Endowment Value: $212.8 Million (2019)

Ball State University is a public university located in Muncie, Indiana. Its endowment is managed by the Ball State University Foundation. The mission of the Ball State University Foundation is to “maximize sustainable support for Ball State University by obtaining, investing, and administering private gift support and prudently discharging its fiduciary obligations to the university, donors, and designated beneficiaries.”

In spring 2012, the university launched its geothermal heating and cooling system — the nation’s largest ground-source, closed-loop district geothermal energy system. Now, nearly fully operational, the system will cut the university’s carbon footprint in half and result in an annual savings of $2 million, said Jim Lowe, director of engineering, construction, and operations at Ball State.“When we shut down the coal-fired burners in March 2014, we not only reduced our dependence on fossil fuels, we also reduced carbon dioxide emissions and sulfur matter produced by burning coal,” Lowe said.

In 2015, board members of the Ball State University Foundation supported pursuing an alternative investment portfolio that adopts environmental, social, and governance (ESG) strategies. Currently, the foundation encourages its fund advisors and managers to incorporate ESG strategies into its investment portfolio. Further, foundation employees are developing opportunities for donors who wish to have gifts managed via more specific, restrictive criteria.

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

• IEN Founding Member
• AASHE STARS: Yes, Silver
• ACUPCC: Yes, Climate Neutral by 2030
• Billion Dollar Green Challenge: No
• CDP: No
• Committee on Investor Responsibility: No
• Divestment Goal: Yes
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: Yes
• Sustainable Investment Policy: Yes
• Principles for Responsible Investment: No

Other Sustainable Investing Practices:

• Statement of Investment Principles
• Statement on Sustainability
• BSU Climate Action Plan

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

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 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: $3.6 billion (2025)

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
• Committee on Investor Responsibility: Yes, Committee on Investments and Social Responsibility
• Divestment Goal: Yes, divestment of fossil fuels by 2030
• INCR: 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