A new study on divestment has been making the rounds this week. Commissioned by the Independent Petroleum Association of America (IPAA), the study polled 275 people (about the same number of people who fit into a standard movie theater) and found that the majority were opposed to divestment and would choose not to give to an endowment that had divested.
We tend not to give industry-run studies, especially such small studies, much credence. They don’t have a great track record of unbiased research (the recent Exxon news is relevant — hiding climate science, promoting misinformation for nearly 40 years, etc.). But because we’ve seen this study getting pickup in mainstream news outlets, we thought we’d go straight to the source: Universities that have committed to divestment.
We asked them, “Have you seen a drop in donations since you divested?” and “Have you heard any negative feedback from donors?”
What we heard was clear: No.
President Stephen Mulkey of Unity College, one of the first schools to divest, experienced the opposite effect: “It is important to note that donations to Unity College increased immediately after our bold move to divest our endowment from the top 200 fossil fuel companies. Within a few weeks of our announcement, an anonymous donor sent us a check for $30,000. We have also received numerous three figure and smaller donations as a direct result of this action. None of our alumni have offered any complaints about this action.”
At The New School in NYC, the Development Office told us that they had seen no reduction in support, naming, “Most of the feedback I have personally received has been overwhelmingly positive from the whole community, both currently at the New School including staff and students, and definitely from alumni.”
A wide majority of colleges and universities name the climate crisis as the reason they choose to divest, not financial factors. But at this moment, divesting serves the dual purpose of taking a stand on one of the most pressing issues of our time and protecting their endowments from a fossil fuel sector that’s tanking.
When facts fail them, we know this industry wastes no time inventing their own reality. So for now, we’re taking this empty study as a sign that the IPAA sees divestment as a threat. We know they’re right.