Weekly News Round-Up: July 12, 2019

This week we shared an Impact Update featuring three IEN member endowments and one firm who have recently taken concrete action to align their investments with their broader institutional goals. Please share with the network your own progress along the path to an intentionally designed endowment, and join us for a peer learning roundtable in Berkeley, CA on September 6 to map out your next steps!

We also saw higher education institutions speaking out about the climate emergency this week. We expect 2020 to be a transformative year for higher ed leadership on climate and equity, and are eager to gather your advice and session proposals to shape our upcoming Summit on those topics.

New IEN Members
 

Renewing IEN Members

The network appreciates the continued engagement of:

 

IEN in the News

Impact Update: Integrating ESG Factors into Endowment Investing | IEN Blog

  • Over the last several weeks, three university endowments have taken decisive action to align their investments more closely with their institutional mission. These actions are an example of an overall trend: more endowments are moving from the “learning and planning” phase of the intentionally designed endowment roadmap - the path that most institutions follow - to the “align, assess, and monitor” phase.

Book Launch: Investing for Good by the Partners of Mobius Capital | IEN Blog

  • IEN Co-founder and Executive Director Georges Dyer reflects on the launch of Invest for Good by Mark Mobius, Carlos von Hardenberg and Greg Konieczny at Bloomsbury Publishing in London. The authors are partners of Mobius Capital, a new IEN member organization, and the book focuses on ESG investing in emerging markets.
 

Opportunities for Action

Higher and Further Education Institutions Across the Globe Declare Climate Emergency | United Nations Environment Programme

  • Networks representing more than 7,000 higher and further education institutions from 6 continents announced that they are declaring a Climate Emergency, and agreed to undertake a three-point plan to address the crisis through their work with students. The three-point plan includes: 1. Committing to going carbon neutral by 2030 or 2050 at the very latest; 2. Mobilizing more resources for action-oriented climate change research and skills creation; 3. Increasing the delivery of environmental and sustainability education across curricula, campus and community outreach programs. Sign the statement by August 1, 2019: Universities and Colleges for the Climate Summit 

Investor Statement of Access to Medicine Index | Access to Medicine Foundation | Sign on deadline: Ongoing.

Investor Statement in Support of Ending Forced Arbitration for Sexual Harassment Claims | RISE

  • Join investors and investment managers including: RISE, Walden Asset Management, the AFL-CIO, and numerous members of the Racial Justice Investing Coalition and Interfaith Center on Corporate Responsibility in our call to end forced arbitration for sexual harassment by 2020. You are eligible to sign if you are an investor or represent an RIA, investment manager, foundation, or fund.

Investor Expectations on Corporate Lobbying on Climate Change | Ceres

  • Deadline: August 23, 2019. The US Investor Expectations on Climate Lobbying letter initiative is being coordinated by Ceres staff with assistance from Walden Asset Management and BNP Paribas Asset Management. The letter and Investor Expectations statement will go to the 47 US-based Climate Action100+ focus companies.We plan to support the CA100+ lead investors to integrate these expectations into the engagement agenda with companies, and will be able to benchmark company progress on these asks using the existing framework from Influence Map.

2020 Higher Education Climate Leadership Summit Call for Proposals | Intentional Endowments Network and Second Nature

  • Deadline: September 30, 2019. Colleagues from all disciplines, backgrounds, and perspectives are encouraged to submit proposals for next-level conversations, workshops, and concurrent sessions for the 2020 Higher Education Climate Leadership Summit. If you have more general ideas for shaping the Summit, please submit them here.
 

New Reports

Soil Wealth: Investing in Regenerative Agriculture Across Asset Classes | Croatan Institute

  • Croatan's newest report quantifies the current U.S. landscape of investments in regenerative agriculture, including in-depth analyses across asset classes, and presents a series of recommendations for investors and stakeholders to build Soil Wealth.

The Chain: Deforestation as a Climate Risk for Investors | Chain Reaction Research

  • Key investor groups have highlighted climate risks tied to deforestation and have taken efforts to influence companies operating along agricultural supply chains. These include the PRI investor working group on sustainable palm oil ($7.9 trillion AUM), the PRI/Ceres working group on deforestation in Latin America ($6.3 trillion AUM), signatories to the Cerrado Manifesto ($5.6 trillion), and a group of Dutch investors ($466 billion AUM). Meanwhile, the largest pension fund in the United States, CalPERS, has included deforestation in its investment policies.
 

Sustainable Investing By Institutional Asset Owners

ASU Foundation Creates New Socially Responsible Investment Fund | Arizona State University

  • The ASU Foundation, a private, nonprofit organization that raises and invests private contributions to ASU, established a socially responsible investment fund that enables endowment donors to select this pool for their money rather than the traditional endowment pool. Establishing a socially responsible investment option allows donors to magnify their impact. Their gift supports the university and the investments will be in public and private companies with strong racial and gender equality, good governance and a focus on economic, social and environmental sustainability. While the traditional endowment pool includes these considerations, this separate portfolio has a more explicit mandate that allows for an even greater focus to invest in this way without needing to shift legacy investments. 

British Royal Institutions Announce Fossil Fuel Divestment | Clean Technica

  • Two of Britain’s leading professional associations — the Royal Society of Arts and the Royal College of Emergency Medicine (RCEM) — announced last week to mark the first-ever London Climate Action Week that they will completely divest from fossil fuel investments. The RCEM also highlighted other divestment initiatives taken by London-based local authorities, universities, and medical colleges, that together hold £36 billion ($45.1 billion) in investments held in endowments and pension funds.

National Trust to Divest £1bn Portfolio from Fossil Fuels | The Guardian

  • The National Trust, which looks after 780 miles of coastline, 248,000 hectares of land and more than 500 historic houses, castles, monuments and parks, said it would withdraw the vast majority of its investments from fossil fuels within 12 months, and the entirety within three years. A Guardian investigation last year revealed the trust had invested tens of millions of pounds in oil, gas and mining companies, despite having previously pledged to cut down its own use of fossil fuels and warning about the impact of climate change.

Danish Pension Debuts Line of Sustainable Products | Chief Investment Officer

  • Denmark’s AP Pension has launched a new line of sustainable investment products, AP Sustainable, that was developed with Danish fintech company Matter.  All of the investments in the line will work toward supporting the goals of the Paris Agreement or contribute to one or more of the UN’s 17 sustainable development goals.
 

Sustainable, Responsible, Impact & ESG Investing

SunTrust Is Latest Bank to Halt Financing of Private Prisons | Bloomberg

  • SunTrust Banks Inc., the lender merging with BB&T Corp., said it won’t provide future financing to companies that manage private prisons and immigration holding facilities. “This decision was made after extensive consideration of the views of our stakeholders on this deeply complex issue,” the Atlanta-based bank said in an emailed statement Monday.

EU Eyes Harmonizing Data for Low-carbon Goal | Pensions & Investments

  • Pension funds are engaging with investee companies to secure environmental data that they will need to meet their own requirements under an upcoming European disclosure regulation. The EU is working to redirect private capital toward low-carbon investments, setting a broad goal that calls for asset owners and money managers collectively to invest €175 billion ($199 billion) to €290 billion a year in low-carbon activities to reduce net carbon emissions to zero by 2050. 

(Listen) What ‘Impact Investing’ Means in Education | EdSurge

  • In this podcast, John Duong, Managing Director of the Lumina Foundation’s venture capital arm, Lumina Impact Ventures, discusses why Lumina is getting into the venture capital game, and how its investments align with its strategy in higher education and the workforce. Duong also offers some thoughts on “impact-washing,” whereby investors make inauthentic claims about making a positive social impact through their investments.

(Watch/Listen) Using Biomimicry This Activist Is Turning Impact Investing Upside Down To Erase Racial Wealth Gaps | Forbes

  • In this interview, Boston Impact Impact Initiative Fund founder Deborah Frieze discusses how biomimicry - the practice of solving problems by asking the question, ‘What would nature do?” - has her flipping conventional investing wisdom on its head to close the racial wealth divide in Boston.

World Leaders Back Impact Investing | Financial Standard

  • A gathering of G7 - Canada, France, Germany, Italy, Japan, the UK and the US - ministers responsible for development cooperation has issued a strong statement in support of impact investing. This comes after world leaders at the G20 summit in Osaka also spoke about the potential benefits of impact investing.

How the Carbon Bubble Could Create Another Global Financial Crisis | New Statesman

  • If financial markets are too short-termist to ask the right questions about climate risk, then governments may have to force firms and asset managers to disclose this information themselves. Why not, for example, expand asset managers’ fiduciary responsibilities to include the responsibility to reduce their exposure to climate risks? Or expand the responsibilities of the central bank to include monitoring of commercial banks’ exposure to climate risk?

An Impact Investing Boom is Under Way | Al Jazeera

  • This article provides an overview of trends in social impact investing, including efforts to standardize definitions of impact.

Impact Investing Finds Its Way on Lists of More Major Players | Pensions & Investments

  • Impact investing, traditionally associated with family offices and specialized foundations, is attracting more attention from pension funds and other large institutional investors as the approach goes mainstream.

Beating the Odds with ESG Mandates and Benchmarks | Investment Magazine

  • There is still work required to shift the investor mindset from reputational risk as the highest ESG concern to financial risk. At a time when less than a third of asset managers show leading ESG integration – according to the RIAA Benchmark Report – the opportunity exists for investors to demonstrate superior expertise.

Dispelling Myths Around Socially Responsible Institutional Investment | Propmodo

  • Although evidence to the contrary has been accumulating for years, a wide range of institutional money managers continue to express skepticism that incorporating ESG investments into their portfolios will help boost returns. A 2017 survey by RBC Global Asset Management of 434 institutional asset owners and consultants found that more than half of U.S. investors did not believe that ESG approaches to investments mitigated risk. Incredibly, 83% of U.S. institutional investors that responded to the survey did not believe that ESG could be a source of alpha.
 

Shareholder Engagement

Don’t Be a Laggard; Legal & General Head Encourages Companies for Green Action | Chief Investment Officer

  • Legal & General Investment Management (LGIM) is taking climate change risk more seriously than ever, and is specifically analyzing data and engaging with companies in which its Future World funds invests to decide if it will continue doing business as usual with them. LGIM America’s Head of US Stewardship and Sustainable Investments John Hoeppner said that he and his team, across strategies, will vote against a chairman where “[the company’s] disclosures seem laggard.”
 
Socially Responsible Retirement Funds

Aviva Launches ESG Default Fund | Pensions Expert

  • Aviva has launched a defined contribution default fund with ESG considerations at its heart, in line with growing demand from workers. Businesses will be able to use this new lifestyle strategy as their default workplace pension fund, or offer it to employees as an alternative to their existing default.
 

Green Bonds

World Bond Index Adds Climate-risk Screen | Investment News

  • For the first time ever, the sovereign debt issued by the world's developed nations is being indexed according to each country's climate-risk factors. The new index, created by FTSE Russell, essentially reweights the existing FTSE World Government Bond Index from market capitalization to an allocation based on climate-risk factors.
 

Diversity, Equity, & Inclusion

Inclusion Could Be Key to Mainstreaming the Climate Emergency | GreenBiz

  • A recent survey found that the Latinx community in the U.S., particularly those whose language of choice is Spanish, were more alarmed and less dismissive of global warming than non-Latinx respondents - yet organizations focused on climate have largely failed to engage with this key constituency.

More Foundations Finally Looking Beyond Grants to Advance Racial Equity | Next City

  • Foundation and also university endowments have an opportunity to re-examine and remove the structural barriers within their own rules and guidelines for managing the 95 percent of their endowments that stays invested every year to address the glaring reality that out of $70 trillion managed by asset management firms registered in the U.S., less than one percent are managed by firms led by women or people of color. That’s not because of a lack of such firms — a recent GAO report found 186 minority- and women-owned asset management firms around the country.

HBCUs Could Be The Answer To Closing The Nation's Economic Divide | Essence

  • In the US, predominantly white school districts receive $23 billion more in funding than non-white schools. That financial disparity contributes greatly to the nation’s economic divide, leaving the Black community in search of educational opportunities that will help youth better compete with their White counterparts. Actor Richard Lawson, MSNBC host Joy-Ann Reid and Dillard University’s Dr. Walter Kimbrough joined ESSENCE News and Politics Director, Yesha Callahan on stage at Essence Festival to discuss the disparities in more detail. Not surprising, HBCUs and community colleges were named as a possible way forward for the Black community.

Diversifying Capital: Betting On Women And Investors Of Color | Forbes

  • The global need to address access to capital inequities is greater than ever and it lies with putting women and investors of color at the forefront. When the venture capitalist calling the shots start to diversify, so will the capital commitments to founders of color who are shifting the paradigm and building economically solvent companies.

Illinois Teachers’ Names New Leader for Emerging Manager Program | Chief Investment Officer

  • The Illinois Teachers’ Retirement System has promoted Jose Gonzalez to lead its $750 million emerging manager program. Established in 2005, the emerging manager program identifies and seeds fledgling money managers, which pension funds such as the Texas Employees Retirement System have been working on in the past several years. The Illinois Teachers’ division currently has 18 firms that manage a combined $500.6 million across all asset classes.

‘Modest Improvement' Seen for Industry on Greater Diversity Effort | Pensions & Investments

  • The venture capital industry is by no means diverse, but more firms are implementing strategies to hire and retain women and minority investment executives, the second edition of the National Venture Capital Association-Deloitte Human Capital Survey shows. This second survey found that 32% of the 203 VC firms surveyed have a diversity strategy and 31% have an inclusion strategy (roughly double from 15% and 17% in 2016). VC firms also took a few baby steps toward adding female executives to their ranks of investment professionals - at the small number of firms that had diversity and/or inclusion strategies, 20% of investment partners were women compared with 11% at firms without either strategy.

Four Global Lessons From Locally Driven DEI Efforts | Stanford Social Innovation Review

  • This article summarizes lessons from Teach For All about how organizations can root their racial equity work in a commitment to learn from and be led by those who have experienced inequity themselves, including to: Define equity; Value lived experience more than concepts; Center local voices; and to understand that diversity is insufficient without inclusion.
 

Gender Lens Investing

Gender Diversity in Asset Management – Does it Make Business Sense? | JD Supra

  • In the asset management space, research shows that gender diversity in senior positions leads to positive returns. The industry is trying to address this gender imbalance in a variety of ways, including (among others): through increasing the visibility of female role models; encouraging a future pipeline of talent; and responding to investor demands.

London Climate Action Week: Spotlight on Female Leaders in the City | Climate Disclosure Standards Board

  • In this series, CDSB posted interviews with 8 females leaders in climate finance.
 

Student Managed Funds & Sustainable Finance Curriculum

A Home for Impact Investing in Academia | Northwestern University

  • More than 80 professors from universities around the world came together at Northwestern University for the third annual Impact & Sustainable Finance Faculty Consortium hosted by the Kellogg School of Management. Faculty from the Netherlands, South Korea, Oregon, Texas, Kenya, California, Canada, Colombia, China, Brazil and beyond came to discuss teaching and research at the intersection of finance and sustainability.
 

Investment Firm News

German Giant's Bonus Culture Incentivises PMs to Add ESG | CityWire Selector

  • Offering financial stimulus for fund managers to better integrate ESG is a good idea, however it needs to be implemented in the right way. German asset manager Union Investment added ESG inclusion into bonus incentives for its portfolio managers in January of this year.

MSCI Reveals ESG Ratings for ETFs and Funds | ETF Stream

  • IEN member MSCI has expanded its ESG coverage by unveiling ratings for 32,000 ETFs and funds across the equity and fixed income universes.

OpenInvest Joins The U.N.-Supported Principles For Responsible Investment | PR Newswire

  • IEN member OpenInvest, the asset management platform that enables customization, direct indexing and impact investing at scale, announced today that it has become a signatory to the UN-supported Principles for Responsible Investment PRI.

KKR’s Annual ESG, Impact, and Citizenship Report Reveals Evolution of Leading Investment Firm | Business Wire

  • The report, titled invested., reflects on KKR’s evolution in the decade since the firm began formalizing its responsible investment efforts, sharing the firm’s work to date and its commitment to future progress and outcomes.

Scientific Beta Unveils Complimentary State-of-the-art ESG and Climate Risk Reporting | Scientific Beta

  • Scientific Beta, the smart beta index provider, has announced its release of enhanced ESG and climate risk reporting that aims to assist investors in meeting the challenges and seizing the opportunities of incorporating ESG dimensions into passive investment management.

Metzler Opens Sustainable Investment Office & Hires ESG Experts | Investment Europe

  • Metzler Asset Management has established sustainability activities into a Sustainable Investment Office, thus expanding its ESG competence further.
 

Economic & Policy Shifts

The Case for a World Carbon Bank | Project Syndicate

  • Economist Kenneth Rogoff argues that it is high time to create a new, focused agency, a World Carbon Bank, that provides a vehicle for advanced economies to coordinate aid and technical transfer, and that is not simultaneously trying to solve every other development problem.

(Watch) Building a Sustainable and Competitive Economy: An Examination of Proposals to Improve Environmental, Social and Governance Disclosures | U.S. House Committee on Financial Services

  • Watch this week’s hearing on improving ESG disclosures, with testimony from IEN partner Ceres’ CEO Mindy Lubber as well as the CalPERS Investment Office, Global Reporting Initiative, Patomak Global Partners, and Decatur Capital Management.

Beyond Coal: Seeding Appalachia’s Sustainable Future with Public and Private Capital | Impact Alpha

  • This two-part series explores how local leaders are blending capital and piloting projects to reinvent Appalachia’s coal-impacted communities.

Coal Gets $64 Billion Lifeline From G20 Governments Led by China | Bloomberg

  • Asian governments are stepping up their support for coal-fired power plants, handing a lifeline worth $64 billion a year to an industry struggling to maintain investment from private investors. The finding from four research organizations contrasts with pledges by the Group of 20 nations to rein in greenhouse gases and wean the world off the most polluting fossil fuel. China, India and Japan were responsible for the biggest proportion of that spending.

SEC Commissioner's Speech Rankles ESG Industry | ThinkAdvisor

  • Impact investing took a direct hit with a speech by Securities and Exchange Commissioner Hester Peirce delivered recently to the American Enterprise Institute, just before the July 10 Financial Services House Committee hearing on Building a Sustainable and Competitive Economy: An Examination of Proposals to Improve ESG Disclosures. The speech, which took on ESG ratings and proxy voting especially, was seen by some in the impact investing business as anything from surprisingly uninformed to a call to action for the ESG industry to do better.
 

 

Climate Risk, Science, and Clean Energy

The Rockefeller Foundation Launches New Climate and Resilience Initiative; Commits An Initial $8 Million To Continue Supporting Global Network Of Cities And Chief Resilience Officers | Rockefeller Foundation

  • The Rockefeller Foundation today announced a new Climate and Resilience initiative, which will focus on market-changing opportunities that increase climate and resilience capital flows into solutions and projects that improve the lives of the world’s most vulnerable people. The first commitment of this initiative is an initial $8 million to continue supporting the work of Chief Resilience Officers and member cities within the 100 Resilient Cities Network. 

(Listen) How Corporate America Is Addressing Climate Change Risks | WBUR

  • In this interview, the President of CDP North America discusses how companies assess, disclose, and address climate risks.

UN Human Rights Expert Warns of ‘Climate Apartheid’ Scenario | Bloomberg

  • Climate change could undo 50 years of progress in fighting extreme poverty and threatens to create a “climate apartheid” in which the wealthy can escape the worst effects of extreme weather while the rest of the world is left to suffer, a UN expert warned.

Climate Change Villain: Can the Travel Industry Avoid a Bad Reputation? | Business Travel News

  • Regulations aside, travel industry executives increasingly are becoming aware of their own image, not wanting to be known primarily as polluters. This article looks at how climate concerns are being addressed in the travel industry.

Case Study: How an Oil and Gas Company Survives the Low-carbon Transition | CDP

  • IEN member CDP spoke with Anthony Marino, President and CEO at international oil and gas producer Vermilion Energy Inc., to find out more about how the company is tackling the energy transition.

This Easy Climate Fix Has More Potential Than Previously Thought | Bloomberg

  • A new analysis finds nations could be growing forests where they aren’t, removing millions of tons of carbon from the atmosphere.

The Massive Emissions-Cutting and Cost-saving Potential of Chemical Reuse | GreenBiz

  • Companies could adopt new chemical usage strategies by circulating the molecules tied up in chemicals that have reached the end of their life span, and reuse chemicals more than once. This would result in capturing the value of those chemicals, while reducing their environmental impact. 

Threat To Palm Trees: Catalyst For Green Investor Crusade | Forbes

  • Thanks to the efforts of Climate Advisers and others, the palm problem is finally getting attention. Financial heavyweights are joining the fight to stop forest palm-tree cutting. An advocacy organization called the Investor Working Group on Sustainable Palm Oil has enlisted 56 institutional investors to sign a pledge the requires them to support only environment-friendly palm tree treatment.

Big Business and Its Effect on Biodiversity | Mega

  • How do companies score when it comes to protecting biodiversity? This model from Pictet quantifies the corporate world's contribution to species loss and reveals some of the best performers and worst offenders.
 
 

General Higher Education Endowment News

University Of Alaska Readies For Budget Slash: 'We May Likely Never Recover’ | NPR

  • The University of Alaska System is bracing for a 41% cut in funding it receives from the state, after Gov. Mike Dunleavy vetoed a $130 million line item in the state's budget. The announcement came last Friday, three days before the fiscal year began on July 1. Dunleavy vetoed roughly $400 million in items in the budget, with education receiving the largest cut. The university system will lose $130 million from the veto — on top of an additional $5 million previously agreed upon by legislators.

Arizona State University’s Jeffrey Mindlin Named to Class of 2019 NextGens | Chief Investment Officer

  • IEN Steering Committee member Jeff Mindlin, CFA, VP, Investments, Arizona State University Enterprise Partners, is profiled as a NextGen leader by Chief Investment Officer magazine.

Treasury Rules Could Hurt McConnell's Bid to Protect Kentucky College from Endowment Tax | SF Gate

  • This article discusses how the new 1.4% excise tax on investment income at private colleges with a minimum of 500 tuition-paying students and endowments worth at least $500,000 per student could affect Berea College, which uses its $1 billion endowment to cover tuition for all of its roughly 1,600 students, one of a handful of colleges with that mission. Read additional coverage of how the tax will impact Northwestern University and Dartmouth as well.

How Yale and Harvard Manage Their Money | Forbes

  • This article reflects on the endowment investment strategies of Yale and Harvard, noting that Harvard was the first U.S. endowment to be a signatory to the UN-sponsored Principles for Responsible Investment.

Bain Raises $1.5 Billion for Harvard-Backed Debut Property Fund | Bloomberg

  • Bain Capital raised $1.5 billion for its debut real estate fund, surpassing the original $1 billion target, as investors pour record amounts of capital into the industry. Harvard University’s endowment is among the biggest backers of the fund, which focuses on niche areas like life sciences and labs, senior housing and self-storage. Other investors include the Los Angeles County Employees Retirement Association, which committed $100 million earlier this year.

UT System Announces Endowment that Will Cover Tuition, Fees for More than 8,000 Students in 2020 | Houston Chronicle

  • The University of Texas System will cover full and partial tuition for more than 14,000 UT-Austin undergraduate students from middle- and low-income families starting in fall 2020, the Board of Regents announced. A $160 million tuition endowment aims to make what’s billed as the state’s leading flagship research university more affordable.
 

General Higher Education Sustainability News

JMU Adopts Living Wage for Full-time Employees | James Madison University

  • James Madison University has adopted a living wage for its full-time employees. A total of 109 employees’ paychecks grew, as those who were earning less than $24,960 per year had their wages adjusted to meet the living wage standard. JMU determined the living wage, $12 per hour, using information published by the Massachusetts Institute of Technology.

Statement re. Plans for Increasing the University’s Minimum Wage to $15/hour for Regular and Contract Employees | Washington University in St. Louis

  • Washington University in St. Louis’ Chancellor recently announced that the school will increase its minimum hourly wage to $15/hour for regular employees and basic service contractors on July 1, 2021, with intermediate steps in 2019 (to $12.65/hour for regular employees and $12.25/hour for basic service contractors) and 2020 ($13.80/hour for both regular employees and basic service contractors).

