This was a tough week for Fossil Free CU, the University of Colorado’s pro-divestment student group. First its protest camp on Boulder’s Norlin Quad was snowed out, and then the Board of Regents voted against divesting the endowment from oil, natural gas and coal.

The board rejected calls for divestment in a 7-2 vote at Thursday’s meeting, citing state law and university policy that require the prudent and non-political investment of public funds. Minutes later, the board voted down a motion from Regent Linda Shoemaker to create a sustainable investment advisory committee.

Regent John Carson, who introduced the motion to reject fossil-fuel divestment, cited a board policy on investment that calls for “the principle of institutional neutrality on social and political matters.”

“Clearly that’s directed at not allowing our investment decisions to be influenced by politics and movements of the day,” said Carson, a Republican. “We want our investment decisions, our treasurer to be basing those decisions on the best interests of the university and the return to the university. The University of Colorado’s investment decisions must first and foremost advance the institution’s financial interests and support its academic mission.”

Fossil Free CU responded with a statement saying that “we expect better of our decision-makers.”

“The Board made clear today whose side they have chosen, and is not the side of students,” said the group on Facebook. “In light of today’s meeting, we are committed to continue escalating this campaign, because Fossil Free CU organizers know that our university cannot falter on climate justice.”

The outcome wasn’t unexpected. Not only do Republicans hold a 5-4 majority on the board, but dozens of top universities nationwide, including Harvard, Yale and the University of California, have already rejected similar student-driven divestment drives.

The campus movement’s biggest victory came March 31, when Syracuse University agreed to prohibit direct investment of its $1.2 billion endowment in publicly traded companies whose primary business is fossil-fuel extraction.

Still, divestment advocates are playing catch-up. Prior to Thursday’s vote, about 47 U.S. universities with a combined endowment of more than $101 billion had turned down calls for divestment. On the other end, 23 U.S. higher-education institutions with a combined $2.8 billion endowment have embraced it, according to the International Petroleum Association of America’s DivestmentFacts website.

Among those that have agreed to divest is Naropa University in Boulder, which announced in October 2013 that it had sold off its holdings in companies “identified by 350.org as having the highest potential greenhouse gas emissions, based on their carbon reserves.”

Naropa has an endowment estimated at $6.25 million, while the University of Colorado’s endowment, including funds managed by the CU Foundation, comes in at nearly $2.7 billion.

Despite the passion of Fossil Free CU organizers, only about two dozen students and other activists showed up for the board meeting. Students chalked up the lackluster attendance to bad weather: The meeting took place during Thursday’s heavy spring snowstorm, making driving conditions difficult.

Frustration on both sides during the meeting was evident. Regent Sue Sharkey said she was exasperated by the divestment movement’s “demonization of energy companies. They’re not our enemy.”

“It is a ridiculous case I think to make that this university divesting from fossil fuels is going to make a difference toward climate change or global warming or whatever the term is—I can’t keep up,” said Sharkey, a Republican. “Whatever it is, divesting is not the answer.”

During public comment, Bob Moody, director of the Denver Energy Network, said divestiture by a public university “should be an economic decision, not a political statement promoted by radical extremists,” which brought a rebuke from Regent Stephen Ludwig.

“We want to be careful about that sort of charged language. That’s all,” said Ludwig, a Democrat.

Other speakers touted the benefits of inexpensive, abundant energy from fossil fuels, including Stacy Alexander, director of Flatirons Responsible Energy Action, who said, “We believe there is a moral and ethical case for oil and gas development because everyone deserves affordable energy.”

The presentation by Fossil Free CU focused on the economic viability of divesting from fossil fuels. Financial consultants from Green Alpha Advisors in Boulder speaking on behalf of divestment said that investing in renewables versus fossil fuels was a more sensible strategy, given the growth of the green energy sector.

“It’s certainly true that fossil fuel have brought us to the advanced technological economy we live in today, and they’re going to continue to be a part of the global economy for decades. That’s not in dispute,” said Green Alpha co-founder Garvin Jabusch. “And yet from a perspective of long-term care client assets, it’s now clear that globally the growth phase of fossil fuels has come to an end.”

Regent Michael Carrigan, a Democrat, praised the group’s approach.

“I just want to compliment you all on presentation, and just to [follow] Regent Ludwig’s comments, this demonstrates that what you’re talking about isn’t a bunch of crazy left wing radicals, but there’s an honest dialogue and respectful dialogue by all parties and all sides,” Carrigan said.

Later, however, Fossil Free CU took a swipe at Carson and Sharkey, calling her a “denier.”

“We’re disappointed in the Board’s failure to take meaningful action on this issue, and regard incredulously the statements made by climate-denier Regent Sue Sharkey and Regent John Carson. We expect better of our decision makers,” said the statement.

Carson argued that voting to divest would not only threaten the board’s ability to carry out its fiduciary duty, but also compromise the academic freedom of professors and researchers, particularly those working on climate change.

“The laws of the regents further require that members of the faculty must have complete freedom to study, to learn, to do research, and communicate the results of these pursuits to others, and to engage in academic freedom,” Carson said. “And so taking positions on issues of the day by the board of regents could potentially have an impact on academic freedom.”

He pointed to the recent case of CU Boulder environmental studies professor Roger Pielke Jr., one of seven professors nationwide whose funding sources and congressional testimony was the subject of a House Democrats’ investigation launched in February.

Carrigan added a friendly amendment to the anti-divestment resolution directing the board’s investment advisory committee and treasurer to report back in November on “what options are available” in terms of promoting sustainability.

“I do not envision a scenario in which we will support total divestment, but I don’t see this as a black and white issue,” said Carrigan shortly before the vote. “I do think that there are ways that this university can express its commitment, not only through on campus policies but through investment strategy.”

After the anti-divestment vote, Shoemaker proposed creating a sustainable investment advisory committee, emphasizing that “this is not a resolution asking the university to divest.”

“I do not think that this board is at all interested in that,” said Shoemaker, a Democrat. “It is a moderate, middle-ground resolution because I believe that the right economic decision for this university is to move out of fossil fuel investments and to move toward renewables.”

Regent Steve Bosley noted that the university already has an active investment advisory committee that considers “all opportunities, all investments,” but Shoemaker said the committee may have too much on its plate.

“My understanding is that that committee is very active, very busy—it meets eight times a year–and that I guess is why I propose another committee, or subcommittee, that could specifically look at these issues,” Shoemaker said. “I don’t think this university is currently looking at the kind of sustainable investing I would like to see.”

Her motion failed 6-3. Shortly after the meeting, Fossil Free CU organizers announced the end of its three-day “occupation” of Norlin Quad, which was covered with snow, but warned that the student push for divestment was far from over.

“We feel that the Board’s actions have necessitated escalating student-driven action,” the statement said, “and we are prepared to implement the knowledge gained at nonviolent direct action and civil disobedience trainings given at the occupation.”

Twitter: @ValRichardson17