Dive Brief:

• The University of Maine System’s investment committee voted Wednesday to pull out of its direct investments in coal mining companies.
• The Maine system would also avoid future investments in coal companies, but it would not divest completely from its fossil fuel investments.
• The investment committee decided not to fully divest from fossil fuels on the recommendation of New England Pension Consultants, which said such a move would hurt returns and risk management while increasing operational costs, the Portland Press Herald reported.

Dive Insight:

Only $500,000 of the university system’s $9.8 million in fossil fuel investments will be affected by the coal divestment, and coal investment exposure in co-mingled funds, including mutual funds, won’t be eliminated. The investments affected are spread out between three funds with $589 million managed for the university. The coal-only divestment follows the same strategy adopted by Stanford University earlier this year.