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: 

• ASU Foundation creates new socially responsible investment fund (July 3, 2019)

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 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

Georgetown University 

Endowment Value: $2.59 billion (2021)

Georgetown University is a private college located in Washington, D.C. Georgetown’s strong Catholic and Jesuit identity mandates that the University has an ethical responsibility to pursue an investment strategy that is consistent with its founding values of social justice, protection of human life and dignity, stewardship for the planet and promotion of the common good. The University’s current socially responsible investing (SRI) policy was approved by the Board in 2017. Georgetown also has a Committee on Investments and Social Responsibility (CISR) that is charged with making recommendations regarding the University’s voting of shareholder proxies and advising the Subcommittee on Investments of the Committee on Finance and Administration. 

In 2015, the Board of Directors officially approved the decision to divest from direct investments in companies whose principal business is the mining of coal for use in energy production. This decision was based on proposals and petitions submitted by Georgetown University Fossil Free, a student group advocating for fossil fuel divestment. In 2018, the University elected to divest from companies whose primary business is the extraction of tar sands, an industry with a detrimental effect on the environment and the public health of communities living near extraction sites.   

In 2020, the Georgetown Board of Trustees adopted a new policy on impact investments that included a commitment to total fossil fuel divestment by 2030. The new policy stated that Georgetown will divest from all public fossil fuel securities within five years and will divest from all private investments in fossil fuel companies within ten years.

Initiatives & Commitments: 

• AASHE STARS: No
• ACUPCC: No
• Billion Dollar Green Challenge: No
• CDP: No
• Committee on Investor Responsibility: Yes, Committee on Investments and Social Responsibility
• Divestment Goal: Yes, divestment of fossil fuels by 2030
• INCR: No
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: No
• Sustainable Investment Policy: Yes
• Principles for Responsible Investment: No 

Other Sustainable Investing Practices:

• Georgetown Policy on Impact Investments and Fossil Fuel Divestment, February 2020
• Sustainability & Georgetown University's financial operations page
• Press Release: Tar Sand Divestment, June 2018
• Board Resolution on Coal Divestment, June 4, 2015
• Committee on Investments and Social Responsibility (CISR) Policy

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

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

Brown University 

Endowment Value: $6.9 billion (June 2021)

Brown University is a private college in Providence, Rhode Island. The endowment is managed by the Brown University Investment Office. The Advisory Committee on Corporate Responsibility in Investment Policies (ACCRIP) considers issues of ethical and moral responsibility in the investment policies of Brown University. Committee members include students, faculty, staff, and alumni of the University. ACCRIP examines all proxy resolutions concerning issues of social responsibility that are presented to the University as a shareholder and has developed guidelines for voting on such resolutions.

In 2016, Brown launched the Sustainable Investment Fund, a fund with no minimum donation that gives donors who wish to support the University philanthropically a sustainability-focused giving option structured to invest in companies that meet high standards of environmental, social, and governance practices.

In 2017, President Christina Paxson announced the formation of a Task Force on Climate Change and Business and Investment Practices that will identify and recommend opportunities for Brown to fully align Brown's business practices with the University's commitment to addressing climate change. In February of 2019, President Paxson endorsed a bipartisan plan to tax carbon proposed by the Climate Leadership Council. 

In March 2020, Brown hosted the Future of Sustainable Investing Conference (FSIcon). Leaders in finance and sustainability taught students about ESG investing in hopes of uniting students and industry experts in utilizing finance to create a more equitable future.

Following years of student activism, Brown University announced in March 2020 that it planned to divest fully from fossil fuels. The university began selling fossil fuel securities in October 2017 and had sold 90% of its investments in fossil fuels by March 2020. The investment office plans to sell the remaining 10% in the coming months and years.

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

• AASHE STARS: No
• ACUPCC: No 
• Billion Dollar Green Challenge: No
• CDP: No
• Committee on Investor Responsibility: Yes, The Advisory Committee on Corporate Responsibility in Investment Policies
• Divestment Goal: Yes, cut campus greenhouse gas emissions 2025, net-zero by 2040, liquidate fossil fuel investments
• INCR: No
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: Yes
• Sustainable Investment Policy: Yes
• Principles for Responsible Investment: No

Other Sustainable Investing Practices:

• Letter from Brown's President on Divestment and Confronting Climate Change (March 2020)
• Brown President Supports Carbon Tax But Not Divestment (February 2019)
• Paxon initiates new climate change task force (2017)
• Brown Sustainable Investment Fund (2016)
• Since 2007, Brown has had a Social Choice Fund option for donors to the endowment who wish for their money to be invested in a socially responsible manner. This fund has a minimum donation of $25,000 however, making it inaccessible to many small donors.
• Brown University Sustainability
• Fossil Fuels in Investment Policies

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)