Economist talks endowment strategy and environmental change
Harvard announced the goal on Tuesday to have investments in its endowment reflect net-zero greenhouse-gas emissions by 2050, part of an expanded effort to reduce the University’s carbon footprint and address the urgent threat of climate change. Economist John Campbell, who served on the board of the Harvard Management Company from 2004 to 2011, says the shift is a major step for the University, one that could “push the whole asset-management industry toward carbon awareness.” The Gazette spoke with Campbell, the Morton L. and Carole S. Olshan Professor of Economics and former director of the Program in Asset Pricing at the National Bureau of Economic Research, about Harvard’s new strategy. Q&A John Campbell GAZETTE: What does this shift in investing mean for the University? CAMPBELL: I think it is a huge step. This is Harvard recognizing that climate change is such an important issue that it makes sense to orient everything the University does to...