Penn Faculty's 'Climate Risk Solutions' Mobilizes Wisdom for Change | The Daily Pennsylvanian

  • The obligation for higher education to translate academic research into action-oriented ideas is no better exemplified than by the University of Pennsylvania’s recent launch of Climate Risk Solutions, a summer-long virtual ideation session jointly coordinated by the Wharton Risk Center, the Kleinman Center, the Penn Program on Regulation, and the Faculty Senate.

Go Green! Why Universities Are Prizing Sustainability | FacilitiesNet

  • College students are demanding a paradigm shift in how campus buildings are designed and operated. Increasingly, this means reducing their impact on the environment.

UVic Announces List of Top 50 Players in Fossil Fuel Industry | Sooke News Mirror

  • The University of Victoria announced the launch of a project that lists the top 50 institutions and companies based in Western Canada with a stake in the fossil fuel industry. The Fossil-Power Top 50 list was compiled over the past four years through extensive research into the Canadian corporations with the greatest emissions footprint. A Divest UVic organizer pointed out that “their Endowment Fund invests $39 million in the fossil fuel industry, including holding investments in nine of the Fossil-Power Top 50 groups.”
 

Fossil Fuel Divestment

Harvard says fighting climate change is a top priority. But it still won’t divest from fossil fuels. | Washington Post

  • Over the past six months, more than 300 Harvard faculty members have signed a petition calling for divestment of fossil fuel stocks. Students, before departing for the summer, held Heat Week to highlight climate change. And leading alumni such as former U.S. senator Timothy Wirth of Colorado and former vice president Al Gore, as well as others such as Stephen Heintz, president of the Rockefeller Brothers Fund, have written to Harvard President Lawrence Bacow urging the university to reverse its position.

British Museum Director Endorses BP as Sponsor as Calls for Divestment Grow Louder | Art News

  • The British Museum in London will continue working with its longtime sponsor BP. The director’s statements come on the heels of the release of an open letter, signed by 78 artists, demanding that London’s National Portrait Gallery cut its ties with BP, which funds its annual Portrait Award.
 

Calendar of Upcoming Events

IEN Events:

Community Impact Investing Roundtable 2019 | Intentional Endowments Network, September 6, 2019, Berkeley, CA

2020 Higher Education Climate Leadership Summit | Intentional Endowments Network and Second Nature, February 23-25, 2020, Atlanta, GA. Provide input to shape the agenda here, or propose a session topic here!

Other Events:

Investment Risks & Opportunities in Our Food Systems | BASIC and FAIRR, July 23, 2019, 6-7:15pm, New York

2019 Opportunity Zone Expo New York and Chicago | Opportunity Zone Expo, August 9, 2019, New York, NY and August 12, 2019, Chicago, IL. Interested members should contact kaede@intentionalendowments.org to receive a $50 discount link for IEN Member registration.

Getting Gender Smart: Impact Investing with a Gender Lens | Duke Fuqua School of Business, September 9-11, 2019, Durham, North Carolina

Financing the Future: The Global Climate Divest-Invest Summit | Divest Invest, Fossil Free SA, Global Catholic Climate Movement, GreenFaith, PACJA, Shine, Wallace Global Fund, and 350, September 10-11, 2019, Cape Town, South Africa

Impact Investing: Driving Social Purpose Through Measurable Investment Returns | Skytop Strategies, September 17, 2019, Boston, MA, Interested members should contact nicole@intentionalendowments.org to access a 15% off registration IEN Member discount code.

Sustainable Investment Forum North America 2019 | UN Environment Programme Finance Initiative, September 25, 2019, New York, NY (Climate Week)

GIIN Investor Forum | GIIN, October 2-3, 2019, Amsterdam, Netherlands. Interested members should contact hannah@intentionalendowments.org to access a 15% off registration IEN Member discount code.

2019 AASHE Conference & Expo: Co-Creating a Sustainable Economy | AASHE, October 27-30, 2019, Spokane, WA

21st Annual Endowment and Foundation Forum | Opal, November 7-8, 2019, Boston, MA

2nd Impact Summit America | Phenix Capital, November 14, 2019, New York, NY

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