(AP Photo/Charlie Riedel, File)TRAVERSE CITY, Mich. – The University of Michigan announced a plan Thursday to achieve “net zero” carbon footprint status for its $12.5 billion endowment by 2050 through measures including shifting away from investment in fossil fuels and toward renewable energy.
It calls for $140 million worth of new investments in solar and wind developments and projects to limit carbon emissions.
Numerous governments, businesses and universities have committed to net zero carbon footprints in the push to reduce emissions of gases that trap heat in the atmosphere, contributing to global warming.
“Net zero” generally means offsetting emissions of greenhouse gases with reductions elsewhere.
Under the University of Michigan plan, endowment holdings in assets with carbon output would be balanced with investments in carbon reductions by 2050.