This document proposes that Goshen College divest its endowment funds from fossil fuel and mineral extraction companies. It recognizes Goshen's sustainability efforts but argues investment in these industries contradicts its values. The proposal outlines immediate and long-term divestment goals. It discusses divestment's historical use to challenge harmful practices, like apartheid. Fossil fuel divestment is gaining momentum as an effort to address climate change. The document makes an ethical case, stating these industries threaten life through environmental damage and human rights violations. It argues Goshen's continued investment supports unethical actions and violates its principles of compassionate peacemaking and global citizenship.

1. Proposal for Divestment from Fossil Fuels
and Mineral Extraction
to the Goshen College Ecological
Stewardship Committee
Written By: Hannah Barg, Kayla Gray, Cecilia Lapp
Stoltzfus, David Leaman-Miller, Noemi Salvador Lucero,
Benjamin Wiebe, Hannah Yoder, Seth Yoder
With Contributions From: Isaiah Friesen, Andrew Harris, Jacob Penner
Abstract
Goshen College is already a global leader in environmental sustainability issues ranging from
energy use to land management. However,we face the ever-increasing realization that the very existence
of fossil fuel and mineral extraction companies threatens stable and sustained life on Earth. Because of
this, GC Divest believes that the continued investment in these companies is a moral, ethical, and
religious wrongdoing, and therefore contradicts Goshen College’s values. We urge Goshen College to
encourage the Mennonite Education Agency (MEA) to adopt an immediate plan to phase out fossil fuel
and mineral extraction companies from the MEA endowment fund. Divestment has been used on multiple

2. 1
occasions in history to challenge companies that are doing harm, and this movement seeks to apply its
powerful potential to the most pressing matter humans now face--climate change. We propose the
following immediate and long term goals to Goshen College and the MEA:
Immediate Demands
i. Freeze all new investments in fossil fuel companies,1
ii. Freeze all new investments in companies engaged in mineral extraction,2
iii. Release a complete list of the companies that GC/MEA is invested in on a
quarterly basis,
iv. Develop a plan for incremental divestment from fossil fuels and subsequent
reinvestment that meets all end goals.
End Goals
v. Full divestment from all fossil fuel companies by 2020,
vi. Full divestment from companies engaged in mineral extraction by 2020,
vii. Policy for transparency on the investment practices and screens on GC/MEA
endowment,
viii. Opportunities for student representation on the MEA endowment committee and
other educational support for GC Divest.
1
GC Divest defines fossil fuel companies as companies that derive significant revenues from A) the
extraction of fossil fuels (oil, coal, natural gas) B) processing of fossil fuels or C) the distribution of fossil fuels.
2
GC Divest defines mineral extraction as the extraction of “base metals, precious metals, and other
geological materials that cannot be grown through agricultural processes orcreated in labs.” BacTech
Environmental Corporation “Resource Centre - Mineral Extraction and the Effects of Mining on the Environment,”
BacTech, Accessed April 17, 2015, http://www.bactechgreen.com/s/ResourceCentre.asp?ReportID=429869

3. 2
Sustainability at Goshen College
GC Divest recognizes that Goshen College has taken severalsignificant measures to become
more environmentally sustainable. In 2007, President Jim Brenneman signed the American College &
University Presidents Climate Commitment, stating that Goshen College is committed to becoming a
carbon neutral campus. At the time of the signing, President Brenneman said, “We are very concerned
about life on this planet. This is one more way we can heal and care for the world.”3
Since then, Goshen
College, under the guidance of the Ecological Stewardship Committee, has done significant work to
improve energy efficiency and reduce emissions. Motion-sensored and LED lights are now common
around campus and a smarter approach to heating and cooling campus buildings has helped to drastically
reduce the amount of energy that Goshen College uses. Goshen College students have also led many
environmental initiatives including a food-waste composting system, native prairie restoration, the
Sunshower solar water heating project, and river cleanups. In 2013, Goshen College took another step
towards carbon neutrality by deciding to purchase all of its electricity with renewable energy credits.
Despite this on-campus progress, Goshen College continues to invest its endowment with fossil
fuel and mineral extraction companies. GC Divest believes that Goshen College will never be truly
carbon neutral as long as the school’s money is invested in fossil fuel and mineral extraction companies.
President Brenneman said, “We are very concerned about life on this planet,” and right now the school
has the opportunity demonstrate this conviction. It is time for Goshen College’s financial investments to
accurately reflect Goshen College’s ideologies.
Historical and Social Context for Divestment:
Divestment as a Tool for Climate Action
While we applaud Goshen College’s ongoing efforts to lessen its ecological footprint and
commitment to Creation Care,we also acknowledge that these local initiatives alone will not bring about
the systemic change that is needed to address climate change. It is inconsistent and ineffective to focus on
climate issues on our campus while still being invested in the companies that are wreaking havoc on the
natural world and on the people that live in it.4
By being part of an international movement to divest from
these companies, we can participate in the economic, social, and political undermining of these
companies and help achieve realand substantial change. Even if divestment does not create a direct
3
Jason Polluck, “Goshen College Committed to Creating a ‘Climate Neutral’ Campus”, Goshen College,
Goshen College, last modified May 13, 2013, https://wp3.goshen.edu/gogreen/tag/presidents-climate-commitment/
4
Fossil Free Stanford, The Case for Fossil Fuel Divestment at Stanford University, 2013, accessed April
19,
2015,http://www.fossilfreestanford.org/uploads/2/3/4/0/23400882/_the_case_for_fossil_fuel_divestment_at_stanfor
d_university.pdf

4. 3
economic burden on fossil fuel and mineral extraction companies, it would take away those companies’
social license and make the profound statement that Goshen College does not approve of what those
companies are doing.
In order to make divestment a reality on our campus, it is important to recognize our society’s
deep dependence on fossil fuels and minerals. Fossil fuel and mineral extraction companies hold power
and influence because of this systematic reliance. Divesting our college’s endowment and funds requires
more than a simple reallocation of investments; if we as a campus are requesting such an institutional
change, we are making a commitment to change the economic and social systems that drive our
dependence on fossil fuels and mineral extraction. GC Divest believes that divesting is the first step in
this process.
The bold commitment that GC Divest has to changing these economic and social systems is
daunting, but not impossible. Movements throughout history have recognized oppressive and unjust
systems and decided to reject them. For example, slavery was socially acceptable in the United States for
centuries, and the US economy thrived at the cost of many peoples’ human rights. In the process of
changing this system there was widespread controversy, but ultimately people had to recognize that
economic prosperity should not outweigh human rights. Fossil fuel and mineral extraction companies are
responsible for this same injustice of placing profit above the lives and rights of people and nature. It is
time for us to recognize and work toward a future free of this mentality and move forward with systems
that have human and environmental rights at their center.
To understand divestment’s potential as a tool for driving large scale change, we should consider
the precedents set by previous divestment movements. A study by researchers at Oxford University and
Bloomberg New Energy Finance found that “in almost every divestment campaign … from adult services
to Darfur, from tobacco to South Africa, divestment campaigns were successfulin lobbying for restrictive
legislation.”5
The example that most clearly demonstrates the political potential of divestment is that of
Apartheid South Africa. In the 1980’s, the long-established movement to impose economic isolation on
South Africa gained momentum, with individuals and institutions beginning to sell their holdings in
companies that were doing business in South Africa.6
The number of college campuses that were at least
partially divested from these companies jumped from 53 in 1985 to 155 in 1988.7
When Nelson Mandela
was released from prison in 1990, one of the first things he did was visit Oakland University and thank
5
Atif Ansar,James Tilbury, Ben Caldecott, Stranded Assets and the Fossil Fuel Divestment Campaign:
What Does Divestment Mean for the Valuation ofFossil Fuel Assets?, University of Oxford, October, 2013,
Accessed April 19, 2015, http://www.smithschool.ox.ac.uk/research-programmes/stranded-assets/SAP-divestment-
report-final.pdf
6
Richard Knight, “Sanctions,Disinvestment, and U.S. Corporations in South Africa,” 1990, Accessed
April 20, 2015, http://richardknight.homestead.com/files/uscorporations.htm
7
Ibid.

5. 4
the University of California system for divesting, an action that he viewed as a substantial contribution to
the liberation struggle for which he had dedicated his life.8
Perhaps the greatest impact that divestment can have on companies is one of “delegitimization.”9
Calls for divestment “threaten the industry’s share values, publicise its bad behaviour, and label it as a
politically unacceptable ally.”10
John Dunham, the strategic fiscal issues manager of the large tobacco
company Philip Morris, keenly observed that targeted divestment “labels the company as being different
from others--a rogue.”11
In the last severalyears,the fossil fuel divestment movement has gained significant momentum,
mainly under the leadership of author and Middlebury College professor Bill McKibben, who founded the
organization 350.org. Significant entities that have made commitments to divest from fossil fuels include
Stanford University, the cities of Seattle and San Francisco, the United Church of Christ, and the
Rockefeller Brothers Fund.12
The movement has been endorsed by figures such as Archbishop Desmond
Tutu13
and Nick Nuttall, the spokesman for the UN Framework Convention on Climate Change
(UNFCCC).14
Fossil fuel divestment may have begun as a grassroots movement, but it has evolved into a
movement that can no longer be dismissed by governments, companies, institutions, and individuals.
These financial entities will need to take a stance on fossil fuel usage in the future, if they have not done
so already. Whether this stance is morally, economically, environmentally, or practically based will be up
to the investor. Jim Yong Kim, the president of the World Bank, urges: “Be the first mover. Use smart
due diligence. Rethink what fiduciary responsibility means in this changing world. It’s simple self-
8
Steve Masover, “Nelson Mandela and the Death of UC Berkeley’s Eshleman Hall,” March 19, 2013,
accessed April 19, 2015, http://stevemasover.blogspot.co.uk/2013/03/nelson-mandela-and-death-ofuc.html.
9
N. Wander& R. E. Malone, “Fiscal versus social responsibility: how Philip Morris shaped the public
funds divestment debate,” Tobacco Control,(2006), 15(3), 231–241, doi:10.1136/tc.2005.015321, accessed April
19, 2015, http://www.ncbi.nlm.nih.gov/pmc/articles/PMC2596576/.
10
Ibid.
11
John Dunham, “Issues Management Divestment Action Plan,” July 8, 1996. Philip Morris, Bates No.
2078279058/9068, http://legacy.library.ucsf.edu/tid/fir75c00
12
Divestment Commitments, Fossil Free, accessed April 19, 2015 http://gofossilfree.org/commitments/
13
Desmond Tutu, “Desmond Tutu: We fought apartheid. Now climate change is our global enemy,” The
Guardian, September 20, 2014, Accessed April 19, 2015
http://www.theguardian.com/commentisfree/2014/sep/21/desmond-tutu-climate-change-is-the-global-enemy
14
Damian Carrington, “Climate change: UN backs fossil fuel divestment campaign,” March 15, 2015, The
Guardian,http://www.theguardian.com/environment/2015/mar/15/climate-change-un-backs-divestment-campaign-
paris-summit-fossil-fuels

6. 5
interest. Every company, investor and bank that screens new and existing investments for climate risk is
simply being pragmatic”.15
There is little question that divesting from fossil fuel and mineral extraction companies is an
important move for our climate and for the future of world. We urge Goshen College to become part of
this global movement and join other institutions in selling our holdings from fossil fuel and mineral
extraction companies. By doing so we will continue to demonstrate our leadership on ethical and
environmental issues.
The Ethical Case for Divestment
GC Divest recognizes that fossil fuel and mineral extraction companies are inherently violent.
The burning of fossil fuels is a primary contributor to the unprecedented accumulation of greenhouse
gases in the Earth’s atmosphere, a condition that has led to acute environmental and social crises
throughout the world. The extraction of fossil fuels requires destructive practices such as deforestation
and mountaintop removal, which threaten environmentally sensitive areas. In many cases,extraction of
fossil fuels and minerals encroaches on the land of indigenous peoples. Additionally, the burning of fossil
fuels creates air pollution problems that hit low-income areas particularly hard. By investing in companies
that engage in these behaviors, Goshen College and the MEA are supporting the unethical actions of the
fossil fuel and mineral extraction industries.
Based partly on the concerns addressed by the Goshen College 2007 President's Climate
Commitment, GC Divest is also calling for Goshen College to divest from companies that engage in
mineral extraction. Mineral extraction is a very energy intensive process that relies heavily on fossil fuels.
For example, the Department of Minerals and Energy of South Africa has estimated that its mining
industry uses 6% of the country’s energy consumption; in the U.S., the mining industry uses 3% of
industry energy. In Brazil, the mining company Vale utilizes 4% of the entire country’s energy for its
mineral extraction.16
The relationship between the fossil fuel and mining industries is one of mutual
benefit; fossil fuel companies provide the means for mineral extraction, while simultaneously serving
their own profit interests through the mining industry’s consumption of fossil fuels.
GC Divest recognizes that raw minerals must play a role in the creation of a sustainable future,17
but the ethical pitfalls currently outweigh any potential gains. Some of these ethical reasons include the
15 Alan Rusbridger, “The Argument for Divesting from Fossil Fuels is Becoming Overwhelming,” March
16, 2015, The Guardian, accessed April 20, 2015,
http://www.theguardian.com/environment/2015/mar/16/argument-divesting-fossil-fuels-overwhelming-climate-
change.
16
Ann McIvor, “Mining and Energy,” Cleantech Magazine, last modified September 2010, accessed April
20, 2015, http://www.cleantechinvestor.com/portal/fuel-cells/6422-mining-and-energy.html
17
For example, the construction ofsolar panels.

7. 6
disconnection between communal belief and state “development,” which threatens the autonomy of
people from minority ethnicities and low income backgrounds. There are many cases where the
populations primarily affected by mineral extraction have no vote or voice regarding the conditions and
methods in the exploration and extraction.18
The agreements used to justify territorial claims are rarely
supported by the law. This dishonesty promotes a culture of corruption and coercion that Goshen College
supports through our investments. Such processes include deforestation in sensitive areas that protect
some of the most biodiverse points on the planet and contributes to species extinction. Mineral extraction
utilizes clean water to separate the metals from the soil, contaminating rivers and streams. Frequently
mineral extraction camps are placed near inhabited areas with low density populations to avoid the
complications that dealing with human losses involves. The risks for the nearby human populations are
imminent, the chemicals released in the process include cyanide, arsenic, lead, mercury, methyl mercury,
and cadmium which are highly toxic and known to contribute to cancer,malformations, skin problems,
and other major health issues.19
When considering values such as global citizenship, it is important to
highlight the different conflicts that have arisen from mineral extraction within indigenous and campesino
territories. These invasions for the sake of mineral exploitation have occurred in Argentina, Bolivia,
Brazil, Chile, Costa Rica, Ecuador, El Salvador, Guatemala, Honduras, Mexico, Nicaragua,Panama,and
Peru.20
Investing in mineral extraction companies violates Goshen College’s commitment to intercultural
relationships that the GC Center for International and Intercultural Education and Study Service Term
promote on campus and abroad.
Goshen College is committed to five core values: Christ-centeredness,compassionate
peacemaking, passionate learning, global citizenship, and servant leadership. The Goshen College website
describes "compassionate peacemaking" as follows:
We are committed to build the “peaceable kingdom” by practicing loving kindness,
restoring justice, practicing anti-racism, loving our enemies and advocating for the
dispossessed. We renounce the oppressive, violent destructive powers of this world–and
are willing to live our lives as examples of God’s peace.21
18
Silvia Jaquenod de Zsögön,Antropología ambiental:Conflictos por recursos naturculturales y
vulnerabilidad de poblaciones,Punto Rojo Libros, Last modified 2015, Accessed on April 20, 2015
19
Stephen Leahy, “Education for Global Citizenship & Sustainable Development: In Developing World,
Pollution Kills More Than Disease,” IPS, Last modified June 13, 2014, Accessed on April 20, 2015,
http://www.ipsnews.net/2014/06/in-developing-world-pollution-kills-more-than-disease/
“Mining and Water Pollution,” Safe Drinking Water Foundation,Last modified 2009, Accessed on April
20, 2015, http://www.safewater.org/PDFS/resourcesknowthefacts/Mining+and+Water+Pollution.pdf
20
Silvia Jaquenod de Zsögön
21
"Core Values" Goshen College, Accessed March 9, 2015.

