Columbia University 

Endowment Value: $14.35 billion (June 2021)

Columbia University is a private institution located in New York City. The Columbia Investment Management Company (IMC) manages the University's endowment. Columbia established the Advisory Committee on Socially Responsible Investing (ASCRI) in March 2000. The Committee's purpose is to advise the University Trustees on ethical and social issues that arise in the management of the University's endowment. To ensure that the Committee is broadly representative of the University community, its twelve voting members are drawn in equal proportion from students, faculty, and alumni of the University.

The ACSRI maintains comprehensive guidelines for the endowment’s socially responsible investment proxy voting that includes positions on a variety of issues. According to The University’s most recent STARS report, Columbia currently performs negative screenings for tobacco producers/manufacturers, private prison operators, companies deriving more than 35% of their revenue in thermal coal production, and those implicated in human rights abuses. 

Columbia University houses the Columbia Center on Sustainable Investment (CCSI), which is a joint center of Columbia Law School and the Earth Institute at Columbia University. The CCSI is the only university-based applied research center and forum dedicated to the study, practice, and discussion of sustainable investment.

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

• AASHE STARS: Yes, Gold
• ACUPCC: No
• Billion Dollar Green Challenge: No
• CDP: Yes
• Committee on Investor Responsibility: Yes
• Divestment Goal: Yes, divestment from coal & in oil and gas companies
• 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 from Columbia University:

• Columbia Center on Sustainable Investment (CCSI)
• Columbia's Fossil Free Policy (2021)

Pratt Institute 

Endowment Value: $224.5 million (2021)

Pratt Institute is a private college located in Brooklyn, New York. Pratt Institute has shown strong support for sustainability at the local and national levels, as well as within the art, design, and higher education communities.

Pratt was one of the earliest signatories to the American College and University Presidents Climate Commitment (now known as the Climate Leadership Commitments) in 2007. That same year, the Institute accepted New York City Mayor Bloomberg’s 30/10 Challenge to reduce greenhouse gasses by 30 percent by 2017. Pratt Institute has been named one of the country’s most environmentally responsible colleges by The Princeton Review for several consecutive years. 

While Pratt does not have an official Committee on Investor Responsibility, it does have a Sub-Committee on Investments which, in 2016, recommended and approved divestment from coal securities immediately and other fossil fuels over time. 

Pratt Institute is a participant or member of the following Initiatives & Commitments: 

• IEN Founding Member
• AASHE STARS: Yes, Silver
• ACUPCC: Yes, Carbon Neutral By 2040
• Billion Dollar Green Challenge: No
• CDP: No
• Divestment Goal: Yes, full divestment
• Committee for Investor Responsibility: No
• INCR: No
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: No
• Sustainable Investment Policy: Yes
• Principles for Responsible Investment: No

Other Sustainable Investing Practices:

• Pratt to Divest from its Investments in Fossil Fuels
• Campus Sustainability

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)

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 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

University of Edinburgh 

Endowment Value: £565.2 million GBP (2021)

The University of Edinburgh is a public university located in Edinburgh, Scotland and founded in 1582. UE has approximately 33,000 students across its five campuses and has helped earn Edinburgh its nickname of ‘Athens of the North’ due to the university’s legacy in thought leadership and strong academic research programs. The University Court oversees the endowment.

Since the publishing of its Social Responsibility and Sustainability Strategy 2010–20, The University of Edinburgh has been at the forefront in sustainable action among European higher education institutions. After releasing this strategy, the University took significant steps to align its sustainability goals with its investment strategies. In January of 2013, Edinburgh became the first university in Europe to become a signatory to the UN-backed Principles for Responsible Investment. Since 2010, it has also invested more than £150 million in low carbon technology, climate-related research, and businesses that directly benefit the environment.

In 2016, the University Court committed to carbon neutrality by 2040. Prior to this decision, in 2015, the University of Edinburgh committed to divesting from the most polluting coal and tar sands companies, in addition to preexisting negative screenings against coal and tar sands companies. In February of 2018, the university announced that it will divest from all fossil fuels by 2021, making Edinburgh the largest university endowment in the UK to divest from fossil fuels.

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

• AASHE STARS: No
• ACUPCC: No
• Billion Dollar Green Challenge: No
• CDP: Yes 
• 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: Yes

 Other Sustainable Investing Practices:

• University of Edinburgh’s Divestment Announcement 
• Social Responsibility and Sustainability

University of California System

Endowment Value: $29.9 billion (2021)

The University of California is a public university system in California. It has 10 campuses located in Berkeley, Davis, Irvine, Los Angeles, Merced, Riverside, San Diego, San Francisco, Santa Barbara, and Santa Cruz. The Office of the Chief Investment Officer of the Regents manages the UC system’s endowment.

In September of 2014, the Office of the Chief Investment Officer (OCIO) developed and adopted a framework on sustainable investing. The framework, developed with input from the UC Board of Regents, UC students, faculty, staff, and other stakeholders, requires the OCIO to consider ESG factors when making investment decisions. In 2017, UC adopted an additional policy to strengthen its ESG framework. The OCIO applies a handful of negative screens to its investments, including companies doing business in Sudan and those involved in thermal coal or oil sands, tobacco, firearms, and private prisons.

The UC has made significant investments in various sustainable companies, funds, and initiatives and is an active member in several climate-related investor groups. In 2015, the UC founded the Aligned Intermediary, an investment advisory group that helps long-term investors identify climate infrastructure projects in clean energy, water infrastructure, and waste-to-value that they can invest in. In 2017 the UC endowment made a $50 million sustainable agriculture investment through the AI platform. That same year, the UC became the first and only institutional investor to sign on to the Bill Gates Breakthrough Energy Coalition. In 2018, UC announced a commitment to invest $1 billion over five years in climate change solutions.

In July 2019, UC’s Academic Senate announced the passage of a Memorial calling on the UC Board of Regents to divest from the top 200 fossil fuel companies. The memorial was voted on by faculty at all 10 campuses of the university system and received a combined vote of 77% in favor. 

In September of 2019, the University of California announced its plans to divest from all fossil fuel securities. Between UC’s endowment and its pension fund, the University divested over $80 billion from fossil fuels, making it the single largest act of fossil fuel divestment in the movement’s history. “We believe hanging onto fossil fuels is a financial risk,” said chief investments officer Jagdeep Singh Bachher of the University’s divestment decision. By May 2020, the University announced it had completed its divestment process. UC sold over $1 billion in fossil fuel assets.

In 2020, the University of California 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.

The UC System and/or Individual Campuses are a participant or member of the following Initiatives & Commitments: 

• IEN Founding Member (2016)
• AASHE STARS:
  • UC Berkeley - Gold
  • UC Davis - Gold
  • UC Irvine - Platinum
  • UC Los Angeles - Gold
  • UC Merced - Gold
  • UC Riverside - Gold
  • UC San Diego - Gold
  • UC Santa Barbara - Gold
  • UC Santa Cruz - Gold
• ACUPCC: Yes, 10 Campuses With Various Goals
  • UC Merced - 2020
  • UC Los Angeles, Riverside, San Diego, Santa Barbara, Santa Cruz - 2025
  • UC Berkeley - 2035
  • UC Davis, Irvine, San Francisco - 2050
• Billion Dollar Green Challenge: Yes, UC Los Angeles
• CDP: Yes 
• Committee for Investor Responsibility: Yes (UC Merced, UC Berkeley, UC Irvine, UC Riverside, UC San Diego, UC Santa Barbara, UC Santa Cruz)   
• Divestment Goal: Yes, full divestment
• INCR: Yes
• Montreal Carbon Pledge: Yes
• Sustainable Investment Fund: Yes
• Sustainable Investment Policy: Yes
• Principles for Responsible Investment: Yes

Other Sustainable Investing Practices: 

• Sustainable Investing Framework, Office of the Chief Investment Officer of the Regents 
• Chief Investment Officer of the Regents: Sustainable Investment Page
• Feb. 2015 - UC's Progress on Sustainable Investment Strategy
• Sept. 2014 - UC's Announcement of Sustainable Investment Strategy
• University of California Sustainability
• UC Berkeley's Sustainable Investment Fund

Additional Resources:

• University of California says it has fully divested from fossil fuels (May 2020)
• UC Investments creates a program to increase the percentage of diverse management professionals working with the endowment (December 2019)
• The University of California system is ending its investment in fossil fuels (September 2019)
• UC investments are going fossil free. But not exactly for the reasons you may think Jagdeep Singh Bachher and Richard Sterman, LA Times (September 2019)
• UC Faculty Call on Regents to Divest UC Funds from Fossil Fuels (July 2019)
• UC Administration to Reinvest $500 Million Away from Fossil Fuels (April 2018)
• UC investment plan seeks solutions to climate change (September 2015)

Harvard University 

Endowment Value: $53.2 billion (2021)

Harvard University is a private research university located in Cambridge, Massachusetts. The Harvard Management Company (HMC) manages the endowment, the largest college endowment in the world.

In 1972, Harvard established the Advisory Committee on Shareholder Responsibility (ACSR) and the Corporation Committee on Shareholder Responsibility(CCSR). The ACSR considers shareholder resolutions and makes recommendations to the CCSR, which makes decisions on how Harvard should vote on those resolutions.

In 2013, Harvard established the Social Alternative Fund, managed separately from Harvard’s endowment and invested with special consideration given to social responsibility issues. In the same year, the Harvard Management Company created the position of Vice President of Sustainable Investing, who works to integrate sustainability principles into Harvard’s investment policy and acts as the liaison between the Management Company and other ESG-related organizations at Harvard. Kate Murtagh is the current Managing Director of Sustainable Investing and the Chief Compliance Officer of HMC.

In 2014, Harvard became the first organization in the United States to be a signatory of both the Carbon Disclosure Project and the United Nations Principles for Responsible Investment. The Harvard Management Company’s sustainable investment approach outlines three methods of investing more sustainably, to read the full policy click here. The student body and campus organizations such as Harvard Undergraduates for Environmental Justice and Divest Harvard remain active in maintaining a dialogue on divestment from fossil fuels and unethical land usage such as the deforestation of indigenous lands in Brazil and overdrafting water in drought-stricken California.

In November of 2019, Harvard released an update to the school’s sustainable investment strategy. The update summarized Harvard’s work in recent years to further integrate sustainable investment into HMC’s investment strategy, including highlighting Harvard’s status as a signatory to the Ceres Investor Network, Climate Action 100+, and Principles for Responsible Investment.

In April of 2020, Harvard announced its plan for its endowment to go carbon-neutral by 2050, in accordance with goals set by the Paris Agreement. The commitment is the first of its kind made by an American university.

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

• AASHE STARS: No
• ACUPCC: No
• Billion Dollar Green Challenge: Yes
• CDP: Yes
• Divestment Goal: No
• Committee for Investor Responsibility: Yes: The Advisory Committee on Shareholder Responsibility
• INCR: Yes
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: Yes
• Sustainable Investment Policy: Yes
• Principles for Responsible Investment: Yes

Other Sustainable Investing Practices:

• Harvard Joins Climate Action 100+ (September 2019)
• Harvard Social Alternative Fund (2013)
• Harvard Sustainability
• Endowment Synopsis Video
• Harvard Shareholder Responsibility Committee