Welcome to IEN's bi-monthly newsletter. We are thrilled to share that the Association for the Advancement of Sustainability in Higher Education (AASHE) has named our co-founder, Dr. Tony Cortese as the recipient of the 2018 Lifetime Achievement Award, recognizing his outstanding achievements and progress toward sustainability. We are very proud of Tony for this well-deserved honor, and Tony shares his gratitude with the many partners and collaborators he has worked with over the years to advance this field.
We also highlight an exclusive Q&A with Elyse Cherry, CEO and President at BlueHub Capital, Michael Swack, Director of the Center for Impact Finance at University of New Hampshire, Erik Gross, Treasurer at University of New Hampshire Foundation, and Michael Hokenson, Partner at Community Investment Management, where they discuss the power and impact of community investing.
Additionally, we hope you can join us for the 2019 Higher Education Climate Leadership Summit, taking place from February 10-12 in Tempe, AZ. Please register today and provide your feedback on questions and topics you would like to see covered at the Summit.
As always, please be in touch with any questions, news or ideas for IEN.
The IEN Team
Dr. Tony Cortese Named as AASHE Lifetime Achievement Award Winner
The Association for the Advancement of Sustainability in Higher Education (AASHE) has named Dr. Tony Cortese as the recipient of the Lifetime Achievement Award, recognizing his outstanding achievements and progress toward sustainability.
With over 3 decades of leadership, Tony played an essential role in the formation of many of the key organizations and frameworks in the higher education sustainability space - including the Talloires Declaration, Second Nature, AASHE, the American College & University Presidents Climate Commitment, and the Intentional Endowments Network - that have guided the evolution of the movement for sustainability by and in higher education.
“The 2018 award winners demonstrate an inspiring passion for solving some of the world’s most complex challenges. They are truly pioneering the campus sustainability movement,” said AASHE Executive Director Meghan Fay Zahniser.
Read more about Tony's lifetime achievement in the space here.
Q&A Article: The Power & Impact Of Community Investing
“Decent affordable housing should be a basic right for everybody in this country. The reason is simple: without basic shelter, everything falls apart,” Matthew Desmond wrote in his book Evicted: Poverty and Profit in the American City. Many endowments and experts focused on Community Investing would agree. While affordable housing serves as one aspect of Community Investing, such investment programs tend to catalyze local innovation and stimulate the economy by way of job creation and education. Further, for some investors, Community Investing tends to hit the bottom line twice: invigorating local economies while boosting returns.
The Intentional Endowments Network (IEN) approached specialists within the Community Investing space to get their perspectives on the value of Community Investing, understanding how to incorporate such investments in one's portfolio, and how to truly make an impact regardless of varying levels of assets under management. IEN approached:
- Elyse Cherry, CEO and President, Boston Community Capital
- Michael Swack, Center for Impact Finance, University of New Hampshire
- Erik Gross, Treasurer, University of New Hampshire Foundation
- Michael Hokenson, Partner, Community Investment Management
Registration Open for Higher Education Climate Leadership Summit
Registration is now open for the 2019 Higher Education Climate Leadership Summit --which will be held in partnership with Second Nature on February 10-12, 2019 in Tempe, Arizona.
The Higher Education Climate Leadership Summit is the largest national gathering of higher education presidents, chancellors, trustees, and other senior leaders working to accelerate climate solutions through all aspects of institutional activities -- education, research, campus operations, community engagement, and endowment investing.
For more information on the Summit, agenda, speakers, and attendees, and to register, view the Summit Website.
Additional Updates from the Network
New IEN Members
We are pleased to welcome Ember Infrastructure, LOCUS, and Impact Shares to the Network! To learn more about the leadership opportunities and benefits of IEN membership, click here.
In the past few months, IEN has hosted the following webinars. Follow the links to view recordings of each:
- Green Bonds 101 l September 12, 2018
- Animal Welfare as an Investment Risk & Opportunity | August 29, 2018
- Divesting from Climate Science Deniers: The Barnard College Story | July 26, 2018
- Aligning University Investments With Carbon Reduction Goals in the UK Through Fossil Fuel Divestment | July 16, 2018
This month, save the date for a webinar on Addressing Climate Risk Across Asset Classes, taking place on October 23rd at 1:00 p.m. ET.
IEN Working Groups meet regularly to advance key strategies in support of the network's goals. Below is a brief update of what current Working Groups have accomplished.
Racial Justice, Diversity, Equity, and Inclusion Working Group: This working group has now had two calls, and is currently developing ways to support endowments in considering issues related to racial justice and DEI from a variety of perspectives, as well as planning an IEN event for the Spring of 2019 hosted by an HBCU. If you are interested in participating in this group, please reach out to Kaede at [email protected]
Gender Lens Investing Working Group: Last month, in partnership with Suzanne Biegel, Founder of Catalyst at Large, IEN launched a new working group focused on gender lens investing (intentionally integrating gender as a factor into financial analysis to get to a better outcome). Be sure to check out IEN's recent Q&A article with thought leaders within the Gender Lens Investing space to get their outlook on the associated risks and opportunities and perspective on how gender lens investing relates to ESG factors. If you are passionate about increasing higher education endowments investing with a gender lens, please reach out to Nicole at [email protected] for more information, and to join our next call.
- Fiduciary Duty & Policy: Last month, this group produced a paper that guides endowment decision makers in finding an investment consultant to assist in incorporating ESG into their portfolio investment process. The paper, Hiring an Investment Consultant: Making Your ESG Intention Actionable, is available on our website. Additionally, members of the working group will be hosting a session at SOCAP on Tuesday, Oct. 22. Finally, the group has been learning more about behavioral governance. If you are interested in participating in this group, please reach out to Alice at [email protected]
SIILK (Sustainable & Impact Investing Learning and Knowledge) Network: IEN coordinates the SIILK Network, which brings together stakeholders including students, faculty, administrators, trustees, and financial professionals on campuses across the country, involved with student managed sustainable investing funds and sustainable investing curriculum development. Participants share best practices, resources, curricula and undertake other activities to support sustainable investing education.This month, SIILK launched both fellowship and mentorship programs -- more information is below. If you are interested in connecting with stakeholders involved with student-managed funds on campuses across the country to share best practices, resources, events, curricula and undertake other activities to support sustainable investing funds and education, please reach out to Nicole at [email protected].
Shareholder Engagement: This group has been connecting with additional endowments interested in becoming more active on shareholder engagement and proxy voting. Members have presented to investment committees and advisory committees on responsible investment. The group has been promoting resources, such as the annual Proxy Preview report, ICCR's proxy guide, Ceres's shareholder resolution database, as well as events and webinars associated with these resources. If you are interested in participating in this group, please reach out to Alice at [email protected].
- Trustee Peer Group: The Trustee Peer Group is currently focused on bringing new members into the group to create more opportunities for peer-to-peer learning among college and university fiduciaries on sustainable investing. The group hosted a very successful AGB’s 2018 Foundation Leadership Forum, and the group is currently designing a session for Trustees at IEN's Climate Leadership Summit on Feb. 10-12, 2019 in Tempe. If you are interested in participating in this group, please reach out to Tony at [email protected].
Fellowship Program: A recently launched component of this work is a one-year fellowship to support education and professional development for exceptional students. Fellows will receive an $8,000 honorarium and extensive opportunities to connect with experts in the sustainable investing field, attend industry forums, and access educational opportunities. The main components of the fellowship are project-based learning through an internship with IEN, training, support, and a formal mentorship program. For more information and to apply, click here.
Mentorship Program: Another component of this work is a mentorship program for pairing students with experts from the sustainable investing industry to provide real-world experience in sustainable investing and build their professional networks. Participants in the program are selected and matched by IEN staff based on applications received through an annual call for mentors and mentees. Participation as a mentor or mentee is a one-year commitment. For more information, and to apply to be either a mentor or mentee, click here.
Both the fellowship and mentorship programs aim to engage students with diverse backgrounds and experiences, including students of color and low-income students; with a goal of creating a more diverse pipeline of finance professionals with a solid grasp on sustainable investing.
- 2019 Higher Education Climate Leadership Summit | February 10-12, 2019, Tempe, AZ
Association for the Advancement of Sustainability in Higher Education (AASHE) Conference l AASHE, October 2-5, 2018, Pittsburg, PA
- Kaede Kawauchi, Program Manager at IEN, with be moderating a panel on how endowment investing can align with institutional mission, values, and sustainability goals, using the Sustainable Development Goals as a framework.
Croatan Forum l Croatan Institute, October 2-4 2018, Durham, NC
- Alice DonnaSelva, Principal at IEN, will be participating in a panel on endowment investing.
- Total Impact Boston l Good Capital Project, October 4-5, 2018, Boston, MA
2018 Investing for Impact Symposium | High Water Women, October 17, 2018, New York, NY
- Ethical Finance 2018 | Responsible Investor, UKIFC, Scottish Government, UNDP, and RBS, October 22-23, 2018, Edinburgh, Scotland
The 29th Annual SRI Conference l November 1-3, 2018, Colorado Springs, CO
- IEN will be hosting an invitation-only session on the first day of the conference for students and faculty involved in student-managed funds and sustainable investing curriculum. For more information, please reach out to Nicole at [email protected]
Endowment & Foundation Forum 2018 l Opal Group, November 13, 2018
- Alice DonnaSelva, Principal at IEN, will be moderating a panel on ESG investing.
- RI Americas l Responsible Investor, December 5-6, 2018
To view more upcoming events, click here.
Below are some recent resources from the Intentional Endowments Network and other organizations. To see more reports, articles, videos and other resources by topic, visit the resource page on our website.
Resources from IEN:
- Briefing Paper: Options for Endowment Investment in Solar Energy l The Intentional Endowments Network
- Hiring an Investment Consultant: Making Your ESG Intention Actionable l The Intentional Endowments Network
- US SIF Foundation Releases 2018 Money Manager Roadmap: "Moving Forward with Sustainable, Responsible and Impact Investing: A Roadmap for Money Managers" l Digital Journal
- The ESG Integration Paradox l Michael Cappucci, Harvard Management Company
- The Race of Our Lives Revisited l GMO
- New Report Disproves Financial Argument Against Divestment l Global News Wire
- The Strategic Investor Initiative Reorienting Capital Markets Toward the Long-Term l CECP
- Internal Carbon Pricing in Higher Education Toolkit l Second Nature
- Results Announced for 2018 Dow Jones Sustainability Indices Review l Business Insider
- Sustainable Financing and ESG Investing Report l EuroMoney
- 2020: A Clear Vision For Paris Compliant Shareholder Engagementl As You Sow
- Fossil Fuel Divestment Funds Rise to $6tn l The Guardian
- ESG Integration in the Americas: Markets, Practices, and Data l CFA Institute & PRI
- Inequality as a Systemic Risk: The Threat it Causes and Potential Solutions l Green Alpha Advisors
- Unlocking the Inclusive Growth Story if the 21st Century: Accelerating Climate Action in Urgent Times l The New Climate Economy
- 2020 Vision: Why You Should See the Fossil Fuel Peak Coming l Carbon Tracker
In the News
Below is a sampling of recent news articles we've posted on our Newsfeed, ranging in topics from Sustainable Investing, Climate Risk, Science & Regulation, Sustainability in Higher Education, Divestment, Clean Energy, and more. To recieve news updates directly in your inbox, manage your mailing preferences here.
IEN in the News:
- Divestment Stories: Durham and Trinity College Dublin l NUS
- Leadership at Forefront of 2018 Appalachian Energy Summit l Appalachian Today
- 2018 Lifetime Achievement Award Winner: Anthony Cortese l Association for the Advancement of Sustainability in Higher Education (AASHE)
- Leading The (Carbon) Charge, Yalies Attend Global Climate Summit l Yale News
- ESG Adoption Gaining Among U.S. Asset Owners – Callan Survey l Pensions & Investments
- Yale’s Endowment Won’t Invest in Outlets That Sell Assault Weapons l Bloomberg
- Learning by Doing: Lessons from WRI’s Sustainable Investing Journey l World Resources Institute
- NYC Pension Funds to Double Green Investments l Wall Street Journal
- Update on Barnard College's Approach to Divestment l Barnard College
- Sustainable Investment Not Core Investment Consideration for Institutional Investors l Institutional Asset Manager
- Pension Funds Want ESG Guidelines l Top 1000 Funds
- Ireland’s Taking $380 Million Out of Fossil Fuels. Where Should it Go? l Nation of Change
- Chicago Teachers Pension Fund Divesting From Private Prisons l Reuters
- UK Churches Divest from Fossil Fuel Companies l Financial Times
- Impact Investing: The Intersection Of Funding Founders Of Color l Forbes
- CalPERS on the Hunt for Renewable Investments l Chief Investment Officer
- Royal College of GPs to Divest From Fossil Fuels l Climate Action Programe
- World's Biggest Wealth Fund Sticks to Oil Divestment Push l Bloomberg
- New Jersey Adopts ESG Policy, Reports 9.06% Gain in Fiscal Year l Pensions & Investments
- Standard Chartered Bank Quits Coal l Eco Business
- Seattle University Will Become First College in State to Divest of Fossil Fuels l Seattle Times
- GPIF Chooses Two Indices for Its ESG Benchmark l Chief Investment Officer
- ESG Investing May Not Protect Portfolios From Climate Change Losses, Warns Bloomberg-Led Report l Forbes
- Calpers Ups Pressure on Companies Over Executive Pay, Harassment l Bloomberg
If you have an original piece you would like to submit for an upcoming newsletter, or for more information about the Intentional Endowments Network and how you can support this work, please contact Nicole Harman at [email protected].