PITTSBURGH (AP) — Stanford University has become the largest school to say it won't invest in coal mining companies because of climate change concerns.
Stanford's Board of Trustees made the announcement Tuesday. The school says the move reflects the availability of alternate energy sources with lower greenhouse gas emissions and provides leadership on a critical issue for the world.
The resolution means that Stanford won't use any of its $18.7 billion endowment to directly invest in about 100 publicly traded companies that primarily extract coal.
Jason Hayes of the American Coal Council calls the move a "big PR stunt" since Stanford students still use products that are produced with coal, such as steel. Hayes says other investors will buy the coal stocks that Stanford sells.