Foundations Band Together to Get Rid of Fossil-Fuel Investments

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Taking cues from old fights to end apartheid and oppose tobacco, several foundations are addressing the warming of the planet. 

Seventeen foundations controlling nearly $1.8 billion in investments have united to commit to pulling their money out of companies that do business in fossil fuels, the group plans to announce on Thursday.

The move is a victory for a developing divestiture campaign that has found success largely among small colleges and environmentally conscious cities, but has not yet won over the wealthiest institutions like Harvard, Brown and Swarthmore.

But the participation of the foundations, including the Russell Family Foundation, the Educational Foundation of America and the John Merck Fund, is the largest commitment to the effort, and stems in part from a push among philanthropies to bring their investing in line with their missions.

Mark Aldiss‘s insight:


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