The following is a collection of statements on the university’s adoption of a framework for sustainable investing.

“Over the past year, the University of California Board of Regents together with the Office of the Chief Investment Officer have carefully considered the benefits of enhancing our sustainability framework and integrating it into our deliberations for determining the most appropriate balance of asset allocation strategies and long term goals to meet the UC community's financial objectives. We believe our new sustainable investing framework, which commits $1 billion to climate solutions, will ensure that we can best respond to today’s dynamic market conditions that will increasingly be influenced by environmental, social and governance issues.”

Paul Wachter
Regent, University of California Board of Regents
Chair, Committee on Investments

“It is imperative that the University of California consider sustainability within the context of the financial goals for our community stakeholders. I believe the Office of the Chief Investment Officer of the Regents, in their work with the UC Board Of Regents, has created a balanced approach that marries together sustainability risks and concerns that are emerging in the local and global economy with a strong due diligence evaluation process that is consistent with fiduciary duty.”

John A. Pérez
Regent, University of California Board of Regents

“For the past year, the University of California Board of Regents has worked closely with the Office of the Chief Investment Officer to ensure that sustainability is part of our due diligence process for investment. In today’s volatile markets, we must consider all aspects of the changing world, including environmental, social and governance issues that are often front and center in financial headlines.”

Richard Sherman
Regent, University of California Board of Regents

“The discussion of ethical investment practices are often reduced to a zero-sum game: to invest sustainably and responsibly is to forfeit profits, and the converse. However, Jagdeep Bachher and his leadership team have proven that both elements, in fact, complement each other. Such beliefs build the character and integrity of the university, and I welcome the Office of the CIO’s commitment to working alongside students and expanding the criteria of what worthwhile investments look like.”

Avi Oved
Student Regent, University of California Board of Regents

“The Office of the Chief Investment Officer is holistically looking at investment portfolios that align with our ethical beliefs and values on sustainability. The CIO’s efforts move the University of California forward on sustainability trends are at the heart of socially conscious fiscal management. We are moving in the right direction and will continue to work with students, staff and faculty in the years to come.”

Marcela Ramirez, M.S.
Student Regent-Designate (2015–16), University of California Board of Regents

“Climate change represents one of the greatest long-term risks both to the global economy and to investment portfolios. As a world leader in climate science and policy research, UC Berkeley is spearheading efforts to encourage our university to think proactively about climate risks and the capital needed for effective solutions to climate change. The Office of the CIO’s commitment to sustainable investing is forward-thinking and we look forward to continue collaborating to drive the conversation and to position the UC’s portfolio to benefit from the transition to a lower carbon world.”

Nicholas B. Dirks
Chancellor, UC Berkeley

“On our campuses at the University of California, scholars are trailblazing new pathways on climate change mitigation, prison reform, food security and energy transitions, to name a few areas where the UC is contributing solutions to society’s major issues. With its new sustainable investing framework, the UC Office of the Chief Investment Officer of the Regents blazes its own contribution to improving the way long term investors can influence solutions to the world’s most pressing challenges.”

Pradeep K. Khosla
Chancellor, UC San Diego

“This statement represents a very challenging, long-term effort by the Office of the Chief Investment Officer to incorporate ESG concerns into the due diligence that should accompany any active investments by the university. The approach emphasizes that it is not a departure from fiduciary responsibilities so much as a recognition of some of the relevant risks to consider in investing.

I am particularly glad about the openness of the process and the interest in drawing upon the best thinking from like-minded institutional investors and, importantly, the faculty who teach and conduct research at the cutting edge of thinking about sustainable investing.

The statement will surely stimulate widespread discussion and comment by the Academic Senate as the process continues to evolve.”

Jim Chalfant
Professor of Agricultural and Resource Economics, UC Davis
Vice Chair, UC Systemwide Academic Senate

“The coal and tar sands divestment decision by the University of California takes a vitally needed step in climate leadership and in minimizing the risk of fossil fuels in our financial and energy portfolio.”

Daniel Kammen
Professor of Energy, UC Berkeley
Coordinating Author, IPCC
Founding Director, Renewable and Appropriate Energy Lab

“I appreciate the opportunity to have watched you develop your framework to include ESG concerns into UC’s investment decisions over the past year or more. Most members of the relevant committees of the Academic Senate with whom you have met agree with, and support, the idea that introducing ESG issues into investment decisions is not an abrogation of fiduciary responsibility but is now essential to meet that responsibility. I encourage you to continue sharing your ideas about further implementation with Senate leadership and Senate committees in the future.”

J. Daniel Hare, PhD
Professor, Department of Entomology, UC Riverside
Chair, UC Systemwide Academic Senate
Faculty Representative to the Board of Regents

“I am proud that my university and my state are shining a bright light on climate change as the defining issue of our generation. The leadership of the Chief Investment Officer of the University of California, through its $1 billion commitment to invest in climate solutions, is an example for other institutions of the imperative to take bold action.”

Dr. Veerabhadran Ramanathan
Distinguished Professor, Scripps Institution of Oceanography, University of California San Diego

“As long-term investors it was natural that we must consider risks with longer horizons, such as climate change, that pose substantive challenges to the foundational assumptions that underpin most portfolios’ construction today. At the UC, we know it is our fiduciary duty to consider the wider variety of sustainability scenarios that could threaten the value of future ranges of assets and position our portfolios accordingly. I extend my sincere appreciation and respect for the work the UCOCIO has done over the past 18 months to design, develop and build an investment decision-making framework that incorporates these long-term risks in the context of a pure financial and commercial investment operation. The dividends will be significant in the returns that can be generated from this way to improve analysis on the risk-reward evaluations for the portfolio.”

Dr. Ashby Monk
Senior Advisor, UC’s Office of the CIO
Executive and Research Director, Global Projects Center at Stanford University

“The transition to a low carbon economy may be the most important financial theme of the next 20–30 years. The University of California is extraordinarily well-situated to profit from this theme while taking a leadership position in the process.”

Nat Simons
Founder, Prelude Ventures, UC Berkeley, Alumni

“We applaud University of California for addressing head-on the challenges of integrating sustainability issues holistically throughout the UC system. Sustainability is an important strategic investment issue. The decisions of business leaders and investors can influence how our global, state and local governments plan and respond to issues (such as climate change) as well as influence how businesses and their local communities approach current challenges and future potential risks. Business and investment risks can also impact the returns of investment portfolios. As a world-class university, a large mainstream investor and an asset-owner signatory to the PRI, we welcome their collaborative approach to engage with their stakeholders and peers to drive market innovation and dynamism.”

Maria Lettini
Associate Director, Networks & Global Outreach, UNPRI

“During my two years as a student at UC Berkeley, I helped establish and lead the UC system-wide fossil fuel divestment campaign. Upon graduating, I joined the OCIO to help develop and implement this framework for sustainable investing, which I am proud to say positions the UC as a leader in sustainable investing by recalibrating fiduciary duty to include the systematic consideration of sustainability factors. More than any one divestment decision can achieve, this forward-thinking document will guide the holistic integration of environmental, social and governance factors across the OCIO’s investment decision-making, help facilitate the alignment of the university’s investment portfolio with its commitment to sustainability, and ultimately enhance the OCIO’s ability to meet its financial objectives.”

Ophir Bruck
Sustainable Investment Analyst, Office of the Chief Investment Officer of the Regents

“Further clean energy innovation to improve the cost, performance, and scalability of low-carbon energy technologies will be critical to taking action against climate change. Foundations and institutional investors have the potential to play an important role in accelerating our transition to a low-carbon economy and cutting carbon pollution. Taking just one example, the University of California Board of Regents will build on its commitment to allocate at least $1 billion of its endowment and pension over five years for investments in solutions to climate change.”

Brian Dees
Senior Advisor to President Obama

“This impressive document obviously results from a deep, disciplined and systematic inquiry into how to fully integrate sustainability factors into all aspects of the investment process. The beliefs and values it reflects honor the Regents’ commitment to do their part in helping to solve the climate crisis, while embracing an intelligent approach that is also likely to enhance returns.”

Al Gore
45th U.S. Vice President