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:

• Sustainability at PSU

California State University—East Bay

Endowment Value: $16.9 million (2020)

California State University, East Bay is a public university in Hayward, California. CSU East Bay is part of the 23-campus California State University system and has a student body of almost 16,000 students. California State University East Bay's endowment is directly managed by the Cal State East Bay Educational Foundation. The Foundation is governed by a board of trustees who work closely with the University.  

According to the Foundation’s 2015 Investment Statement Policy, “the Foundation shall establish an SRI/ESG long-term portfolio to provide an option to donors who wish to maximize return, consistent with safety of principal, while “screening” to exclude companies that make products such as guns, cigarettes, etc., that are contrary to these donors’ values.” However, as of 2019, the SRI/ESG fund has not yet been utilized since no donor has requested to invest their gift in such a fund. 

Following student and faculty activism efforts, the California faculty association’s CSU East Bay chapter passed a resolution supporting a petition calling on the California Public Employees’ Retirement System (CalPERS) to divest from the 200 largest fossil fuel corporations as well as other student-driven petitions.

California State University, East Bay is a participant or member of the following Initiatives & Commitments: 

• IEN Member (2016)
• AASHE STARS: Yes, Bronze
• ACUPCC: Yes, Climate Neutral By 2040
• Billion Dollar Green Challenge: No
• CDP: No
• Committee for Investor Responsibility: No
• Divestment Goal: Yes, halt fossil fuel investments  
• INCR: Yes
• Montreal Carbon Pledge: No
• Sustainable Investment Fund: No
• Sustainable Investment Policy: No
• Principles for Responsible Investment: No

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

Endowment Value:  $922 million (2019)

Arizona State University (ASU) is a top-ranked research university in the greater Phoenix metropolitan area. ASU has a student body of over 80,000 students. The ASU Foundation manages ASU's endowment. The foundation also serves as the university’s entrepreneurial arm in technology commercialization, real estate investment, and other emerging initiatives.

In November of 2018, IEN published a Case Study for Arizona State University which provides in-depth coverage of the University's move toward sustainable investing. This case study was developed with significant input from the senior leadership from ASU and their investment advisors at BlackRock.

The Investment Committee advises the executive vice president, treasurer, and CFO in guiding the investment of university operating cash and endowment funds. The committee approves university investment policies, selects investment consultants and managers, monitors performance, and advises on investment strategies. Voting members of the committee include faculty from the W. P. Carey School of Business. Other voting members are appointed by the executive vice president, treasurer, and CFO.

Arizona State University’s on-site solar portfolio is one of the largest of any university in the United States, consisting of both ASU-owned and third-party-owned systems. ASU’s portfolio includes more than 24 MW dc equivalent of photovoltaic (PV), concentrated photovoltaic (CPV) and solar thermal capacity from 88 systems located throughout four major campuses and the ASU Research Park. ASU’s portfolio of renewable energy accounts for approximately 13% of ASU’s total electric use, avoiding approximately 21,000 metric tons of carbon dioxide equivalent emissions per year, roughly the same as the annual emissions of 4,500 passenger vehicles.

ASU’s revolving fund is called the Sustainability Initiatives Revolving Fund, or SIRF. The SIRF was established in 2010 to invest in projects that foster sustainability efforts and provide an economic return on investment. SIRF funds are available to ASU community members. With the exception of small SIRF grant projects (less than $5,000), SIRF projects have certain investment criteria (e.g., IRR, NPV, and payback goals). Projects include lighting retrofits, HVAC improvements, and central utility infrastructure improvements.

In January of 2015, the ASU Foundation partnered with the Intentional Endowments Network to host the Intentionally Designed Endowment Forum. Over 100 higher education administrators convened to discuss how endowments can be used to create a more sustainable and equitable future.

As of July 2019, the ASU Foundation offers a socially responsible investment fund for endowment donors to donate to rather than the traditional endowment pool.

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

• IEN Founding Member (2016)
• AASHE STARS: Yes, Platinum (2020)
• ACUPCC: Yes, 0 emissions by 2025
• Billion Dollar Green Challenge: Yes
• 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

Sustainable Investing Resources from ASU:

• ASU Endowment
• Arizona State University Case Study (October 2018)
• Socially Responsible Investing at the ASU Foundation
• Investment Management Model
• ASU SIRF: Sustainability Initiatives Revolving

Articles: 

• ASU Foundation creates new socially responsible investment fund (July 3, 2019)

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 Toronto 

Endowment Value: CAD $3.15 billion (2021)

The University of Toronto is a public research university located in Toronto, Ontario. UT has a student body of over 88,000 students across 11 colleges. The University of Toronto Asset Management Corp. (UTAM) oversees the University's endowment. The Responsible Investing Committee (RIC) oversees all matters relating to the development and implementation of UTAM’s responsible investing practices and is composed of senior leaders at UTAM.

In order to promote the many sustainable projects and programs on UT’s campus, the university publishes a Sustainability Yearbook. The 2018 yearbook highlighted programs such as Bikechain (a do-it-yourself bike shop) and the replacement of gas-powered equipment with new battery-powered equipment. The University of Toronto does not simply want to be sustainable. They also want to educate their students, faculty, staff, and the surrounding community on the importance of sustainability and how each individual can make a difference.

According to ATUM’s responsible investing policy, established in 2016, ESG factors play an integral part of its investment analysis and decision-making processes, including the selection of investment managers, transparency, and shareholder engagement. Since becoming a signatory of the UN’s Principles for Responsible Investment (PRI) in 2016, several UTAM investment officers have joined PRI advisory committees.

The University of Toronto has an active Global 350.org chapter, Toronto 350.org, that has been urging the administration to divest from fossil fuels since 2014. It has played a significant role in sparking debate around divestment. 

In response to The University of Toronto's 2016 decision not to divest from fossil fuels, President Meric Gertler provided a Q&A session regarding the University's decision and discussed its new 14-point plan to address climate change and include ESG factors in the university’s investment strategy. The plan includes a commitment to invest $750,000 over the next three years to foster innovations in teaching and curriculum focused on climate change.

In February 2020, the University of Toronto announced its plan to reduce the carbon footprint of its long-term investments. The university hopes to reduce its carbon footprint by 40% by 2030. UT will report on its progress in achieving this goal as investment decisions are made.

In June 2020, the University of Toronto 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 Toronto is a participant or member of the following Initiatives & Commitments: 

• AASHE STARS: No
• ACUPCC: No
• Billion Dollar Green Challenge: No
• CDP: Yes
• Committee on Investor Responsibility: Yes
• Divestment Goal: Yes, divestment from fossil fuels
• INCR: No
• Montreal Carbon Pledge: Yes
• Sustainable Investment Fund: No
• Responsible Investment Policy: Yes
• Principles for Responsible Investment: Yes

Other Sustainable Investing Practices:

• Universities sign U of T-led responsible investment charter to help address climate change (2020)
• Annual Responsible Investing Report (2018)
• UTAM Joins the Global Climate Action 100+ Initiative (December 2017)
• U of T’ s Asset Management Responsible Investing page
• Q&A With the President of The University of Toronto Meric Gertler: Beyond Divestment (March 2016)
• Sustainability at U of T