8. 7
GC Divest upholds the sentiments expressed above, but we believe that Goshen College’s
investment practices do not uphold the core value of “compassionate peacemaking.” GC Divest applauds
the MEA for initiating several socially responsible investment screens22
that comply with the above ideal,
however GC Divest believes that the screens do not go far enough. Even though MEA has excluded
certain industries such as weapons,adult entertainment, and alcohol, we realize that by being invested in
fossil fuel and mineral extraction companies we are still indirectly contributing to these social issues. One
example of this is the degrading social structures that resulted from Chevron-Texaco’s oil drilling in the
Ecuadorian Amazon between 1964 and 1992. Consequences from the oil industry in this region such as
prostitution, drugs, and weapon use still affect the surrounding indigenous and campesino populations
today. Without the invasion of companies like Chevron-Texaco in this area,social and environmental
degradation would not have occurred. Therefore we urge the MEA to divest from fossil fuels and mineral
extraction companies in order to maintain consistency with our current ideals and convictions framed in
the exclusionary screens currently used by Everence. GC Divest believes that fossil fuel and mineral
extraction companies are “oppressive [and] violent destructive powers of this world”; therefore,fossil fuel
and mineral extraction companies should be added to the list of exclusionary screens.
As for the core value “servant leadership," Goshen College states,“we humbly set aside self-
interest for the interests of others, leading in the strength of love given by God.”23
It is hypocritical of
Goshen College to say claim selflessness while being invested in fossil fuel and mineral extraction
companies. By investing in these companies, Goshen College indicates that it believes that return on
investment (self-interest) is more important than the interest of the billions in our global community who
are negatively impacted by climate change. GC Divest also believes that it is a violation of Goshen
College’s core value of “global citizenship” to continue investing in companies that are exploiting the
Earth and the Earth’s inhabitants in the name of profit.
GC Divest recognizes that divestment alone cannot effectively undermine fossil fuel and mineral
extraction industries. This financial commitment needs to be coupled with a personal and corporate
commitment to decrease our consumption of fossil fuels and minerals. GC Divest proposes an
educational effort to suggest practical ways this can be accomplished in our daily lives and greater
community. Continued partnership with campus clubs like Eco Pax and Social Reform Club and local
entities such as Transition Goshen can provide promising contributions to this noble goal. Colleges and
universities worldwide are actively pursuing environmental sustainability on their campuses,and they
provide examples for Goshen College to follow to reduce fossil fuel and mineral consumption.24
22
The MEA currently purchases their screens from the financial manager Everence. Everence’s current
exclusionary screens are for: abortion, adult entertainment, alcohol, firearms, gambling, nuclear power, predatory
lending, tobacco,weapons production and support systems.In addition to these,Everence currently has qualitative
screens for human rights and environmental concerns.(“Everence Stewardship Investing Screens” Everence. 2012.)
23
“Core Values”
24
A few examples of college and university’s commitments to sustainability:
Green Mountain College (enrollment of 710) http://sustainability.greenmtn.edu/default.aspx
Chatham University (enrollment of 2,200) http://www.chatham.edu/outreach/sustainability/index.cfm
Pacific Lutheran University (enrollment of 3,146) http://www.plu.edu/sustainability/
Middlebury College (enrollment of 2,507) http://www.middlebury.edu/sustainability#story493247
Dickinson College (enrollment of 2,339) http://www.dickinson.edu/homepage/569/sustainable_dickinson

9. 8
GC Divest supports the Goshen core values. We strive to uphold them ourselves, and we ask that
Goshen College be held to the same standards.
The Economic Case for Divestment
The economic case for divestment is another important argument to consider. As historical
examples and more recent cases show,fossil fuel divestment is a logical financial move for large-scale
investors like GC/MEA to consider.
As a result of climate talks and summits over the past twenty years,scientists and researchers
have determined that the planet’s average temperature must not increase by more than 2℃. This was the
limit agreed upon by world leaders and governments in the United Nations Cancun Accord of 2010.25
Scientists report that exceeding the 2℃limit would result in catastrophic environmental, social, and
economic consequences. It has been concluded that 80% of current known fossil fuel reserves must
remain unburned and in the ground in order for warming to remain below 2℃.2627
Stock markets do not
take these constraints into consideration when valuing fossil fuel companies, implicating many of the
world’s investments and putting them at risk for collapse (approximately 40-60% of world investments,
according to research done by HSBC).28
Carbon Tracker Initiative is a group that has done substantial research to inform investors “about
the risks that fossil fuel investments pose to financial stability.” Carbon Tracker refers to this financial
instability phenomenon as the “carbon bubble,” and it is imperative that Goshen College recognize the
dangers of investing within this bubble.
An undisclosed percentage of GC/MEA’s endowment is invested in these companies whose
reserves,under international commitments to remain below the 2℃ limit, must not be extracted; therefore,
as financial specialists such as Carbon Tracker predict, these investments could become “stranded assets.”
Stranded assets are defined by the Carbon Tracker Initiative as “fuel energy and generation resources
25
“Milestones on the road to 2012: The Cancun Agreements,” 2014 United Nations Framework
Convention on Climate Change, accessed April 19, 2015,
http://unfccc.int/key_steps/cancun_agreements/items/6132.php#
26
Will Steffen and Lesley Hughes,“THE CRITICAL DECADE 2013: Climate change science, risks and
responses,” Commonwealth of Australia 2013, aast modified June 2013, accessed April 19, 2015,
http://www.climatecouncil.org.au/uploads/b7e53b20a7d6573e1ab269d36bb9b07c.pdf
27
Christophe McGlade, and Paul Elkins, “The Geographical Distribution of Fossil Fuels unused when
Limiting Global Warming to 2℃,” Nature 517 (8 January 2015): 187-203, Macmillan Publishers Limited, accessed
April 19, 2015, DOI:10.1038/nature14016
28
Paul Spedding, Kirtan Mehta, and Nick Robins, “Oil & Carbon Revisited: Value at risk from Unburnable
Reserves,” HSBC Global Research: HSBC Climate Change, last modified January 25, 2013, accessed April 19,
2015, http://daily.swarthmore.edu/wp-content/uploads/2013/02/HSBCOilJan13.pdf

10. 9
which, at some time prior to the end of their economic life. . . are no longer able to earn an economic
return (i.e. meet the company’s internal rate of return), as a result of changes in the market and regulatory
environment associated with the transition to a low-carbon economy.”29
It is economically advantageous for GC/MEA to remove its investments from overvalued fossil
fuel stocks ahead of the financial crisis that will occur when the carbon bubble bursts. Indeed, there are
many large financial groups that have already divested from their “unburnable” fossil fuel assets,in
anticipation of a fossil fuel-related economic crisis.30
In addition to improved stability, portfolios that are divested from fossil fuels can yield high
returns. Research from analyses by the Aperio Group, Advisor Partners, S&P Capital IQ, Impax Asset
Management, and MSCI has shown that a portfolio emptied of its fossil fuel investments is just as,if not
more, financially advantageous as the typical fossil fuel inclusive portfolio.31
A successfully fossil-free
29
“Unburnable Carbon – Are the world’s financial markets carrying a carbon bubble?” Carbon Tracker
Initiative, last modified March 2012, accessed April 19, 2015, http://www.carbontracker.org/wp-
content/uploads/2014/09/Unburnable-Carbon-Full-rev2-1.pdf
“Unburnable Carbon 2013: Wasted capital and stranded assets,” Carbon Tracker Initiative, last modified April 2013,
accessed April 19, 2015, http://www.carbontracker.org/wp-content/uploads/2014/09/Unburnable-Carbon-2-Web-
Version.pdf
30
David Thorpe, “Two More Finance Institutions Divest From Fossil Fuels,” Energy and Environment
Management, last modified July 10, 2013, accessed April 20, 2015, http://www.eaem.co.uk/news/two-more-finance-
