The New School

The New School
Endowment Value: $393.5 million (2020)
The New School is a private research university located in New York City, New York. The endowment is managed by the New School’s Office of Investment, Treasury Operations, and Risk Management.
In 2009, the board of trustees established the Advisory Committee on Investor Responsibility (ACIR). The role of the ACIR is to advise the board of trustees on ESG issues related to The New School’s endowment and to develop ESG investing principles related to human rights, labor practices, environmental protection, equity, diversity, discrimination, and corporate disclosure. In 2012, The New School adopted the Sustainability Proxy Voting Guidelines, which established standards against which the Investment Committee could evaluate its investments.
In 2015, The New School not only became one of the largest universities to divest from fossil fuels, but it also has plans to reshape its entire curriculum to focus more on climate change and sustainability through a multi-pronged approach to issues related to university facilities, curriculum, food services, and other areas.
The New School is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Silver
- ACUPCC: Yes, Climate Neutral by 2040
- Billion Dollar Green Challenge: No
- CDP: Yes
- Committee on Investor Responsibility: Yes
- Divestment Goal: Yes, full
- 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:
Duke University
Duke University
Endowment Value: $12.7 billion (2021)
Duke University is a private college located in Durham, North Carolina. Duke's endowment is managed by the Duke University Management Company (DUMAC). In 2004, the Duke Board of Trustees approved a set of SRI guidelines and the establishment of two committees, the President’s Special Committee on Investment Responsibility (PSC) and the Advisory Committee on Investment Responsibility (ACIR), to advise the Board of Trustees on investment-related issues and proposals. The Board of Trustees also instructs DUMAN to exercise shareholder rights to support sustainable policy changes of companies the university is a shareholder of. Duke has taken action to support sustainability initiatives across campus.
According to a 2016 report, DUMAC relies upon positive and best-in-class screening as well as ESG factor analysis to drive investment decisions. As a result, the endowment portfolio encompasses several environmental technologies and renewable energy companies. In 2013, Duke established its Social Choice Fund as an alternative fund within the endowment for donors interested in SRI. The Social Choice Fund is managed by a third party.
In November 2019, a student-run organization called Duke Impact Investing Group was awarded $100,000 from the university to invest for positive change. The group aims to educate students about impact investing while providing them with hands-on experience with ESG investing.
Duke University is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: No
- ACUPCC: Yes, Carbon Neutral by 2024
- Billion Dollar Green Challenge: No
- CDP: No
- Committee on Investor Responsibility: Yes
- Divestment Goal: No
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: No
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
- Duke Sustainability
- Duke Climate Action Plan (2019, updated)
- Duke Revises Approach To Socially Responsible Investing
- Documents from the Advisory Committee on Investment Responsibility
- Sustainable Duke: Sustainable Investment and Procurement Research Paper (April 2016)
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:
University of Vermont
University of Vermont
Endowment Value: $730 million (2021)
The University of Vermont is a public university located in Burlington, Vermont. The endowment is managed by the University of Vermont Foundation (UVF) and is overseen by the Investment Subcommittee (ISC) of the Board of Trustees.
The endowment is separated into several pools. The Green Fund is a pool that uses negative screening to invest responsibly. Another pool, the Student-Managed Pool, is managed by students and provides a learning opportunity for students interested in sustainable investment.
According to its Statement of Investment Objectives and Policies, the Board considers moral, ethical, and social criteria in selecting investments or participates in shareholder resolutions that address moral, ethical, or social issues. The University does not invest in tobacco companies or uranium landmine companies.
The University of Vermont currently has an SRI Advisory Council that conducts research on issues related to proxy voting, shareholder initiatives, screening, and monitoring the University’s investment portfolio for indications of social harm. For example, in 2018, after research and extensive conversations on the options available to the University, the SRI Advisory Council recommended moving forward on a green bond strategy to improve the ESG metrics of a portion of UVM’s operating reserves.
In October 2019, UVM pledged to invest an extra $10 million in green bonds. This move followed sustained pressure from student activists advocating for fossil fuel divestment. SGA President Jillian Scannell said “Students want divestment, and the administration knows that. Divestment is determined by the board [of trustees], so I feel like this is the administration’s effort to say, ‘We hear you, and we’re trying to be responsive to your call.’”
In July 2020, the university announced its decision to divest from fossil fuels. No new direct investments in fossil fuels will be made, and the university aims to divest entirely by 2023.
The University of Vermont is a participant or member of the following Initiatives & Commitments:
- AASHE STARs: Yes, Gold
- ACUPCC: Yes, Climate Neutral by 2022
- Billion Dollar Green Challenge: Yes
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: Yes
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices and Resources:
Simon Fraser University

Simon Fraser University
Endowment Value: CA$605 million (2021)
Simon Fraser University is a Canadian public university with campuses located in Burnaby, Surrey, and Vancouver, British Columbia. SFU’s endowment is managed by the SFU Community Trust.
In 2014, SFU became the second Canadian university to become a signatory of the United Nations Principles for Responsible Investment (UNPRI). As a signatory, SFU has pledged to be an active shareholder by taking actions including but not limited to proxy voting, direct engagement, encouraging research on responsible investment, and reporting through UNPRI.
SFU’s Responsible Investment Committee (RIC) is responsible for reviewing ESG issues at SFU, including those raised by University community members. For example, SFU’s Board of Governors approved a recommendation initiated by the RIC to measure the carbon footprint of the public equity portion of its investment portfolio and to commit to reducing the carbon footprint of its investment portfolio by at least 30% by 2030. According to its 2018 report for AASHE STARS (a self-reporting framework for colleges and universities to measure their sustainability performance), SFU's sustainable investment holdings are balanced across global private equity clean technology funds, global sustainable equity funds as well as fossil fuel-free global and US equity managers.
In March 2020, SFU released a new five-year sustainability plan. The plan was developed with the intention of meeting multiple sustainability-related goals, including reducing the university’s investment portfolio’s carbon footprint by 45%. The SFU Sustainability Office is going to oversee the implementation of the five-year plan.
In June 2020, SFU 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.
Simon Fraser University is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Gold
- ACUPCC: No
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: Yes, divestment from fossil fuels by half
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: Yes
Other Sustainable Investing Practices and Resources:
Dickinson College

Dickinson College
Endowment Value: $558 million (2021)
Dickinson College is a private college located in Carlisle, Pennsylvania. In 2006, Dickinson joined the Investure consortium, an outsourced chief investment office that serves the needs of a select group of prestigious colleges and foundations. In 2010, Investure created a Sustainable Series within its Global Equity Fund in response to requests made by clients. A joint effort with Investure produced a set of proxy voting principles so that Dickinson College can participate in shareholder engagement.
In addition to its relationship with Investure, the Dickinson Sustainability Investment Group (DSIG) advises the endowment board on ESG strategies and is responsible for providing a forum for the Dickinson community to raise and discuss questions regarding ESG investing practices. The most recent forum was held in October 2018 to discuss the college’s endowment structure and approach to sustainable investing.
In April 2020, Dickinson College became one of the first colleges in the country to achieve carbon neutrality. To achieve this goal, Dickinson reduced its carbon emissions by 25% from its 2008 levels and purchased carbon offsets. In addition, 65% of Dickinson’s electricity is provided by solar power.
Dickinson College is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Carbon Neutral by 2020
- Billion Dollar Green Challenge: No
- CDP: No
- Divestment Goal: No
- Committee on Investor Responsibility: Yes: The Dickinson Sustainable Investment Group
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices and Resources:
- Sustainable Investments Task Force Recommendations
- Dickinson Initiatives in Sustainable Investing
- Recommended Proxy Voting Principles (Investure, LLC)
- Dickinson Sustainability
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Sustainable Investments Funds:
- Green Revolving Fund - a revolving loan fund established in 2014 to finance climate action plan projects
- Sustainability Global Equity Fund - $8 million of our endowment is committed to this sustainability fund, which is managed for use by Investure.
Pitzer College

Pitzer College
Endowment Value: $144.3 million (2021)
Pitzer College is a private college located in Claremont, California with a student population of about 1,000. From innovative, green buildings to food waste initiatives, Pitzer College is a model of sustainability in the modern era. Such initiatives have earned it a second place rank in the 2018 Princeton Review Guide of 399 Green Colleges.
In 2014, Pitzer adopted several responsible investment practices such as considering ESG factors in portfolio manager selection and monitoring, establishing a sustainability fund as a subset of its endowment holdings, and divesting from fossil fuels (making Pitzer the first college in Southern California to divest from fossil fuels). Don Gould, trustee and chair of the investment committee at Pitzer College, published an article in the Chronicle of Higher Education outlining their rationale for divesting from fossil fuels. In this article, he shares responses to some of the most common concerns regarding divestment, including fiduciary duty, financial performance, the impact on fossil fuel companies, the hypocrisy of continuing to use fossil fuels after divesting, sacrificing returns, and politicizing the endowment.
In 2017, Pitzer College became the founding investor to the first-ever global equity index that is both ESG-focused and fossil fuel-free. According to the press release, “the fund is designed to help endowments, foundations and other nonprofit organizations meet their Responsible Investment goals.”
Pitzer College is a participant or member of the following Initiatives & Commitments:
- IEN Member (2017)
- AASHE STARS: Yes, Silver
- ACUPCC: Yes, Carbon Neutral by 2050
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- 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: No
Other Sustainable Investing Practices:
- Passive ESG Strategies Webinar (November 2017)
- Fireside Chat: The Pitzer College Story - IEN Bay Area Roundtable (September 2017)
- Pitzer College and BlackRock Launch First Ever ESG-Focused, Fossil Fuel-Free Global Equity Index Fund (September 2017)
- Pitzer to Divest 99% of Endowment (April 2014)
- Sustainability at Pitzer
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
Colorado State University

Colorado State University
Endowment Value: $558 million (2021)
Colorado State University is a public university located in Fort Collins, Colorado. The CSU Foundation manages the endowment. The University’s strong commitment to sustainability has earned it the highest rank in the Sustainability Tracking, Assessment & Rating System (STARS).
In 2016, the CSU Foundation published the sustainability strategic plan for the purpose of establishing a set of goals and timelines. The plan includes an effort to increase sustainable investments. The Committee on Investor Responsibility, composed of students, faculty, foundation board members, and other stakeholders, is “explicitly charged with developing and supporting initiatives in sustainable investment as outlined by the Socially Responsible Investment Policy.” According to its most recent STARS report, The CSU Foundation has invested into three different funds that focus on supporting Colorado technology and on improving social and environmental conditions in Colorado. The CSU Foundation continues to pursue other socially responsible investment opportunities that preserve the endowment.
Colorado State University is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Platinum
- ACUPCC: No
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: No
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices and Resources from Columbia University:
Stanford University

Stanford University
Endowment Value: $37.8 billion (Aug. 2021)
Stanford University is a private university located in Stanford, California with approximately 17,000 students. The Stanford Management Company (SMC) and Board of Trustees oversee the endowment.
Stanford is currently one of only six higher education institutions to earn the highest rank in the Sustainability Tracking, Assessment & Rating System (STARS), due to its significant efforts to integrate social and environmental awareness into its curriculum, operations, and investments.
Since its adoption of a statement on investor responsibility in 1971, Stanford has recognized its responsibility as an investor and has periodically outlined and updated policies to guide its commitment to responsible investment in a contemporary context. The SMC’s Ethical Investment Framework was adopted in 2018 to govern and complement Stanford’s existing statement. According to the framework, investment decisions are guided based on the understanding that businesses are far more likely to endure and generate sustainable returns on investor capital when they behave with due regard for the welfare of their stakeholders and the communities in which they operate. Stanford currently has a Special Committee on Investment Responsibility (SCIR) of the Board of Trustees as well as Investment Responsibility and Stakeholder Relations (IRSR) office to review proposals submitted by the community and function as an ad-hoc, issue-based fact-finding committee responsible for research and campus engagement where needed.
As such, Stanford’s efforts to address environmental, social, and governance issues through investment has manifested in adopting a climate change proxy voting guideline to support resolutions for companies to analyze levels of greenhouse gas emissions and develop plans to reduce and/or eliminate them. Stanford has adopted policies that preclude owning specific companies with operations implicated in Sudanese human rights abuses, the tobacco industry, and companies whose principal business is coal mining for electricity.
In 2018, Stanford committed $10 million over a 10-year period to develop an expanded platform of educational and research opportunities for students and faculty with interests in responsible investing and governance.
In June 2020, the Stanford Board of Trustees reported a major reduction in the university’s fossil fuel investments. Less than 1.5% of the university’s endowment is now exposed to the fossil fuel industry and the university’s endowment has no direct holdings in the top 100 oil and gas companies. In addition, the Board of Trustees stated that the university would be accelerating its transition to efficient energy sources in hopes of achieving carbon neutrality by 2050.
Stanford University is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Platinum
- ACUPCC: No
- Billion Dollar Green Challenge: No
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: Yes, coal only
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices and Resources:
- Commitment to at least Net Zero GHG emissions in the endowment by 2050 (June 2020)
- Letter to the university community from Board of Trustees Chair Jeff Raikes on investment responsibility (December 4, 2018)
- Frequently asked questions on investment responsibility
- Statement on Investment Responsibility (Adopted 1971, as amended through 2018)
- Stanford Management Company: Ethical Investment Framework
- Investment Responsibility Stakeholder Relations (IRSR)
- Sustainable Stanford