In June, New York University’s Board of Trustees refused to buckle under student pressure to divest from fossil fuels, saying that “[we] do not support NYU using its endowment as a tool simply for making statements.”

If only more universities showed similar sensibility. Higher education’s divestment hasn’t made an environmental difference — but it will take a sizable financial toll on the colleges and universities that embrace it. Even if divestment did make a difference, though, it would run directly counter to several other liberal priorities, from affordable college to helping low-income and minority Americans.