institutions-divest-fossil-fuels
“Unburnable Carbon...” Carbon Tracker Initiative
31
Patrick Geddes, Lisa Goldberg, Robert Tymoczko, and Michael Branch, “Building a Carbon-Free Equity
Portfolio,” Aperio Group, LLC, last modified 2014, accessed April 20, 2015,
https://www.aperiogroup.com/resource/138/node/download
Daniel Kern,, Jim Blachman, and Gerard Cronin, “Fossil Fuel Divestment: Risks and Opportunities,”
AdvisorPartners, accessed April 20, 2015, http://www.advisorpartners.com/wp-content/uploads/Fossil-Fuel-
Divestment-Risks-and-Opportunities.pdf
Kevin Begos and Joann Loviglio, “College fossil-fuel divestment movement builds,” Associated Press,last
modified May 22, 2013, accessed April 20, 2015, http://news.yahoo.com/college-fossil-fuel-divestment-movement-
173859677.html
Ian Simm (Chief Executive), “Beyond Fossil Fuels: The Investment Case for Fossil Fuel Divestment,”
Impax Asset Management, last modified 2013, accessed April 20, 2015,
http://www.impaxam.com/sites/default/files/20130704_impax_white_paper_fossil_fuel_divestment_final_0.pdf
“Storms on the Horizon: Is climate change policy likely to undermine the value of fossil fuel assets,and
should investors divest?” Impax Asset Management,last modified September 2014, accessed April 20, 2015,
http://www.impaxam.com/sites/default/files/FFD%20FINAL%20August%202014%20UK_0.pdf

11. 10
precedent has already been set by several mutual fund investment companies such as Pax World
Investments, Green Century Funds, and Parnassus Investments.32
We encourage Goshen College to consider the long-term financial implications of continued
fossil fuel investment, and the positive outcomes of fossil fuel divestment.
Goshen College Endowment: An Overview
Goshen College’s endowment fund is currently $117 million. Of that total, $86 million is invested
in the Mennonite Education Agency (MEA) endowment fund, $22 million in a Merry Lea endowment, $3
million in Elkhart and Noble County community foundations, and the remaining $6 million is distributed
among scholarship and miscellaneous funds. Of the college’s $34 million annual expenses,the
endowment provides only $2 million, with remaining funds coming from other sources such as tuition,
room and board, and alumni donations. A portion of the endowment’s annual interest is withdrawn
annually in order to help finance functions of the school. Jim Histand, Goshen College Vice President for
Finance, describes the endowment as “designed to be a long-term investment and in perpetuity.”33
GC
Divest recognizes the importance of maintaining a stable endowment so that the college can continue to
provide a vibrant campus community for its students, staff, faculty, and the greater city of Goshen for
years to come.
GC Divest is particularly interested in the $86 million invested in the MEA endowment fund.
This fund is pooled with investments from other Mennonite educational institutions and churches into a
fund that totals $155 million, of which Goshen has the largest portion. As a significant stakeholder in this
fund, it is Goshen College’s responsibility to increase knowledge and communication about the
endowment and create awareness about divesting this joint fund from fossil fuels. We can return to
Mennonite Church USA’s core beliefs for guidance. Article 21 of MCUSA’s Confession of Faith states:
As stewards of God’s earth, we are called to care for the Earth and to bring rest and renewal to
the land and everything that lives on it. As stewards of money and possessions, we are to live
simply, practice mutual aid within the church, uphold economic justice, and give generously and
cheerfully. As persons dependent on God’s providence, we are not to be anxious about the
necessities of life, but to seek first the kingdom of God. We cannot be true servants of God and
let our lives be ruled by desire for wealth.34
“Responding to the Call for Fossil-fuel Free Portfolios,” MSCI ESG Research, kast modified December
2013, accessed April 20, 2015, https://www.msci.com/resources/factsheets/MSCI_ESG_Research_FAQ_on_Fossil-
Free_Investing.pdf
32
“Go Fossil Free,” Green America, accessed April 20, 2015, http://www.greenamerica.org/fossilfree/
33
Jim Histand, interviewed by Hannah Barg and Cecilia Lapp Stoltzfus, Goshen, IN, February 12, 2015.
34
“Article 21: Christian Stewardship” Confession of Faith from a Mennonite Perspective, Mennonite
Church USA, Accessed March 18, 2015 http://mennoniteusa.org/confession-of-faith/christian-stewardship/

12. 11
We believe that investing in fossil fuels and mineral extraction is a direct violation of this
statement of faith and urge GC/MEA to consider the deep injustices associated with fossil fuel and
mineral extraction worldwide. This community of churches and Mennonite institutions has the
opportunity and obligation to strive for God’s intended Shalom and to explicitly be a role model for other
religious institutions across the globe. By divesting, GC/MEA can lead the way in this movement and
encourage other religious institutions to examine the ethics of their own investments.
Goals and Timeline
GC Divest understands that divestment from fossil fuels and mineral extraction is an important
element of our social, faith, and economic commitments, and we recognize that changing these things
takes time. Therefore,we would like to propose a timeline for the incremental divestiture of the Goshen
College/Mennonite Educational Agency endowment. The first step in this process is to “immediately
freeze any new fossil fuel investments.”35
We are also asking that Goshen College and the Mennonite
Educational Agency immediately begin releasing quarterly summaries of our investments so that student
and faculty stakeholders can be informed about them. Our third request is that GC/MEA immediately
begin drafting plan to achieve complete divestment from fossil fuels and mineral extraction by the end of
the year 2020.
In addition, GC Divest has four long-term goals that will help us reach a fossil free future. We
request that the committee create a policy of transparency throughout the process of divestment and
reinvestment of the GC/MEA endowment. GC divest recognizes that divestment is a large initiative that
will take time and campus energy to accomplish; therefore,we propose the inclusion of a student
representative as part of the MEA endowment committee. This would not only promote transparency and
integration between administration and students, it would also provide a remarkable learning experience
for a student pursuing a career in economics. We suggest financial support from the ESC in funding GC
Divest participants to attend college divestment workshops, conferences/ summits, etc. Additionally, we
are interested in taking on a faculty advisor and possibly turning this movement into a junior seminar
project. Ultimately, GC Divest is proposing complete divestment from fossil fuels and mineral extraction
by the end of 2020.
Beyond Divestment
Although divesting from fossil fuels is a worthy goal, it is less useful on its own than when paired
with a plan for reinvestment. Where divestment negatively impacts fossil fuel corporations, reinvestment
makes a positive statement of support for companies that actively work for a healthier climate. We
recognize that reinvestment will take time and money, but there are a number of online resources
35
This is the first demand of divestment as recommended by 350.org’s gofossilfree campaign. GC Divest
has determined this to be an essentialstep in the fossil fuel divestment process here at Goshen College. For more
information, visit http://gofossilfree.org/about-fossil-free/

13. 12
available to kickstart the process. One helpful guide for institutional investors, created by USSIF (U.S.
Sustainable Investment Forum), contains starting tips for investors along with a number of links to
professional resources.36
There are already a number of low-carbon investment benchmarks, such as
DJSI37
, S&P Carbon Efficient Index38
, and FTSE4GOOD39
. Subscribing to these metrics could greatly
streamline the amount of research needed for reinvestment. Many publicly-traded companies also include
sustainability information in their annual 10-K reports. These are just two examples of simple entry points
into researching reinvestment opportunities. Though the process of reinvestment may seem distant, it will
be useful to begin building a reinvestment plan before divesting from fossil fuels.
Call to action
On February 14th, 2015, GC Divest held an educational event for Goshen College students,
faculty, and community members. Through this event, we extended an invitation for further involvement
with the divestment initiative and over sixty participants pledged their support by signing the GC Divest
Mission Statement. The growth of the GC Divest movement will require increased networking efforts and
expanded involvement from the Goshen College community. GC Divest is also collaborating with
students from other MEA schools who support fossil fuel divestment and are initiating similar movements
on their own campuses. This proposal is meant to be a call to action that urges Goshen College to
integrate our actions with our core beliefs. In the words of Goshen College, it is time to “renounce the
oppressive, violent, destructive powers of this world.”40
It is time to Divest!
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