California State University - Northridge
California State University—Northridge
Endowment Value: $203.5 million (2021)
California State University, Northridge (CSUN) is a public university in the Northridge neighborhood of Los Angeles, California. It is the second-largest branch of the 23-campus California State University system with a student body of over 40,000 students. CSUN's endowment is directly managed by the California State University Northridge Foundation. The university’s Board of Directors has given the CSUN Foundation’s Finance and Investment Committee the authority to monitor investments and policies.
In 2015, students enrolled in Finance 437 were given the opportunity to manage $250,000 invested in ESG funds and companies. Students referred to Corporate Responsibility Magazine’s ranking of the “100 Best Corporate Citizens.” The class, taught by Dr. Mike Phillips, employs a different investment strategy each semester in an attempt to understand which ESG investing method is most effective.
Initiatives & Commitments:
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Climate Neutral by 2040
- Billion Dollar Green Challenge: No
- CDP: Yes
- Committee on Investor Responsibility: No
- Divestment Goal: Yes, halt fossil fuel investments
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: No
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices:
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California State University Undergraduate Managed Sustainability Fund
- This fund is sponsored by The University Corporation and it is a class project for FIN 491ABH, a Business Honors Seminar class.
- Northridge Foundation Endowment Portfolio Holdings Snapshot (June 2018)
- CSU Sustainability Policy
Resources from CSU, Northridge:
ESG Investing: A Simple Approach l James Chong and G. Michael Phillips, The Journal of Wealth Management (2016)
Middlebury College
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:
Brown Univeristy
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
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)
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:
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)
Hampshire College

Endowment Value: $48.5 million (2021)
Hampshire College is a private liberal arts college located in Amherst, Massachusetts. The college's endowment, of which is 80% donor-restricted,is managed by the Trustees of Hampshire College.
Hampshire College was among the first colleges to adopt SRI policies in the 1970s, and it was the first to divest from South Africa to protest apartheid. In 2011, Hampshire began incorporating ESG principles into its investment strategy by adopting an investment policy that emphasized positive screening and active investment in companies that aligned with Hampshire’s mission. This new policy led Hampshire College to become the first college to divest from fossil fuels.
Hampshire College’s Policy on Environmental, Social, and Governance Investing acknowledges that because of the long-term risks certain business practices pose, consideration of ESG principles is part of the college’s fiduciary duties. Read the full policy here.
In January 2019, College President Miriam Nelson announced the College’s intention to find a long-term strategic partner to merge with and ensure a “thriving and sustainable future”, citing both financial and enrollment hardships as a small, under-endowed liberal arts college.
In 2020, Hampshire 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.
Hampshire College is a participant or member of the following Initiatives & Commitments:
- IEN Founding Member (2016)
- AASHE STARS: Yes, Gold
- ACUPCC: Yes, Carbon Neutral by 2032
- Billion Dollar Green Challenge: Yes
- CDP: No
- Committee for Investor Responsibility: No
- Divestment Goal: Yes
- INCR: No
- Montreal Carbon Pledge: No
- Sustainable Investment Fund: Yes, Sustainability Revolving Fund (SURF)
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: No
Other Sustainable Investing Practices and News:
- President’s Strategic Partnership Announcement (January 2019)
- Hampshire College Case Study (November 2017)
- Hampshire College Amends Investment Policy to Exclude Prison Industry (November 2015)
- How Hampshire Invests (April 2015)
- Hampshire Sustainability
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:
University of California
University of California System
Endowment Value: $29.9 billion (2021)
The University of California is a public university system in California. It has 10 campuses located in Berkeley, Davis, Irvine, Los Angeles, Merced, Riverside, San Diego, San Francisco, Santa Barbara, and Santa Cruz. The Office of the Chief Investment Officer of the Regents manages the UC system’s endowment.
In September of 2014, the Office of the Chief Investment Officer (OCIO) developed and adopted a framework on sustainable investing. The framework, developed with input from the UC Board of Regents, UC students, faculty, staff, and other stakeholders, requires the OCIO to consider ESG factors when making investment decisions. In 2017, UC adopted an additional policy to strengthen its ESG framework. The OCIO applies a handful of negative screens to its investments, including companies doing business in Sudan and those involved in thermal coal or oil sands, tobacco, firearms, and private prisons.
The UC has made significant investments in various sustainable companies, funds, and initiatives and is an active member in several climate-related investor groups. In 2015, the UC founded the Aligned Intermediary, an investment advisory group that helps long-term investors identify climate infrastructure projects in clean energy, water infrastructure, and waste-to-value that they can invest in. In 2017 the UC endowment made a $50 million sustainable agriculture investment through the AI platform. That same year, the UC became the first and only institutional investor to sign on to the Bill Gates Breakthrough Energy Coalition. In 2018, UC announced a commitment to invest $1 billion over five years in climate change solutions.
In July 2019, UC’s Academic Senate announced the passage of a Memorial calling on the UC Board of Regents to divest from the top 200 fossil fuel companies. The memorial was voted on by faculty at all 10 campuses of the university system and received a combined vote of 77% in favor.
In September of 2019, the University of California announced its plans to divest from all fossil fuel securities. Between UC’s endowment and its pension fund, the University divested over $80 billion from fossil fuels, making it the single largest act of fossil fuel divestment in the movement’s history. “We believe hanging onto fossil fuels is a financial risk,” said chief investments officer Jagdeep Singh Bachher of the University’s divestment decision. By May 2020, the University announced it had completed its divestment process. UC sold over $1 billion in fossil fuel assets.
In 2020, the University of California 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.
The UC System and/or Individual Campuses are a participant or member of the following Initiatives & Commitments:
- IEN Founding Member (2016)
- AASHE STARS:
- ACUPCC: Yes, 10 Campuses With Various Goals
- Billion Dollar Green Challenge: Yes, UC Los Angeles
- CDP: Yes
- Committee for Investor Responsibility: Yes (UC Merced, UC Berkeley, UC Irvine, UC Riverside, UC San Diego, UC Santa Barbara, UC Santa Cruz)
- Divestment Goal: Yes, full divestment
- INCR: Yes
- Montreal Carbon Pledge: Yes
- Sustainable Investment Fund: Yes
- Sustainable Investment Policy: Yes
- Principles for Responsible Investment: Yes
Other Sustainable Investing Practices:
- Sustainable Investing Framework, Office of the Chief Investment Officer of the Regents
- Chief Investment Officer of the Regents: Sustainable Investment Page
- Feb. 2015 - UC's Progress on Sustainable Investment Strategy
- Sept. 2014 - UC's Announcement of Sustainable Investment Strategy
- University of California Sustainability
- UC Berkeley's Sustainable Investment Fund
Additional Resources:
- University of California says it has fully divested from fossil fuels (May 2020)
- UC Investments creates a program to increase the percentage of diverse management professionals working with the endowment (December 2019)
- The University of California system is ending its investment in fossil fuels (September 2019)
- UC investments are going fossil free. But not exactly for the reasons you may think Jagdeep Singh Bachher and Richard Sterman, LA Times (September 2019)
- UC Faculty Call on Regents to Divest UC Funds from Fossil Fuels (July 2019)
- UC Administration to Reinvest $500 Million Away from Fossil Fuels (April 2018)
- UC investment plan seeks solutions to climate change (September 2015)
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: