Stanford drops coal investments, boosting student divestment campaign.

Bloomberg: “Stanford’s decision to stop investing in coal companies may help bolster the hundreds of student-led campaigns that have spread across college campuses in the past two years aimed at stopping climate change.”
“Stanford, which has an $18.7 billion endowment, is by far the wealthiest and most high-profile university to embrace the movement’s argument that universities should divest from fossil-fuel companies contributing to global warming. The 11 schools that have agreed to stop investing in oil, gas and coal companies have been relatively small, with endowments ranging from $960,000 to $124 million, according to 350.org, a climate activist group.
“Having Stanford come out like this is huge,” said Alli Welton, one of the student founders of Divest Harvard, which has been trying to pressure Harvard University. “The decision by Stanford will become a very powerful tool for other campaigns.”
Activists have been seeking a high-profile convert to the cause of divestment in the hopes that it will create a domino effect, making it safe for other universities to follow, Welton said. The climate change campaign has been following a pattern found in other divestment drives that began in the 1970s when students sought to end the apartheid regime in South Africa by forcing universities to sell holding of companies with links to the country.”