California State University—Northridge

Endowment Value: $203.5 million (2021)

California State University, Northridge (CSUN) is a public university in the Northridge neighborhood of Los Angeles, California. It is the second-largest branch of the 23-campus California State University system with a student body of over 40,000 students. CSUN's endowment is directly managed by the California State University Northridge Foundation. The university’s Board of Directors has given the CSUN Foundation’s Finance and Investment Committee the authority to monitor investments and policies. 

In 2015, students enrolled in Finance 437 were given the opportunity to manage $250,000 invested in ESG funds and companies. Students referred to Corporate Responsibility Magazine’s ranking of the “100 Best Corporate Citizens.” The class, taught by Dr. Mike Phillips, employs a different investment strategy each semester in an attempt to understand which ESG investing method is most effective.

Initiatives & Commitments: 

• AASHE STARS: Yes, Gold
• ACUPCC: Yes, Climate Neutral by 2040
• Billion Dollar Green Challenge: No
• CDP: Yes
• Committee on Investor Responsibility: No
• Divestment Goal: Yes, halt fossil fuel investments
• INCR: No
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: No
• Sustainable Investment Policy: Yes
• Principles for Responsible Investment: No

Other Sustainable Investing Practices:

• California State University Undergraduate Managed Sustainability Fund
  • This fund is sponsored by The University Corporation and it is a class project for FIN 491ABH, a Business Honors Seminar class.
• Northridge Foundation Endowment Portfolio Holdings Snapshot (June 2018)
• CSU Sustainability Policy 

Resources from CSU, Northridge:

ESG Investing: A Simple Approach l James Chong and G. Michael Phillips, The Journal of Wealth Management (2016)

Endowment Value: $1.436 billion (June 2019)

The University System of Maryland (USM) is Maryland’s public higher education system. USM is made up of 12 institutions and two regional higher education centers. The University System of Maryland Foundation manages USM's endowment.

University System of Maryland (USM) students have been driving change at the USM Foundation for several years. In 2013, students circulated a petition to divest from fossil fuels with nearly 600 signatures from students at Towson University, the University of Maryland, Baltimore County, and other colleges. In response, in 2014, along with the United Nations, the USM Foundation was a seed investor in the iShares MSCI ACWI Low Carbon Target ETF. The ETF tracks the results of the MSCI ACWI Low Carbon Target Index and addresses two dimensions of carbon exposure – carbon emissions and fossil fuel reserves. The fund was designed for individuals and institutions interested in socially-responsible alternatives to fossil fuel divestment. On January 29th, 2015, a member of the USM Foundation investment team rang the NYSE's closing bell to officially usher in the new fund’s ticker onto the exchange.

After significant pressure from student organizers, the USM Foundation stated in June 2016 that it would stop investing directly in coal, oil, and natural gas companies.

The University System of Maryland is a participant or member of the following Initiatives & Commitments: 

• IEN Member (2016)
• AASHE STARS: Yes: 
  • University of Maryland, Baltimore College - Silver
  • University of Maryland, College Park - Gold
• ACUPCC: 
  • Bowie State University - 2019
  • Coppin State University - 2025
  • Frostburg State University - 2030
  • Salisbury University, Towson University, University of Maryland Baltimore County, University of Maryland College Park, University of Maryland Eastern Shore, University of Maryland Global College - 2050
  • University of Maryland Baltimore - Not date set
• Billion Dollar Green Challenge: No
• CDP: No
• Committee on Investor Responsibility: No
• Divestment Goal: Yes, full
• INCR: No
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: No
• Sustainable Investment Policy: No
• Principles for Responsible Investment: Yes

Other Sustainable Investing Practices and News

• USM Foundation Statement on Socially Responsible Investing
• University System of Maryland to direct its endowment away from fossil fuels (June 2016)
• Maryland Endowment Plans to Cut Worst-Performing Hedge Funds (July 2016)

University of Toronto 

Endowment Value: CAD $3.15 billion (2021)

The University of Toronto is a public research university located in Toronto, Ontario. UT has a student body of over 88,000 students across 11 colleges. The University of Toronto Asset Management Corp. (UTAM) oversees the University's endowment. The Responsible Investing Committee (RIC) oversees all matters relating to the development and implementation of UTAM’s responsible investing practices and is composed of senior leaders at UTAM.

In order to promote the many sustainable projects and programs on UT’s campus, the university publishes a Sustainability Yearbook. The 2018 yearbook highlighted programs such as Bikechain (a do-it-yourself bike shop) and the replacement of gas-powered equipment with new battery-powered equipment. The University of Toronto does not simply want to be sustainable. They also want to educate their students, faculty, staff, and the surrounding community on the importance of sustainability and how each individual can make a difference.

