University of New Hampshire
University of New Hampshire
Endowment Value: $401.3 million (2020)
The University of New Hampshire is a public research university with its main campus in Durham, New Hampshire. It has a student body of approximately 15,000 across its six campuses. The UNH Foundation manages the endowment.
UNH considers sustainability a core value underpinning university academics, research, and operations. UNH has received a perfect score on the Princeton Review’s Green College Honor Roll. In 2019, UNH was one of only four universities to receive a Platinum STARS rating from the Association for the Advancement of Sustainability in Higher Education (AASHE).
The University’s commitment to sustainability, largely thanks to conversations sparked by students, is now integrated into its investment practices. Since 2017, the UNH Committee on Investor Responsibility (CIR), with membership including students, faculty, alumni, endowment stakeholders, and external advisors, has helped support the Foundation in sustainable, socially responsible investment practices and policies through:
- Researching sustainable investment opportunities
- Considering sustainable investment proposals from the UNH community
- Making recommendations to the Asset Allocation Committee (AAC) of the UNHF Board of Directors on possible courses of action
- Educating and informing the broader UNH community about sustainable investment practices in general and about UNH’s sustainable investment practices in particular.
UNHF’s investment policy takes a multi-pronged approach, including positive and negative screening, full ESG integration into financial analysis, and active ownership through shareholder engagement opportunities. Furthermore, ESG factors are strongly considered in manager selection. As a signatory of the United Nations Principles for Responsible Investment, much of the Foundation’s sustainable investment commitments are guided by those principles.
UNHF currently has an environmental, social, and governance (ESG) endowment pool, which was created in 2015. The initial $1 million seed funding has grown to approximately $40 million as of March 2019. In 2017, the Foundation invested $3 million into the NH Community Loan Fund as a component of the fixed income segment of the main pool. NHCLF is the Foundation’s first direct impact investment to make affordable financing options available to economically disadvantaged individuals and communities in New Hampshire.
In 2020, UNH was featured in the Intentional Endowment Network’s case study on ESG investing. The study revealed that schools employing ESG investing practices saw the same or better returns as schools employing a traditional approach to investing. Read the full study here.
University of New Hampshire is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Platinum
- ACUPCC: Yes, Carbon Neutral By 2099
- Billion Dollar Green Challenge: Yes
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: No
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: No
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: Yes
Other Sustainable Investing Resources, Practices, and News:
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UNH President Dean signs IEN/Second Nature Call to Action for Higher Education Leadership | University of New Hampshire Website
- On the 50th anniversary of Earth Day, President Dean signed a call to action that aims to accelerate climate solutions in higher education institutions
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Sustainable Investing at UNH | University of New Hampshire Website
- Part of UNH's investment pool is composed of ESG-targeted assets and ESG-screened active and passive (index) funds, in order to achieve better operational performance, innovation, and risk management within their investments.
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UNH Expands Sustainability Leadership with Alignment of Investments and Values | UNH Newsroom, May 2019
- UNH completed the transition of 16% of its investable assets to ESG investments as it works to align the university's investments and sustainable values
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Panel: An Introduction to The IEN Roadmap & How The University of New Hampshire Intentionally Invests l Intentional Endowments Network and WISE, May 2019
- At the event, we heard University of New Hampshire stakeholders describe the why’s and how’s of the journey they are on to align investments with their campus-wide sustainability goals.
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Q&A Series: Making an ESG Impact Through Public Fixed Income l Intentional Endowments Network, April 2019
- In this Q&A article, IEN approached industry experts to gain insight on opportunities and trends within the sector and how managers and asset owners measure the impact of their investments.
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Q&A Series: The Power and Impact of Community Investing l Intentional Endowments Network, September 2018
- In this Q&A article, 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.
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Article: Feature School - University of New Hampshire l Intentional Endowments Network, Quarterly Newsletter, July 2018
- This feature article in IEN's newsletter discusses the UNH Foundation's commitment to sustainable investing and UNH's history of sustainability and sustainable investing.
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Panel: What Might Community Investing Look Like for a College Endowment? l Intentional Endowments Network, Community Investing Roundtable, June 2018
- On this panel, Kate Dumas (Principal/Consultant, Prime Buchholz) invited Erik Gross (Board Treasurer, UNH Foundation) and John Hamilton (Vice President of Economic Opportunity, New Hampshire Community Loan Fund) to illustrate what community investing might look like for a college endowment.
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 2022 Responsible Investing Report
- 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)
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:
Lane Community College
Lane Community College Foundation Endowment Value: $37 million (June 2018)
Lane Community College (LCC) is the third-largest community college in Oregon, with five campuses and a total annual enrollment of over 36,000 students. The Lane Community College Foundation Board of Trustees oversees the endowment.
In 2006, LCC became one of the first signatories of the American College and University Presidents Climate Commitment (ACUPCC) and has since developed a comprehensive climate action plan for becoming climate neutral and regularly submits progress reports. As a participant of the Billion Dollar Green Challenge, the College has established its Living Green Revolving Loan Fund to finance energy efficiency improvements on campus.
Lane Community College is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member
- AASHE STARS: Yes, Silver
- ACUPCC: Yes, Carbon Neutral by 2050
- Billion Dollar Green Challenge: Yes
- CDP: No
- Committee on Investor Responsibility: No
- INCR: No
- Divestment Goal: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: No
- 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
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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
Middlebury College
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:
Unity Environmental University
Unity Enviromental University
Endowment Value: $18.5 million (November 2021)
Unity College is a private college with a student body of 2,800 located in multiple locations throughout Maine. The Spinnaker Trust and an Investment Committee, composed of three members of the board of Trustees, manages the endowment. Unity College is known as “America’s Environmental College” and is a founding member of the Intentional Endowments Network.
In 2012, the Unity College Board of Trustees voted unanimously to fully divest from fossil fuels, making them the first institution of higher learning in the United States to do so. A report released by UC’s finance officials showed that the college’s investment portfolio had exceeded performance expectations following the decision to divest. “This has been a great decision for Unity College as well as the environment. Since divesting, our portfolio has outperformed many indexes,” said Unity College President Dr. Melik Peter Khoury.
“Unity College is proud to have been the first institution of higher education to divest from fossil fuel. It was our goal to be the roadmap that showed other colleges this is possible. Now that institutions like Harvard and Dartmouth, with their massive endowments have followed our lead, we believe it’s only a matter of time before fossil fuel divestment becomes the norm,” said Dr. Khoury.
In 2020, Unity College was featured in the Intentional Endowment Network’s case study on ESG investing. The study revealed that schools employing ESG investing practices saw the same or better returns as schools employing a traditional approach to investing. Read the full study here.
Unity Enviromental University is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Carbon Neutral by 2025
- Billion Dollar Green Challenge: Yes
- CDP: Yes
- Committee on Investor Responsibility: Yes
- Divestment Goal: Yes, full
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes, Green Revolving Fund
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices and Resources:
University of Utah
University of Utah
Endowment Value: $1.32 billion (2021)
The University of Utah is a public research university in Salt Lake City, Utah with over 20,000 students. The University of Utah's endowment has experienced steady growth while being managed by the Investment Advisory Committee. With regards to responsible investment, the Sustainability Office oversees and coordinates the Socially Responsible and Environmentally Sustainable Investment Advisory Committee (SRESIAC). This committee is composed of students, faculty, and others with financial expertise and provides advice on strategies for endowment investment, infrastructure investment, and other investment initiatives related to environmentally sustainable action. The establishment of the SRESIAC, along with the establishment of various sustainability funds, stems from a 2016 resolution brought to the Academic Senate by the ad hoc Committees for Responsible Investment and Reinvestment Dialogue.
One such fund is the social choice fund, which avoids companies in the tobacco, alcohol, firearms, gambling, military weapons, and nuclear power industries. They evaluate investment opportunities for this fund based on environmental stewardship, human rights, and other ESG criteria. Through its retirement options, the University of Utah offers SRI options for employee retirement holdings from TIAA and Fidelity Investments. The Sustainable Campus Revolving Loan Fund (SCRLF) is another fund that finances carbon neutrality projects on campus and is made possible primarily by a $2.50 fee that is part of every students’ tuition.
In May 2016, following years of student activism, the Academic Senate passed a resolution calling on University administrators to divest from fossil fuels over the next five years. The administration has yet to fully implement a full divestment policy.
The University of Utah is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Carbon Neutral by 2050
- Billion Dollar Green Challenge: Yes
- CDP: No
- Divestment Commitment: No
- Committee on Investor Responsibility: Yes
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices: