Chatham University
Chatham University
Endowment Value: $95.4 million (2020)
Chatham University is a private university with an enrollment of over 2,200 students. Chatham University offers over 60 undergraduate and graduate programs in four areas of excellence: sustainability; health & lab sciences; business & communication; and the arts & humanities. All undergraduates, save for those in the nursing program, are required to take a course on sustainability.
Currently, Chatham is among the five higher education institutions out of Pennsylvania’s 164 colleges and universities to formally adopt and apply ESG practices as part of their investment strategy. The University’s sustainable investment policy outlines guiding principles that include reducing fossil fuel investments, advocating against corporations that deny climate change, and favoring investments that have positive environmental impacts, promote sustainability, and support positive local community development. More than 13% of Chatham’s investment pool is in sustainable investments.
The administration has worked closely with students on the Student Investment Team (SIT) and the committee on investor responsibility to assess the University’s exposure to fossil fuels and draft recommendations towards sustainable investing. In the Spring of 2017, the investment committee of the Board of Trustees voted to approve two new investment opportunities that are specifically aimed at excluding fossil fuels and supporting sustainable energy. Chatham’s Senior Vice President of Finance, Walt Fowler, said reducing the university’s support of fossil fuel companies is in line with its goal of pursuing sustainability in every part of its operations. “It’s important to us ethically, because we believe the world needs to reduce their use of fossil fuels,” Fowler said. At the end of this year, the university will replace a hedge fund with a private equity fund focused exclusively on supporting wind power. It will also swap investment in a standard equity fund for a BNY Mellon fund that is filtered specifically for green companies but matches the performance of the current fund.
Chatham University is a participant or member of the following Initiatives & Commitments:
- IEN Member (2017)
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Carbon Neutral By 2025
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: No
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices and News:
University of British Columbia
University of British Columbia
Endowment Value: CA$2.8 billion (2021)
The University of British Columbia (UBC) is a public research university with a student body of around 60,000 located in British Columbia, Canada. The market value of the Endowment Fund directly managed by UBC Investment Management Trust Inc. (IMANT) and is overseen by the Board of Governors.
In 2013, UBC adopted its Responsible Investment Policy. The policy directs UBC to consider environmental, social and governance (“ESG”) factors to make informed investment decisions for the UBC Endowment. In 2014 through 2015, the Board carefully considered a student and faculty proposal for divestment and a detailed third-party analysis by Koskie Minsky, an external law firm with expertise on responsible investment.
Although the Board did not approve the proposal, it did allocate $10 million to establish the Sustainable Future Pool for donors concerned about climate change. This fund specifically aims to lower carbon emissions and excludes fossil fuels. In April of 2019, the Board voted to approve an additional $25 million contribution to the Sustainable Futures Pool over the next three years, bringing the total contributed to the pool to $50 million by 2022.
UBC Vancouver also has a Sustainability Fund, established in 2011 with $1 million, for projects that help the University achieve its sustainability goals through reducing campus energy and water consumption, reducing operational waste generation, increasing operational waste diversion from landfills, and increasing the use of alternative energy and alternative transportation.
In December of 2019, UBC declared a climate emergency. After acknowledging the severity of the climate crisis, the UBC Board of Governors expressed its support of fossil fuel divestment and directed the administration to begin taking action to divest. Additionally, UBC transferred $380 million from the university’s endowment to the Sustainable Future Pool.
In June 2020, UBC joined fifteen other Canadian universities in signing a charter committing to increased efforts to address the climate crisis. Signatories of the charter pledge to adopt an SRI investing policy, regularly calculate the carbon footprint of their investment portfolios, publicly share progress and results in achieving sustainability goals, and evaluate fund managers based on their compliance with the guidelines set forth in the charter.
The University of British Columbia is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: No
- ACUPCC: No
- Billion Dollar Green Challenge: Yes
- CDP: No
- Committee on Investor Responsibility: No
- Divestment Goal: Yes, divestment from fossil fuels
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: Yes
Other UBC Information:
- UBC signs Canada-wide charter to address climate change through responsible investment (June 2020)
- UBC declares climate emergency and moves forward on two key divestment initiatives (December 2019)
- Annual Endowment Report (March 2017)
- UBC's Sustainable Investment Fund to be Free of Fossil Fuel Companies (February 2017)
- Amid calls for further action, Board of Governors votes to double contribution to UBC’s sustainable endowment fund (April 2019)
Oberlin College
Oberlin College
Endowment Value: $1.09 billion (2021)
Oberlin College is both a private liberal arts college and a conservatory of music with a student body of approximately 3,000 located in Oberlin, Ohio. Oberlin's board of trustees manages the endowment.
