The board of trustees approved the new investment policy, which is inline the university’s commitment to environmental sustainability, human rights and its religious mission.

The divestment is planned to occur in phases with the university initially removing fossil fuel holdings from its domestic equity accounts.

It will then develop plans to remove fossil fuel from international holdings, invest in green and sustainable technologies or holdings.

The university will restrict future investments in private equity or hedge funds that support fossil fuel or significant carbon-producing holdings.

University of Dayton President Daniel Curran said the move, which is a significant step in a long-term process, is consistent with Catholic social teachings, Marianist values, and campuswide sustainability initiatives and commitments under the American College and University Presidents’ Climate Commitment.

"We cannot ignore the negative consequences of climate change, which disproportionately impact the world’s most vulnerable people," Curran said.

"Our Marianist values of leadership and service to humanity call upon us to act on these principles and serve as a catalyst for civil discussion and positive change that benefits our planet."