University of North Carolina Asheville
University of North Carolina Asheville
Endowment Value: $52.4 million (2020)
The University of North Carolina Asheville is one of seventeen campuses that comprise the University of North Carolina System. About 3,900 undergraduate students attend UNC Asheville. UNC Management Company manages UNC Asheville's endowment. UNC Asheville is the only liberal arts college within the UNC System.
Student pressure, particularly from UNCA Divest, has played a catalytic role in sparking UNCA’s integration of environmental, social, and governance factors into its investments. UNCA’s vice chancellor for administration and finance John Pierce stated, “our students have been diligent and perceptive in working through the complexities of ESG investments from both a mission-based and financial perspective. Together, we explored alternatives and worked toward solutions.”
In February 2016, UNCA established a student-managed ESG fund and provided $10,000 in seed funding. The goal of this fund is to “invest in projects, companies, funds, or organizations with the express goal of generating and measuring mission-related social, environmental or economic change alongside financial return” alongside creating an educational opportunity for students interested in ethical investment or seeking careers in finance.
In June of 2019, UNCA became the first university in the UNC system to divest in fossil fuels. The decision came after the UNC Asheville Board of Trustees made a historic vote to shift approximately 10% of its $50 million endowment to a manager focused on ESG investing and shareholder advocacy. Students worked closely with the Board and administration to research funds and draft a proposal.
University of North Carolina Asheville 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: No
- Divestment Goal: Yes, partial
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes (only for a portion of the endowment)
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
University of New Hampshire
University of New Hampshire
Endowment Value: $401.3 million (2020)
The University of New Hampshire is a public research university with its main campus in Durham, New Hampshire. It has a student body of approximately 15,000 across its six campuses. The UNH Foundation manages the endowment.
UNH considers sustainability a core value underpinning university academics, research, and operations. UNH has received a perfect score on the Princeton Review’s Green College Honor Roll. In 2019, UNH was one of only four universities to receive a Platinum STARS rating from the Association for the Advancement of Sustainability in Higher Education (AASHE).
The University’s commitment to sustainability, largely thanks to conversations sparked by students, is now integrated into its investment practices. Since 2017, the UNH Committee on Investor Responsibility (CIR), with membership including students, faculty, alumni, endowment stakeholders, and external advisors, has helped support the Foundation in sustainable, socially responsible investment practices and policies through:
- Researching sustainable investment opportunities
- Considering sustainable investment proposals from the UNH community
- Making recommendations to the Asset Allocation Committee (AAC) of the UNHF Board of Directors on possible courses of action
- Educating and informing the broader UNH community about sustainable investment practices in general and about UNH’s sustainable investment practices in particular.
UNHF’s investment policy takes a multi-pronged approach, including positive and negative screening, full ESG integration into financial analysis, and active ownership through shareholder engagement opportunities. Furthermore, ESG factors are strongly considered in manager selection. As a signatory of the United Nations Principles for Responsible Investment, much of the Foundation’s sustainable investment commitments are guided by those principles.
UNHF currently has an environmental, social, and governance (ESG) endowment pool, which was created in 2015. The initial $1 million seed funding has grown to approximately $40 million as of March 2019. In 2017, the Foundation invested $3 million into the NH Community Loan Fund as a component of the fixed income segment of the main pool. NHCLF is the Foundation’s first direct impact investment to make affordable financing options available to economically disadvantaged individuals and communities in New Hampshire.
In 2020, UNH 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.
University of New Hampshire is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: Yes, Platinum
- ACUPCC: Yes, Carbon Neutral By 2099
- Billion Dollar Green Challenge: Yes
- CDP: No
- Committee for Investor Responsibility: Yes
- Divestment Goal: No
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: No
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: Yes
Other Sustainable Investing Resources, Practices, and News:
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UNH President Dean signs IEN/Second Nature Call to Action for Higher Education Leadership | University of New Hampshire Website
- On the 50th anniversary of Earth Day, President Dean signed a call to action that aims to accelerate climate solutions in higher education institutions
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Sustainable Investing at UNH | University of New Hampshire Website
- Part of UNH's investment pool is composed of ESG-targeted assets and ESG-screened active and passive (index) funds, in order to achieve better operational performance, innovation, and risk management within their investments.
