New York University’s Board of Trustees stood firm against green activism on campus, deciding last week that they would not divest from fossil fuels.
“We applaud the efforts of faculty, students, and staff to advocate for addressing climate change and in proposing divestment, but do not support NYU using its endowment as a tool for simply making statements,” said NYU’s president and the chair of its Board of Trustees in a joint email.
That’s likely to prove a good financial decision. A recent study found that when large universities that divest from fossil fuels, they can expect their endowments to take a hit of $1.4 billion to $7.4 billion.
That’s something for students to consider, especially those concerned about the high cost of higher education.
Though the environmental impact is minimal, and though the financial costs are steep, other colleges and universities have yielded to pressure from students.
Last month, the University of Massachussets became the first major public university in the nation to wholly divest from fossil fuels. Several private colleges, community colleges and small universities preceded it. Meanwhile, activists have been pushing for divestment at Cornell, Yale, Stanford and other prominent universities.
Bravo to NYU for making a common-sense decision.