The Office of Environmental Sustainability has been implementing programs throughout the campus and curriculum to achieve carbon neutrality and sustainability goals. In order to engage students, staff members, and the surrounding community, Oberlin hosts an annual Ecolympics. The Ecolympics consists of several sustainability-oriented competitions. Along with the competitions, the school hosts sustainability workshops, educational campaigns, and film sessions throughout the ceremonies.
In 2013, the board of trustees allocated $5 million to establish the Impact Investment Platform (IIP) Subcommittee of the Board of Trustees Investment Committee to provide guidance to the Investment Committee on social and environmental issues. The IIP established an investment policy that would consider proposals submitted by any student, alum, or faculty for divestment from entities that contribute to activities that "shock the conscience.” Such parameters include instances of human suffering, natural calamity, and injury, and Oberlin currently conducts 100% negative screening within its portfolio based on these parameters.
Oberlin College is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Carbon Neutral by 2025
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: No
- Divestment Goal: Yes
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes, Impact Investing Platform (IPP)
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
Villanova University
Villanova University
Endowment Value: $1.12 billion (2021)
Villanova University is a private research university located in Radnor Township, Pennsylvania. Founded by the Order of Saint Augustine in 1842, VU is the oldest Catholic university in the Commonwealth of Pennsylvania. It has a student body of approximately 6,800 students.
In 2007, Villanova President Rev. Peter Donohue signed the American College & University Presidents’ Climate Commitment (ACUPCC), vowing that Villanova would achieve carbon neutrality by 2050. To achieve this, Villanova will invest in improving campus infrastructure efficiency, purchasing carbon offsets, and financing renewable energy for Villanova’s campus. In April 2014, Villanova signed the St. Francis Pledge, committing the University to protect the Earth and to advocate on behalf of people in poverty who face the most severe impacts of global climate change.
In January 2019, over 200 students and faculty held a town hall meeting to discuss the issue of climate change. Proposals at the meeting included hiring new personnel to focus on climate change, moving the carbon neutrality goal to 2030, creating a new Center for Sustainability, and divesting from fossil fuels.
Villanova has a Committee on Social Responsibility Proxy Votes (CSRPV) that is composed of faculty, student, and staff representatives. The CSRPV conducts its activities in accordance with the investment guidelines issued by the US Conference of Catholic Bishops. The CSRPV guides Villanova in exercising its rights as a shareholder to vote in a socially responsible manner.
Villanova’s School of Business is home to the first socially responsible student-managed fund in the country.
Villanova University is a participant or member of the following Initiatives & Commitments:
- IEN Member (2016)
- AASHE STARS: Yes, Silver
- ACUPCC: Yes, Carbon Neutral by 2050
- Billion Dollar Green Challenge: No
- CDP: No
- Committee on Investor Responsibility: Yes
- Divestment Goal: No
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: No
- Principles for Responsible Investment: No
Other Sustainable Investing Practices and Resources:
University of Maine
University of Maine
Endowment Value: $444.9 million (2021)
Founded in 1865, the University of Maine is the flagship campus of the University of Maine System. The University of Maine Foundation manages the University of Maine's endowment.
A recent change in the UMaine System's investment policy prioritizes environmental stewardship by taking ESG factors into consideration when managing investments in the Managed Investment Pool. The pool has a market value of $304 million and includes the system's endowment funds as well as funds held for foundations tied to the University of Maine at Fort Kent, University of Maine School of Law, and the University of Southern Maine. Currently, UMS conducts negative screening for coal. University of Maine requires that all consultants be a signatory to the Principles for Responsible Investment (PRI). Consultants must take ESG factors into consideration when advising on asset allocation and manager selection.
Strategic investments in biomass energy systems using locally-sourced fuel at the University of Maine at Farmington and the University of Maine at Fort Kent have both reduced emissions and helped support job growth in the state's biomass industry. The universities also released a report that shows the seven-campus UMaine System has achieved a 34% decline in carbon emissions over the last decade.
The University of Maine is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member (2016)
- AASHE STARS: Yes, silver
- ACUPCC: Yes, Carbon Neutral by 2040
- Billion Dollar Green Challenge: Yes
- CDP: No
- Committee on Investor Responsibility: No
- Divestment Goal: Yes, Coal Only
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes, Green Loan Fund
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Practices and Resources:
Portland State University
Portland State University
Endowment Value: $80.3 million (2020)
Portland State University (PSU) is a public, nonprofit, coeducational research university located in Portland, Oregon with a student body of around 25,000. The Investment Committee of the PSU Foundation Board of Trustees oversees the endowment.
Portland State University is on its way to becoming the first university in Oregon to have no investments in the Carbon Underground Top 200 companies, the companies that own the most global fossil fuel reserves.
As a result of student advocacy on the Divest Portland State (DPS) campaign, an Environmental Social Governance (ESG) statement was added to the PSU Foundation’s investment policy in early 2015 and entails both a quarterly investment portfolio review and a negative fossil fuel screening across 100% of its portfolio. Nearly 50% of the value of PSUF’s holdings are in funds with positive SRI screenings.
PSU currently has a Green Revolving Fund (GRF), established after its pledge to the Billion Dollar Green Challenge. The GRF provides funding for energy efficiency projects across campus. The fund currently holds $1.5 million and has funded nearly 20 projects since its inception in 2013.
Portland State University is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member (2016)
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Climate Neutral by 2040
- Billion Dollar Green Challenge: Yes
- CDP: No
- Committee on Investor Responsibility: Yes
- Divestment Goal: No
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Practices and Resources:
Lewis and Clark College
Endowment Value: $241.7 million (2020)
Lewis & Clark College is a private liberal arts college located in Portland, Oregon. The Lewis and Clark Board of Trustees manages Lewis and Clark's endowment. Since the 1990s, the college has utilized its Sustainability Council, composed of students and faculty, to lead environmental education and initiatives among its 3,500 students. Lewis & Clark College has a strong legacy of promoting sustainability on its campus and earned the number one spot on Princeton Review’s “Green Colleges” list in 2015 (and continues to rank high today). The Sierra Club has named Lewis and Clark as one of its “Cool Schools.” The college sources 100% of its energy from wind and is one of only thirty higher education institutions nationwide to divest from all fossil fuel holdings in the endowment.
Spurred largely by a student-led divestment campaign, the Lewis & Clark Board of Trustees voted in February of 2018 to divest from all fossil fuel holdings in the endowment by 2023. The college’s investment policy is guided by a set of ESG guidelines. The Operations Committee of the Sustainability Council is charged with advising on proxy voting for investments and contributing to ESG program development/reassessment, with several members also participating in a Divestment Sub-Committee.
Lewis and Clark College is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Carbon Neutral by 2058
- Billion Dollar Green Challenge: No
- CDP: No
- Committee on Investor Responsibility: Yes
- INCR: No
- Divestment Goal: Yes, Full by 2023
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: No
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
Ball State University Foundation
Endowment Value: $212.8 Million (2019)
Ball State University is a public university located in Muncie, Indiana. Its endowment is managed by the Ball State University Foundation. The mission of the Ball State University Foundation is to “maximize sustainable support for Ball State University by obtaining, investing, and administering private gift support and prudently discharging its fiduciary obligations to the university, donors, and designated beneficiaries.”
In spring 2012, the university launched its geothermal heating and cooling system — the nation’s largest ground-source, closed-loop district geothermal energy system. Now, nearly fully operational, the system will cut the university’s carbon footprint in half and result in an annual savings of $2 million, said Jim Lowe, director of engineering, construction, and operations at Ball State.“When we shut down the coal-fired burners in March 2014, we not only reduced our dependence on fossil fuels, we also reduced carbon dioxide emissions and sulfur matter produced by burning coal,” Lowe said.
In 2015, board members of the Ball State University Foundation supported pursuing an alternative investment portfolio that adopts environmental, social, and governance (ESG) strategies. Currently, the foundation encourages its fund advisors and managers to incorporate ESG strategies into its investment portfolio. Further, foundation employees are developing opportunities for donors who wish to have gifts managed via more specific, restrictive criteria.
Ball State University is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member
- AASHE STARS: Yes, Silver
- ACUPCC: Yes, Climate Neutral by 2030
- Billion Dollar Green Challenge: No
- CDP: No
- Committee on Investor Responsibility: No
- Divestment Goal: Yes
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
Arizona State University
Endowment Value: $922 million (2019)
Arizona State University (ASU) is a top-ranked research university in the greater Phoenix metropolitan area. ASU has a student body of over 80,000 students. The ASU Foundation manages ASU's endowment. The foundation also serves as the university’s entrepreneurial arm in technology commercialization, real estate investment, and other emerging initiatives.
In November of 2018, IEN published a Case Study for Arizona State University which provides in-depth coverage of the University's move toward sustainable investing. This case study was developed with significant input from the senior leadership from ASU and their investment advisors at BlackRock.
The Investment Committee advises the executive vice president, treasurer, and CFO in guiding the investment of university operating cash and endowment funds. The committee approves university investment policies, selects investment consultants and managers, monitors performance, and advises on investment strategies. Voting members of the committee include faculty from the W. P. Carey School of Business. Other voting members are appointed by the executive vice president, treasurer, and CFO.
Arizona State University’s on-site solar portfolio is one of the largest of any university in the United States, consisting of both ASU-owned and third-party-owned systems. ASU’s portfolio includes more than 24 MW dc equivalent of photovoltaic (PV), concentrated photovoltaic (CPV) and solar thermal capacity from 88 systems located throughout four major campuses and the ASU Research Park. ASU’s portfolio of renewable energy accounts for approximately 13% of ASU’s total electric use, avoiding approximately 21,000 metric tons of carbon dioxide equivalent emissions per year, roughly the same as the annual emissions of 4,500 passenger vehicles.
ASU’s revolving fund is called the Sustainability Initiatives Revolving Fund, or SIRF. The SIRF was established in 2010 to invest in projects that foster sustainability efforts and provide an economic return on investment. SIRF funds are available to ASU community members. With the exception of small SIRF grant projects (less than $5,000), SIRF projects have certain investment criteria (e.g., IRR, NPV, and payback goals). Projects include lighting retrofits, HVAC improvements, and central utility infrastructure improvements.
In January of 2015, the ASU Foundation partnered with the Intentional Endowments Network to host the Intentionally Designed Endowment Forum. Over 100 higher education administrators convened to discuss how endowments can be used to create a more sustainable and equitable future.
As of July 2019, the ASU Foundation offers a socially responsible investment fund for endowment donors to donate to rather than the traditional endowment pool.
Arizona State University is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member (2016)
- AASHE STARS: Yes, Platinum (2020)
- ACUPCC: Yes, 0 emissions by 2025
- Billion Dollar Green Challenge: Yes
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: No
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Sustainable Investing Resources from ASU:
- ASU Endowment
- Arizona State University Case Study (October 2018)
- Socially Responsible Investing at the ASU Foundation
- Investment Management Model
- ASU SIRF: Sustainability Initiatives Revolving
Articles:
University of Dayton
University of Dayton
Endowment Value: $609.7 million (2020)
The University of Dayton is a private Roman Catholic research university located in Dayton, Ohio. It has approximately 11,000 students. All University investments are overseen by the Investment Committee of the University's Board of Trustees.
In 2014, the board of trustees at the University of Dayton unanimously voted to divest from coal and fossil fuels. At the time of the announcement, Dayton was the largest university and first U.S. Catholic educational institution to divest from fossil fuels. Daniel J. Curran, president of the University of Dayton, cited the necessity of aligning investments with the university’s values as the reason for divestment, stating “Our Marianist values of leadership and service to humanity call upon us to act on these principles and serve as a catalyst for civil discussion and positive change that benefits our planet.” UD’s Roman Catholic background made it a fitting host to a 2015 conference titled “Acting on Pope Francis’ Call: Divestment and Investment in Care for Our Common Home,” which brought together a contingent of business leaders, health care professionals, academics, and environmental activists.
In 2016 and 2017, the University of Dayton made investments in sustainable funds.
For students interested in socially responsible investment, the University of Dayton offers the Hanley Sustainability Fund (HSF), a socially responsible student-managed equity portfolio.
The University of Dayton is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member (2016)
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, no date set
- Billion Dollar Green Challenge: Yes
- CDP: No
- Committee on Investor Responsibility: Yes
- Divestment Goal: Yes, full
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Activities and Resources:
- Dayton divestment conference delves into ways to leave fossil fuels behind (November 2015)
- Sustainability at Dayton
-
University of Dayton Trustee, Georges Hanley speaking at the Intentionally Designed Endowment Forum in Denver, May 2015
- https://www.youtube.com/watch?v=HGo6zKNUvt8&feature=youtu.be