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UNH Expands Sustainability Leadership with Alignment of Investments and Values | UNH Newsroom, May 2019
- UNH completed the transition of 16% of its investable assets to ESG investments as it works to align the university's investments and sustainable values
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Panel: An Introduction to The IEN Roadmap & How The University of New Hampshire Intentionally Invests l Intentional Endowments Network and WISE, May 2019
- At the event, we heard University of New Hampshire stakeholders describe the why’s and how’s of the journey they are on to align investments with their campus-wide sustainability goals.
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Q&A Series: Making an ESG Impact Through Public Fixed Income l Intentional Endowments Network, April 2019
- In this Q&A article, IEN approached industry experts to gain insight on opportunities and trends within the sector and how managers and asset owners measure the impact of their investments.
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Q&A Series: The Power and Impact of Community Investing l Intentional Endowments Network, September 2018
- In this Q&A article, IEN approached specialists within the Community Investing space to get their perspectives on the value of Community Investing, understanding how to incorporate such investments in one's portfolio and how to truly make an impact regardless of varying levels of assets under management.
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Article: Feature School - University of New Hampshire l Intentional Endowments Network, Quarterly Newsletter, July 2018
- This feature article in IEN's newsletter discusses the UNH Foundation's commitment to sustainable investing and UNH's history of sustainability and sustainable investing.
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Panel: What Might Community Investing Look Like for a College Endowment? l Intentional Endowments Network, Community Investing Roundtable, June 2018
- On this panel, Kate Dumas (Principal/Consultant, Prime Buchholz) invited Erik Gross (Board Treasurer, UNH Foundation) and John Hamilton (Vice President of Economic Opportunity, New Hampshire Community Loan Fund) to illustrate what community investing might look like for a college endowment.
Carleton College
Carleton College
Endowment Value: $1.2 billion (2021)
Carleton College is a private college located in Northfield, Minnesota. The Carleton Responsible Investment Committee (CRIC) was established in 2005 and is composed of students, staff, and faculty. The primary purpose of the CRIC is to make recommendations about the management of the endowment to the Board of Trustees to ensure that the endowment embodies Carleton's values. For example, within the past three years, the Committee has supported multiple shareholder resolutions that strengthened environmental, social, and governance policies of companies in its investment portfolio.
In addition, in the wake of growing student mobilization for fossil fuel divestment, students from the CRIC organized a student-led town hall discussion on the pros and cons of divestment in the fossil fuel industry
According to the most recent STARS Report, “while Carleton does not have a sustainable investment policy, the College aims to invest with managers whose standards of propriety, fairness, and ethical integrity align with those of the College. The College tries to select managers that will generate superior returns, but not at all costs, and make investments in a responsible manner that takes into account societal impacts.” The College also reports that a percentage of its endowment is invested in sustainable industries such as renewable energy and sustainable forestry.
Carleton College is a participant or member of the following Initiatives & Commitments:
- IEN Member: No
- AASHE STARS: Yes, Silver
- ACUPCC: Yes, Climate Neutral by 2050
- Billion Dollar Green Challenge: No
- CDP: No
- Committee on Investor Responsibility: Yes
- INCR: No
- Divestment Goal: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: No
- Principles for Responsible Investment: Yes
Other Sustainable Investing Practices and News:
University of Ottawa
University of Ottawa
Endowment Value: $338.8 million CAD (2021)
The University of Ottawa is a public university located in Ottawa, Ontario in Canada. Approximately 42,500 students attend the university. The Finance and Treasury Committee manages the endowment.
As a signatory of the UN’s Principles for Responsible Investment (PRI) and the Montreal Carbon Pledge, the University of Ottawa has “has made a public commitment to make investment decisions that consider ESG issues while taking appropriate steps to meet its fiduciary responsibilities to optimize investment returns”.
In April 2016, University of Ottawa’s Finance and Treasury Committee released a 19-page report describing the University’s response to addressing climate change. The report recognizes the role of the student-led Fossil Free UOttawa divestment campaign in sparking a debate about the role the University should play in the fight against global warming.
While UOttawa is currently not pursuing divestment, uOttawa created a separate Clean Innovations Fund and provided the initial seed capital for the long-term portfolio. uOttawa is also taking considerable action towards reducing its carbon footprint across campus facilities.
In June 2020, uOttawa 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 Ottawa 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: Yes, partial
- INCR: No
- Montreal Carbon Pledge: Yes
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: Yes
Other Sustainable Investing Practices and Resources:
- uOttawa signs national charter to address climate change (June 2020)
- Addressing Global Warming: The uOttawa Response (April 2016)
- uOttawa to Seek Ways to 'Shift' Fossil Fuel Investments; Rejects Full Divestment (April 2016)
- Fossil Free Campaign Orientation Paper
- Responsible Investment Guideline
- Report on Sustainable Development
- Sustainability on Campus
Chatham University
Chatham University
Endowment Value: $95.4 million (2020)
Chatham University is a private university with an enrollment of over 2,200 students. Chatham University offers over 60 undergraduate and graduate programs in four areas of excellence: sustainability; health & lab sciences; business & communication; and the arts & humanities. All undergraduates, save for those in the nursing program, are required to take a course on sustainability.
Currently, Chatham is among the five higher education institutions out of Pennsylvania’s 164 colleges and universities to formally adopt and apply ESG practices as part of their investment strategy. The University’s sustainable investment policy outlines guiding principles that include reducing fossil fuel investments, advocating against corporations that deny climate change, and favoring investments that have positive environmental impacts, promote sustainability, and support positive local community development. More than 13% of Chatham’s investment pool is in sustainable investments.
The administration has worked closely with students on the Student Investment Team (SIT) and the committee on investor responsibility to assess the University’s exposure to fossil fuels and draft recommendations towards sustainable investing. In the Spring of 2017, the investment committee of the Board of Trustees voted to approve two new investment opportunities that are specifically aimed at excluding fossil fuels and supporting sustainable energy. Chatham’s Senior Vice President of Finance, Walt Fowler, said reducing the university’s support of fossil fuel companies is in line with its goal of pursuing sustainability in every part of its operations. “It’s important to us ethically, because we believe the world needs to reduce their use of fossil fuels,” Fowler said. At the end of this year, the university will replace a hedge fund with a private equity fund focused exclusively on supporting wind power. It will also swap investment in a standard equity fund for a BNY Mellon fund that is filtered specifically for green companies but matches the performance of the current fund.
Chatham University is a participant or member of the following Initiatives & Commitments:
- IEN Member (2017)
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Carbon Neutral By 2025
- 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 News:
University of British Columbia

University of British Columbia
Endowment Value: CA$2.8 billion (2021)
The University of British Columbia (UBC) is a public research university with a student body of around 60,000 located in British Columbia, Canada. The market value of the Endowment Fund directly managed by UBC Investment Management Trust Inc. (IMANT) and is overseen by the Board of Governors.
In 2013, UBC adopted its Responsible Investment Policy. The policy directs UBC to consider environmental, social and governance (“ESG”) factors to make informed investment decisions for the UBC Endowment. In 2014 through 2015, the Board carefully considered a student and faculty proposal for divestment and a detailed third-party analysis by Koskie Minsky, an external law firm with expertise on responsible investment.
Although the Board did not approve the proposal, it did allocate $10 million to establish the Sustainable Future Pool for donors concerned about climate change. This fund specifically aims to lower carbon emissions and excludes fossil fuels. In April of 2019, the Board voted to approve an additional $25 million contribution to the Sustainable Futures Pool over the next three years, bringing the total contributed to the pool to $50 million by 2022.
UBC Vancouver also has a Sustainability Fund, established in 2011 with $1 million, for projects that help the University achieve its sustainability goals through reducing campus energy and water consumption, reducing operational waste generation, increasing operational waste diversion from landfills, and increasing the use of alternative energy and alternative transportation.
In December of 2019, UBC declared a climate emergency. After acknowledging the severity of the climate crisis, the UBC Board of Governors expressed its support of fossil fuel divestment and directed the administration to begin taking action to divest. Additionally, UBC transferred $380 million from the university’s endowment to the Sustainable Future Pool.
In June 2020, UBC 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 British Columbia is a participant or member of the following Initiatives & Commitments:
- AASHE STARS: No
- ACUPCC: No
- Billion Dollar Green Challenge: Yes
- CDP: No
- Committee on Investor Responsibility: No
- 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: Yes
Other UBC Information:
- UBC signs Canada-wide charter to address climate change through responsible investment (June 2020)
- UBC declares climate emergency and moves forward on two key divestment initiatives (December 2019)
- Annual Endowment Report (March 2017)
- UBC's Sustainable Investment Fund to be Free of Fossil Fuel Companies (February 2017)
- Amid calls for further action, Board of Governors votes to double contribution to UBC’s sustainable endowment fund (April 2019)
Oberlin College

Endowment Value: $1.09 billion (2021)
Oberlin College is both a private liberal arts college and a conservatory of music with a student body of approximately 3,000 located in Oberlin, Ohio. Oberlin's board of trustees manages the endowment.
The Office of Environmental Sustainability has been implementing programs throughout the campus and curriculum to achieve carbon neutrality and sustainability goals. In order to engage students, staff members, and the surrounding community, Oberlin hosts an annual Ecolympics. The Ecolympics consists of several sustainability-oriented competitions. Along with the competitions, the school hosts sustainability workshops, educational campaigns, and film sessions throughout the ceremonies.
In 2013, the board of trustees allocated $5 million to establish the Impact Investment Platform (IIP) Subcommittee of the Board of Trustees Investment Committee to provide guidance to the Investment Committee on social and environmental issues. The IIP established an investment policy that would consider proposals submitted by any student, alum, or faculty for divestment from entities that contribute to activities that "shock the conscience.” Such parameters include instances of human suffering, natural calamity, and injury, and Oberlin currently conducts 100% negative screening within its portfolio based on these parameters.
Oberlin 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: No
- CDP: No
- Committee for Investor Responsibility: No
- Divestment Goal: Yes
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes, Impact Investing Platform (IPP)
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
Villanova University
Villanova University
Endowment Value: $1.12 billion (2021)
Villanova University is a private research university located in Radnor Township, Pennsylvania. Founded by the Order of Saint Augustine in 1842, VU is the oldest Catholic university in the Commonwealth of Pennsylvania. It has a student body of approximately 6,800 students.
In 2007, Villanova President Rev. Peter Donohue signed the American College & University Presidents’ Climate Commitment (ACUPCC), vowing that Villanova would achieve carbon neutrality by 2050. To achieve this, Villanova will invest in improving campus infrastructure efficiency, purchasing carbon offsets, and financing renewable energy for Villanova’s campus. In April 2014, Villanova signed the St. Francis Pledge, committing the University to protect the Earth and to advocate on behalf of people in poverty who face the most severe impacts of global climate change.
In January 2019, over 200 students and faculty held a town hall meeting to discuss the issue of climate change. Proposals at the meeting included hiring new personnel to focus on climate change, moving the carbon neutrality goal to 2030, creating a new Center for Sustainability, and divesting from fossil fuels.
Villanova has a Committee on Social Responsibility Proxy Votes (CSRPV) that is composed of faculty, student, and staff representatives. The CSRPV conducts its activities in accordance with the investment guidelines issued by the US Conference of Catholic Bishops. The CSRPV guides Villanova in exercising its rights as a shareholder to vote in a socially responsible manner.
Villanova’s School of Business is home to the first socially responsible student-managed fund in the country.
Villanova University is a participant or member of the following Initiatives & Commitments:
- IEN Member (2016)
- AASHE STARS: Yes, Silver
- ACUPCC: Yes, Carbon Neutral by 2050
- 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: No
- Principles for Responsible Investment: No
Other Sustainable Investing Practices and Resources:
Portland State University
Portland State University
Endowment Value: $80.3 million (2020)
Portland State University (PSU) is a public, nonprofit, coeducational research university located in Portland, Oregon with a student body of around 25,000. The Investment Committee of the PSU Foundation Board of Trustees oversees the endowment.
Portland State University is on its way to becoming the first university in Oregon to have no investments in the Carbon Underground Top 200 companies, the companies that own the most global fossil fuel reserves.
As a result of student advocacy on the Divest Portland State (DPS) campaign, an Environmental Social Governance (ESG) statement was added to the PSU Foundation’s investment policy in early 2015 and entails both a quarterly investment portfolio review and a negative fossil fuel screening across 100% of its portfolio. Nearly 50% of the value of PSUF’s holdings are in funds with positive SRI screenings.
PSU currently has a Green Revolving Fund (GRF), established after its pledge to the Billion Dollar Green Challenge. The GRF provides funding for energy efficiency projects across campus. The fund currently holds $1.5 million and has funded nearly 20 projects since its inception in 2013.
Portland State University is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member (2016)
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Climate Neutral by 2040
- Billion Dollar Green Challenge: Yes
- CDP: No
- Committee on 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 Practices and Resources:
Ball State University Foundation
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: