowment, the pension, and all of our working capital pools are fossil free at the University of California. In fact, you could extend that to say that our $125 billion of assets are fossil free.”

Months earlier in September 2019, Bachher and Regents board member Richard Shermanwrotein aLos Angeles Times文章在赫赫尔加入投资基金的五年内，“我们在化石燃料中没有新的投资，我们在四年前卖掉了我们的煤炭和油砂。”

但是，公共文件表明，UC养老金拥有石油生产和勘探公司的股份。最近，正如2017年，赫赫尔和他的团队投资于购买该等企业的私募股权基金。

例如，2017年，据该大学的说法，在2017年捐赠致电5000万美元致电Warburg Pincus私募股权XII的基金alternative investment fee disclosure report, which includes allocations made “on or after January 1, 2017.” In February 2016, affiliates of that fund, as well as another Warburg Pincus fund held by the endowment, invested up to $500 million in RimRock Oil & Gas, an oil and gas exploration and production company.

同样,相关实体a separate Warburg Pincus fund — Private Equity XI — also held by the endowment, invested up to $500 million in独立资源管理, another oil and gas exploration and production company. A spokesperson for Warburg Pincus declined to comment.

The holdings also include Ridgewood Energy Fund II, and its co-investment fund. Although the fund was raised just before Bachher joined UC in April 2014, Ridgewood’s website says it finds and develops “oil assets in the Deepwater Gulf of Mexico.”

UC’s private holdings also include Lime Rock Partners Funds V and VI. According to the private equity firm’s announcement of itssixth fund close，石灰岩投资于“E＆P [勘探和生产]和油田服务部门的高增长，差异化石油和天然气业务。”

Investments in both funds were made prior to 2017, the fee disclosure document shows. Both of those fundsclosed fundraisingprior to Bachher joining UC; however, they remain in the endowment’s portfolio.

通过电子邮件承认UC Regents的发言人通过电子邮件仍然可以通过混合资金投入化石燃料，私人股票经常是。“如果联合混合资金有任何遗产化石燃料资产 - 我们不控制哪些 - 我们正在努力离开那些，”发言人，通过电子邮件，STETT Holbrook说。“这是我们现在的重点。”他补充说，关于混合账户中持有的内容的信息不公开。

UC Regents’ May announcement of the fossil free news did not include any mention of legacy assets or commingled funds. News outlets like theLos Angeles Times和CNNheralded the move, with headlines stating that the endowment had “fully divested” from fossil fuels.

但事实，真是更复杂。对于一件事，根据霍尔布鲁克本人，禀赋没有从化石燃料中剥夺。发言人通过电子邮件表示，“UC投资从未”从化石燃料资产中剥夺了“剥夺”，也没有说我们正在剥夺或剥夺。“

Divesting, he added, is a formal policy decision at UC — one that the Board of Regents would have to make. If it had divested, the endowment would be prohibited from buying those assets again, unless there was another formal policy change.

自缺货以来可能会公布，UC Chegents阐明了“Fossil免费”的定义，并通过电子邮件亚博赞助欧冠. “We define these assets as companies that own ‘proved and probable’ reserves of thermal (not metallurgical) coal, oil, and gas,” Holbrook said via email. According to Holbrook, the endowment sold off coal and oil sand investments completely in 2015.

“Price Waterhouse Cooper has certified that as of July 31, 2020, our public asset separate accounts are fossil free,” Holbrook said. “It focuses on reserves because we see oil in the ground as stranded asset risk,” said Arthur Guimarães, chief operating officer for the UC’s investment officeduring a September 17 meeting. “We came up with a list of every public company that has any amount of reserve, whether that’s a lot or a little. That is the list of things we do not own.”

This specific definition has left UC’s endowment room tohold onto operations companieslike Halliburton, which played a role in the Deepwater Horizon explosion in 2010.

有三种类型的活动与油气提取有关。

“上游是勘探方面，”柯蒂斯詹姆斯说，一个与上游资产合作的地球物理主义者。“你正在寻找石油和天然气。你为它钻探，你正在制作它的表面。“这些是资产的UC收众表示，它已从其投资组合中删除 - 但它也似乎仍然通过私募股权基金投入。

但是，有些公司提供设备，以便将化石燃料交给炼油厂，炼油厂和将最终产品运送给消费者的基础设施公司的公司提取。在行业普拉斯，这些是中游公司。

According to Eric Halgren, a UC neuroscientist who has been part of the faculty’s efforts to convince the endowment to divest, it’s hard to separate upstream from midstream or downstream assets. “It’s like asking what part of the body doesn’t get the blood supply,” Halgren said via a video call.

UC holds a few of these companies in itspublic equities portfolio, including Halliburton, pipeline company Phillips 66 Partners, and petroleum refinery firm Valero Energy. These types of assets also appear in the endowment’s private asset portfolio.

A group of faculty at UC, including Halgren, remains concerned about the level of transparency surrounding the endowment’s sale of fossil fuel assets. On July 1, the school’s Academic Senate sent a letter to Bachher and Janet Napolitano, president of UC, asking the endowment to provide more transparency into its fossil fuel assets.

According to Halgren, the group still hasn’t received a response.