• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 2 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 18 hours The United States produced more crude oil than any nation, at any time.
  • 4 days How Far Have We Really Gotten With Alternative Energy
  • 5 hours China deletes leaked stats showing plunging birth rate for 2023
  • 1 day The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 6 days Bad news for e-cars keeps coming
Oil and Gas M&A Momentum Continues to Build

Oil and Gas M&A Momentum Continues to Build

Oil and gas mergers and…

The World’s 8 Biggest Mining Countries

The World’s 8 Biggest Mining Countries

The global landscape of material…

Stanford University To Divest From Coal

In the biggest achievement yet for the fledgling fossil fuel divestment campaign, Stanford University pledged on May 6 to divest its $18.7 billion endowment of coal mining assets. The move makes Palo Alto-based Stanford the first major American university to do so.

“Moving away from coal in the investment context is a small but constructive step, while work continues at Stanford and elsewhere to develop broadly viable sustainable energy solutions for the future,” Stanford’s president John Hennessy said in a statement.

Universities have a fiduciary responsibility to ensure their endowment earns a return on investment, but Stanford said that divesting from coal still meets its internal guidelines. Trustees are permitted to take into account how a certain company can “create substantial social injury” through its operations. The university decided that coal, as one of the leading contributions to climate change, met those criteria.

Bill McKibben, founder of the climate-change awareness group 350.org -- a major driver of the divestment campaign -- praised Stanford in a statement. “Stanford, on the edge of Silicon Valley, is at the forefront of the 21st century economy. It's very fitting, then, that they've chosen to cut their ties to the 18th century technology of digging up black rocks and burning them,” he said.

Related Article: Climate Change: Managing A Sustainable Planet

At least 11 smaller universities have pledged to divest from fossil fuels, and environmental advocates have active and ongoing campaigns in some 300 other schools. Stanford becomes the twelfth university to divest, but is by far the largest and most prestigious of the bunch.

The divestment campaign has had some success with municipal endowments as well, in Seattle, San Francisco and Portland.

Critics of divestment argue that pulling out money from fossil fuel companies would do next to nothing to reduce greenhouse gas emissions and such decisions are merely symbolic.

ADVERTISEMENT

Recently, students at Harvard University blocked the office of President Drew Faust, demanding an open meeting on divestment. Harvard University has already rejected calls to divest from fossil fuels.

By Charles Kennedy of Oilprice.com



Join the discussion | Back to homepage



Leave a comment
  • Synapsid on May 07 2014 said:
    Stanford is not based in Berkeley. The University of California is based in Berkeley. Stanford is in Palo Alto, which is sort of near Silicon Valley as Berkeley is not.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News