The following resources explore the process of transition to net zero endowment portfolios for academic institutions:

• University of Toronto Asset Management – The University of Toronto Asset Management (UTAM) is the investment manager for University of Toronto’s (U of T) endowments. U of T is the world’s first university to join the UN Net-Zero Asset Owner Alliance. In 2021, the university announced its commitment to net zero emissions from its endowment portfolio by 2050. In this Integrated Annual Report, UTAM combines its traditional Annual Report with the Responsible Investing Report and highlights various aspects of the Net Zero process – asset mix, manager selection, risk management, stewardship, and engagement, among others.
• Lewis and Clark College - Lewis & Clark College’s Investment Policy Statement reflects its commitment to a zero emissions portfolio by 2040.
• Arizona State University - Arizona State University Enterprise Partners, which manages the investments of Arizona State University’s endowments committed to a Net Zero portfolio by 2035. This case study by IEN discusses in detail the University's move toward sustainable investing.
• Harvard University – Harvard Management Company (HMC) manages Harvard University’s endowments and other financial assets. In April 2020, HMC released a Net Zero Portfolio Commitment to achieve net zero GHG by 2050. The most recent Climate Report provides an update on HMC’s efforts towards achieving carbon neutrality through investments in climate transition solutions, measuring portfolio carbon emissions, and engagement with companies to reduce GHG emissions and improve disclosure.

Additionally, these case studies by the Investor Agenda illustrate how several institutional investors’ climate action plans aligned with the measures outlined in the ICAPs Expectations Ladder. 

Net Zero Commitments by Endowments: 

• Arizona State University (February 2021)
• David Rockefeller Fund (August 2020)
• Harvard University (Progress reports: Feb. 2021, Feb. 2022, Feb. 2023, Mar. 2024)
• Jessie Smith Noyse Foundation (September 2022)
• Lancaster University (November 2021)
• Lewis & Clark College (October 2022)
• Massachusetts Institute of Technology (May 2021)
• McKnight Foundation (October 2021)
• Northwestern University (June 2022)
• Princeton University (May 2021)
• Rice University (February 2022, energy portfolio)
• Russell Family Foundation (October 2022)
• San Francisco State University (September 2022)
• Sierra Club Foundation (March 2021)
• Stanford University (June 2020)
• Trinity College Cambridge (February 2021) 
• University of Cambridge (October 2020) 
• University of Manchester (May 2020, March 2023)
• University of Michigan (March 2021, progress report: Dec. 2022) 
• University of Oxford (April 2020)
• University of Pennsylvania (April 2021)
• University of Sydney (June 2021)
• University of Toronto (October 2021)
• University of Virginia, UVIMCO (March 2022)
• University of Washington (September 2022)
• University of Waterloo (June 2021)
• World Resources Institute (October 2020)

Proxy voting has historically been a cumbersome process for endowments, however, As You Vote, an ESG-aligned proxy voting platform, simplifies proxy voting and empowers endowments and other institutional investors to vote their proxies in line with their ESG mandates.

• Co-Chair: Delicia Nahman, Director of Sustainability, Lafayette College
• Co-Chair: Tim Coffin, Director of Sustainability, Member of Consultant Relations Team, Sustainability Committee Chair, Breckinridge Capital Advisors
• Carol Jeppesen, Head of US, Principles for Responsible Investment (PRI)
• Chuck O'Reilly, CIO, University of Toronto Asset Management (UTAM)
• Cornelia Horner, Strategic Initiatives and Communications Lead, the University of Virginia Investment Management Company (UVIMCO)
• Henry Lancaster, Director, HBCU Green Fund; and Trustee, Lincoln University (PA)
• Jeff Mindlin, CIO, Arizona State University
• Hailey Knowles, Account Manager, Capital Markets, CDP North America
• Jouni Korhonen, Trustee and Chair, Investment Committee, Lewis & Clark College
• Julianna Brunini, Associate Director of Research and Research Analyst, Terra Alpha Investments
• Kaede Kawauchi, Manager (Investor Network), Ceres
• Karim Zahr, CFA - Senior Analyst, Responsible Investing, McGill University
• Kate Murtagh, Managing Director, Sustainable Investing and Chief Compliance Officer, Harvard Management Company
• Kate Rogers, Global Head of Endowments & Foundations, Schroders
• Kathleen Simpson, CEO, The Russell Family Foundation
• Kelly Major Green, Financial Advisor, Institutional Consultant, Graystone Consulting
• Lindsey White, Director of Programs, CREO
• Madeline Clark, Associate Investment Director, Sustainable & Impact Investing, Cambridge Associates
• Ann Eubank, Senior Associate of Impact Investing, Global Endowment Management (GEM)
• Pedro Henriques da Silva, Director of the Shifting Trillions Initiative, Sierra Club Foundation
• Rachel Robascotti, Founder & CEO, Adasina Social Capital
  
• Sheldon Gen, Investment Committee Chair, San Francisco State University Foundation
• Tamara Larsen, Partner, US ESG Investments Practice Leader, Mercer, and IC member, David Rockefeller Fund
  
• Tracy Gray, Trustee, CSU Dominguez Hills Foundation
• Yale Loh, Treasurer, University of British Columbia

• Mainstreaming the Transition to a Net-Zero Economy | G30 (Oct. 2020, press release)

• Financing a Net-Zero Economy: Measuring and Addressing Climate Risk for Banks | Ceres (Oct. 2020)

• Climate Transition in a Portfolio Context: What Matters and What to Measure | Morgan Stanley (July 2020)

IEN's Net Zero Endowments Roadmap is a guide for endowments in making and implementing net zero portfolio commitments. It provides a high-level overview, laying out common steps taken in this process with links to more detailed resources in the field to provide guidance and best practices on each aspect of the net zero journey. Starting with a background of net zero commitments, and continuing on with ways to create a solid foundation for a commitment through mission aligned investing, this resource is designed to demonstrate pathways through which progress towards a net zero commitment can be made, measured, and monitored for success and impact.

Authors & Contributors:

Netanya Pereira, Graduate Student, Northeastern University

Georges Dyer, Co-Founder & Executive Director, IEN

Aicha Ly, Program Manager of Climate Justice & Events, IEN

Nicole Torrico, Managing Director, IEN

Delicia Nahman, Director of Sustainability, Lafayette College

IEN Net Zero Leadership Committee

              Read the Roadmap

Special thanks to the sponsors of IEN's Net Zero Endowments Initiative: