The school's governing Board of Regents on Thursday rejected a request from students and others to divest from fossil fuels.
On a 7-2 vote, the regents upheld their current policy, which lets the university financial team invest in the industry if it chooses.
The regents did ask the university treasurer to analyze investment strategies that reflect the school's commitment to environmental sustainability and report back in November.
Divestment supporters said the school shouldn't invest in fossil fuels because of their role in climate change and because economic trends favor renewable energy.
Opponents praised the benefits of fossil fuels to health care and quality of life. They also cited the industry's contribution to Colorado's economy.