According to ATUM’s responsible investing policy, established in 2016, ESG factors play an integral part of its investment analysis and decision-making processes, including the selection of investment managers, transparency, and shareholder engagement. Since becoming a signatory of the UN’s Principles for Responsible Investment (PRI) in 2016, several UTAM investment officers have joined PRI advisory committees.

The University of Toronto has an active Global 350.org chapter, Toronto 350.org, that has been urging the administration to divest from fossil fuels since 2014. It has played a significant role in sparking debate around divestment. 

In response to The University of Toronto's 2016 decision not to divest from fossil fuels, President Meric Gertler provided a Q&A session regarding the University's decision and discussed its new 14-point plan to address climate change and include ESG factors in the university’s investment strategy. The plan includes a commitment to invest $750,000 over the next three years to foster innovations in teaching and curriculum focused on climate change.

In February 2020, the University of Toronto announced its plan to reduce the carbon footprint of its long-term investments. The university hopes to reduce its carbon footprint by 40% by 2030. UT will report on its progress in achieving this goal as investment decisions are made.

In June 2020, the University of Toronto 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 Toronto is a participant or member of the following Initiatives & Commitments: 

• AASHE STARS: No
• ACUPCC: No
• Billion Dollar Green Challenge: No
• CDP: Yes
• Committee on Investor Responsibility: Yes
• Divestment Goal: Yes, divestment from fossil fuels
• INCR: No
• Montreal Carbon Pledge: Yes
• Sustainable Investment Fund: No
• Responsible Investment Policy: Yes
• Principles for Responsible Investment: Yes

Other Sustainable Investing Practices:

• Universities sign U of T-led responsible investment charter to help address climate change (2020)
• Annual Responsible Investing Report (2018)
• UTAM Joins the Global Climate Action 100+ Initiative (December 2017)
• U of T’ s Asset Management Responsible Investing page
• Q&A With the President of The University of Toronto Meric Gertler: Beyond Divestment (March 2016)
• Sustainability at U of T

University of Texas System 

Endowment Value: $31.9 billion (2021)

The University of Texas System includes 13 institutions. About 228,000 students attend the various institutions. The system's endowment is the third-largest educational endowment in the United States. The University of Texas/Texas A&M Investment Management Company (UTIMCO) manages the endowment, which is overseen by the UT Board of Regents.

The University of Texas System issued the first Texan green bond in January 2016. The proceeds from the bond finance the construction of environmentally-friendly buildings.  

Students at the University of Texas founded the Sustainability Investment Group, a student-managed ESG fund. Both students and faculty members work together to invest responsibly and to educate others about socially responsible investing.

The University of Texas System is a participant or member of the following Initiatives & Commitments: 

• AASHE STARS: 
  • University of Texas at Dallas - Gold
  • University of Texas at Arlington - Silver
  • University of Texas at Austin - Gold
  • University of Texas at El Paso - Bronze
  • University of Texas Rio Grande Valley - Silver
  • University of Texas San Antonio - Silver
• ACUPCC: No
• Billion Dollar Green Challenge: No
• CDP: No
• Committee for Investor Responsibility: 
  • Yes, University of Texas Rio Grande Valley
• Divestment Goal: No
• INCR: No
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: Yes (University of Texas at Austin, University of Texas at El Paso)
• Sustainable Investment Policy: Yes
• Principles for Responsible Investment: No

Other Resources:

• Texas Green Bond (January 2016)
• Oil and the University of Texas System
  • Endowment Fund Report

• Sustainability within the University of Texas System

University of Massachusetts System

Endowment Value: $1.2 billion (June 2021)

The University of Massachusetts (UMass) is a public university system in Massachusetts. It has campuses located in Amherst, Boston, Dartmouth, and Lowell, as well as a medical school located in Worcester. The University of Massachusetts Foundation manages the UMass system’s endowment. The foundation’s mission is to “foster and promote the growth, progress, and general welfare of the University of Massachusetts.” 

In December 2014, the University of Massachusetts created the Socially Responsible Investing Advisory Committee (SRIAC). The SRIAC receives complaints or concerns raised by the UMass community regarding social injury resulting from the Foundation’s investments, evaluates them, and makes recommendations to the Foundation. By 2015, the Foundation formally incorporated ESG criteria into its investment analysis. Part of this process of incorporating ESG criteria included launching a Social Choice Fund.

In response to student activism, the Board of Directors of the UMass Foundation voted unanimously to divest its endowment from direct holdings in fossil fuels in May 2016. This accomplishment made UMass the first major public university to divest in fossil fuels. 

