Why?
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Duke is a charitable institution, so it must adhere to the NC Uniform Prudent Management of Institutional Funds Act (UPMIFA).
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The UPMIFA requires that Duke put the public interest first, and invest in a manner consistent with its “charitable purposes” and those investments be financially responsible.
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We believe that Duke is not adhering to these requirements, given that the fossil fuel industry is responsible for the climate crisis and has an uncertain financial future.
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Duke is also ignoring the widespread student support for divestment that was shown in the recent DSG referendum, with almost 90% of participating students voting in favor of this action.
Key Points in the Complaint
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Investing in fossil fuel companies is not consistent with Duke's social and environmental commitments. Fossil fuels are the main cause of climate change, and these companies have also developed a culture of rejecting science by fomenting climate denialism.
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Investing in fossil fuels is a financial risk. Duke’s peer institutions are divesting, including Cornell, Cambridge, the University of California system, and many others.
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Several members of the Board of Trustees have ties with the fossil fuel industry, creating a conflict of interest.​
What Happens Next?
This is not a lawsuit!
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The complaint is a way of asking the NC Attorney General (AG) Josh Stein to investigate Duke's fossil fuel investments. If he chooses to investigate, then Duke will have to produce legitimate reasons for why it should still be able to avoid divestment.
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Even if ex-AG Stein does not choose to investigate Duke, we still believe that this is an effective way of formally calling on Duke to divest. It brings national attention to this very important issue, and publicizes the hypocrisy of Duke's claims of sustainability.
Acknowledgements
A big shout-out to the Climate Defense Project for their support during this process! DCC also thanks all of the faculty, students, community organizations, and climate scientists who signed on in support of the complaint.
