The University of Maine System says it has reduced its investments in fossil fuels since trustees voted two years ago to divest from the industry.
Kelly Regan, a partner with investment firm NEPC, told trustees on Monday that the system has recently moved to specific "fossil fuel-free" index funds and management strategies.
"I'll say that both of those investments have done well, in 2023, given the fact that energy, as an asset class, had negative returns," Regan said.
After years of student pressure, the system voted on a plan to eliminate fossil fuels from its investments by the end the decade.
University of Maine System Board Chair Trish Riley described the progress over the past year as "very encouraging."
The system has already divested all of its direct investments. But it still has a limited exposure through mutual and commingled funds of about 1%, worth nearly $7 million.
