The launch of the Vanderbilt Green Fund (VGF) was announced Tuesday, signifying the university’s investment in sustainable energy.
According to a weekly Vanderbilt Student Government e-mail, the VGF “was created to systematically reduce Vanderbilt’s greenhouse gas emissions by funding projects with both environmental and economic benefits,” allowing students, faculty and administration to collaborate on “long-term conservation efforts.”
According to sophomore Katie Ullmann, vice-president of Students Promoting Environmental Awareness and Responsibility (SPEAR), was a driving force in gaining student support.
“The administration and VSG weren’t sure if this would work at Vanderbilt,” Ullmann said. After receiving student surveys and letters of support, the administration responded with $75,000 to establish the green fund, Ullmann said.
Tennessee is the state with the most student green funds in the nation.
“Everyone’s model is a little bit different, but they are able to provide the capital for sustainability projects on campus,” Ullmann said.
Ullmann said the VGF will function as a three-year trial of a non-revolving fund. After three years, the university will assess the impact of the VGF and determine whether the fund could then be phased into a revolving initiative.
“Due to uncertainty in economic times, there is no verbal commitment past the three years, but this is good because we are talking about it,” said SPEAR President Karen White.
The shift to a Green Fund will provide students the opportunity to submit sustainable energy project proposals. Applications are available on the . The deadline is March 16 at 8 p.m
“Any project that could shift energy demand from the peak hours would be extremely competitive,” White said of the recent changes and the rising cost of energy.
White said an initiative such as passive solar water heating has the potential to reduce a large load of peak energy use in Rand Dining Hall.
The sitting president of SPEAR will serve on the VGF committee, contributing to the legislation of funding and selection of green projects.
Vanderbilt was among 52 schools included in the first survey conducted about green revolving funds (GRFs) in higher education published by the institute Greening the Bottom Line.
“The trend is clear both in terms of money saved and reduced energy consumption,” said Mark Orlowski, executive director of the institute. “The number of green-revolving funds has more than quadrupled since 2008. A major incentive is the financial benefit. Our survey found a median annual return on investment of 32 percent.”
According to the report published by the institute, “a wide variety of projects are financed through GRFs, ranging from dormitory showerhead replacements to retrofitting lighting across campus.” In 2009, Harvard University outfitted 10 parking garages with energy-efficient lighting, and as a result saw annual savings of $400,000.
Although Vanderbilt was among the list of 52 surveyed schools, VSG president-elect Adam Meyer discussed the complexity of a “revolving” fund. Meyer said he is hesitant to dub Vanderbilt’s green fund as revolving, for the term implies that money “saved” from projects goes directly back into the fund.
“Just because there are energy savings, does not mean there are economic savings,” Meyer said.
Although Meyer said he does not qualify Vanderbilt’s current green fund as a GRF, he stresses that the money put towards improving campus energy efficiency draws from a fund, not a fee.
Meyer says leaders from housing, plant operations and the Dean of Students have agreed to set aside a substantial amount of money to go towards green initiatives, and that the concept of supplying university funds for the purpose of environmental upgrades is not new, but rather now the focus is on pooling together money to create a central account for university sustainable projects. Vanderbilt’s green fund, still in its developing phase according to Meyer, “will grow.”
Greening the Bottom Line reports on the first survey everconducted about green revolving funds in higher education. Research for the report took place between November 2009 and January 2011 and includes data from 52 universities in 25 U.S. states and two Canadian provinces. Funds surveyed range in size from $5,000 at the College of Wooster to $12 million at Harvard University, with an average size of $1.4 million.
The principal author of the report is Dano Weisbord, founding sustainability director at Smith College. Contributing authors are Julian Dautremont-Smith (University of Michigan and former Associate Director, AASHE) and Mark Orlowski (Executive Director, Sustainable Endowments Institute).
The report was produced by the Sustainable Endowments Institute in partnership with the following 11 organizations: Association for the Advancement of Sustainability in Higher Education (AASHE), American College and University Presidents’ Climate Commitment, Center for Green Schools at the U.S. Green Building Council, Clean Air-Cool Planet, Clinton Climate Initiative, National Association of Environmental Law Societies, National Wildlife Federation, Net Impact, Rockefeller Philanthropy Advisors, Second Nature, and the U.S. Environmental Protection Agency.
