University of Maine
Endowment Value: $365 million (June 2019)
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:
Unity College

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 College 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:
The Billion Dollar Green Challenge
The Billion Dollar Green Challenge -- an initiative of the Sustainable Endowment Institute that promotes green Revolving Funds (GRFs) on college and university campuses -- was featured on NPR's Marketplace this morning.
In the interview, SEI Executive Director, Mark Orlowski, explains how endowments can invest in GRFs as part of their investment strategy without worry about donor restrictions on the funds. Done properly, these investments can help campuses avoid substantial costs by upgrading to more efficient technologies and improving design to lower demand for energy. Over the years, these savings can add up to significant returns on the original investments -- Harvard is saving $5 million a year as a result of their GRF projects.
Listen to the 2 minute interview on Marketplace's website: How to grow green energy along with endowments.
Visit www.greenbillion.org to more about the Billion Dollar Green Challenge and the 43 institutions that are participating to date.