The University of Massachusetts is a participant or member of the following Initiatives & Commitments: 

• IEN Founding Member (2016)
• AASHE STARS: Yes
  • Amherst, Lowell - Gold
  • Medical School, Dartmouth - Silver
• ACUPCC: Yes
  • Amherst, Boston, Dartmouth, Lowell - 2050
  • Med School - 2060
• Billion Dollar Green Challenge: No
• CDP: Yes
• Committee on Investor Responsibility: Yes
• Divestment Goal: Yes, full (from coal)
• INCR: No
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: No
• Sustainable Investment Policy: Yes
• Principles for Responsible Investment: No

Other Sustainable Investing Practices and Resources:

• UMass Becomes the First Major Public University to Divest from Fossil Fuel Holdings (2016)

• Sustainability at the University of Massachusetts System

Middlebury College

Endowment Value: $1.518 billion (2021)

Middlebury College is a private liberal arts college in Middlebury, Vermont. The Investment Committee of the Board of Trustees and College Administration oversees the endowment. In 2005, management of Middlebury’s endowment was outsourced to Investure, an investment office specializing in managing endowments and foundations. In 2010, the college established the Sustainable Investments Initiative, a fund dedicated solely to investments that meet the college’s sustainability guidelines.

The Advisory Committee on Socially Responsible Investment was founded in 2011 to promote the socially responsible investment of Middlebury’s endowment through making recommendations to the trustees based on voting proxies and shareholder engagement, positive screening and impact investing, and negative screening and divestment. 

In 2014, Middlebury’s president Ron Liebowitz announced that $25 million of Middlebury’s endowment would be devoted to impact investing, directed towards “investments focused on sustainability business such as clean energy, water, climate science, and green building projects.” He also announced that $150,000 of the endowment would be placed under the management of the Socially Responsible Investment Club, a student group devoted to socially responsible investing. As of 2016, the student-run SRI Club is working to develop ESG frameworks to be utilized in Middlebury’s endowment investment decisions, as well as pushing for more transparency in Middlebury’s investments.

In January of 2019, Middlebury announced its Energy2028 plan, an ambitious, whole-institution initiative to address climate change. Under this plan, the College’s endowment and sustainable investment policy will integrate fossil fuel divestment goals that include a commitment to not invest new dollars in fossil fuels beginning in mid-2019 and a phaseout of direct fossil fuel investments over a 15-year timeline. Learn more about Middlebury’s Energy2028 plan and its divestment strategy by checking out IEN’s blog.

Middlebury College is a participant or member of the following Initiatives & Commitments:  

• IEN Founding Member (2016)
• AASHE STARS: Yes, Gold
• ACUPCC: Yes, Carbon Neutral by 2016
• Billion Dollar Green Challenge: No
• CDP: No
• Committee for 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 Practices:

• Middlebury Energy2028 Plan Press Release (2019)
• Proxy Voting Principles
• Middlebury Sustainability

Williams College

Endowment Value: $4.23 billion (2021)

Williams College is a private college located in Williamstown, Massachusetts. With about 2,100 students, every student is encouraged to support and help the sustainable initiatives on campus. The Chief Investment Officer and Board of Trustees oversee the endowment.

At Williams College, the Advisory Committee on Shareholder Responsibility (ACSR) is a non-standing committee composed of faculty, students, and alumni that advises the Investment Committee of the BoT on matters relating to ESG investing. The ACSR recognizes the importance of combining strong financial performance with social and environmental commitment. 

In 2015, the Investment Committee published "A Proposal for Divestment" and presented the proposal to the Board of Trustees. Although the President and Board rejected the proposal, it was decided that Williams would make significant investments in clean energy projects, practices, and companies.

It is also important to note that as of July 1, 2015, the college had no direct holdings of shares in any of the 200 companies identified in the divestment proposal, nor does it have plans to acquire any. Williams also aims to achieve carbon neutrality by the end of 2020.

Williams College currently has several sustainable investment funds. The social choice fund has existed for endowment donors since 2002 and has three primary aspects: “voting on companies’ shareholder resolutions that deal with social, ethical, or environmental issues; screening from portfolio companies thought to do harm; seeking investments in companies and organizations believed to produce social good.” In addition, Williams College created a fossil fuel-free investment fund as well as a low-carbon fund within the College’s employee retirement plan.

In June 2020, Williams College partnered with Smith College, Amherst College, and Hampshire College to create the Community Climate Fund, a portfolio of local projects that aim to reduce carbon emissions. Williams provided $100,000 to the fund for initial investments. 

Williams College is a participant or member of the following Initiatives & Commitments: 

• AASHE STARS: Yes, Silver
• ACUPCC: No
• 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: Yes (page 6)
• Principles for Responsible Investment: No

Other Sustainable Investing Practices and News:

• Williams Pilots Innovative Investment in Local Carbon Reduction Projects (June 2020)
• Williams Sustainability
• Williams Develops Socially Responsible Option for Capital Donors
• Williams College Steps In To Power Town Solar Project (July 2016)
• Statement by the Board of Trustees and President Adam F. Falk on the College’s Role in Addressing Climate Change (2015)