After years of protests by students, New York University has announced plans to divest from fossil fuels.

Chair of NYU’s Board of Trustees William R. Berkley stated the university’s commitment in August in a letter to student activist organization Sunrise NYU.

“New York University commits to avoid any direct investments in any company whose primary business is the exploration or extraction of fossil fuels, including all forms of coal, oil, and natural gas, and not to renew or seek out any dedicated private funds whose primary aim is to invest in the exploration or extraction of fossil fuels,” Berkley wrote, as reported by The Guardian.

One of the largest private universities in the country, NYU has an endowment of more than $5 billion. In the letter, Berkley highlighted other measures the university has taken to respond to the climate crisis, including its pledge to get to net zero by 2040 and goals for the reduction of food-related emissions.

In 2014, four percent — $139 million — of NYU’s endowment was invested in fossil fuels, according to university disclosures at the time. However, Berkley wrote the university does not have “direct ownership of public securities” in any fossil fuel companies now.

NYU spokesperson Joseph Tirella said the university’s divestment will apply to the biggest 200 fossil fuel companies.

“Sunrise NYU just won divestment at New York University! This is a huge win for climate justice!” Sunrise NYU wrote on X. “Congratulations to every student organizer who made this happen.”

The first time students launched a divestment campaign at NYU was in 2004, Common Dreams reported.

In 2015, the NYU Senate passed a resolution encouraging the endowment to divest, but it was rejected by the Board of Trustees.

Berkley’s recent letter followed a meeting in February between Sunrise NYU and the investments committee of the board of trustees, reported The Guardian.

“The board was very pleased with the tenor of its conversations with the students and the letter arose from those exchanges,” Tirella said, as The Guardian reported. “The University is glad to know the students were also pleased by the outcome of those conversations and by the letter.”

Berkley’s tune has changed since an open letter he penned in 2016 said the board did not agree that divestment would cut dependency on fossil fuels, and that the decision would be “disingenuous,” since they would still be being used on campus.

“It would be hard to make those arguments today,” said recent NYU graduate Dylan Wahbe, who is the co-founder of Sunrise NYU, as reported by The Guardian. “The global climate movement has done a great job at educating the world.”

There have been calls from activists to remove some of NYU’s board members, like CEO of BlackRock Larry Fink. BlackRock’s investments in fossil fuels have been publicly scrutinized.

According to Stand.earth, 1,596 institutions worldwide have divested from fossil fuels, 15.8 percent of which are educational institutions.

Some of the educational institutions in the U.S. that have already divested are Columbia University, Brown University, the University of Southern California, Boston University, Georgetown University, Middlebury College and Yale University, Inside Higher Ed reported.

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