Divesting from Fossil Fuels
Last month, Stanford University declared that it would cease using any of its $18.7 billion endowment to invest in coal mining companies, and apparently, a number of other large educational institutions are making similar divestments in the fossil fuels industry.
I doff my hat to the bold and brave administrators of these top universities, while noting that steps like these are more than symbolic. To whatever degree, they drive up the cost of capital for companies operating in this arena, thus accelerating the process by which renewable energy is perceived for what it really is: the deal of the century.
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