Seventeen philanthropic foundations controlling nearly $2 billion in assets have agreed to put their money where their ethics are, announcing they will be divesting all their holdings in the fossil fuel industry and reinvesting in the clean energy sector.
Organized as the Divest-Invest initiative, the coalition said they could no longer stay invested in the fossil fuel economy “when the climate science is clear that the window to preserve a livable climate is closing fast.” Organized as the Divest-Invest initiative, the coalition said they could no longer stay invested in the fossil fuel economy “when the climate science is clear that the window to preserve a livable climate is closing fast.” In addition to their own divestment, the foundations urged other philanthropic groups to do the same.
The move was quickly welcomed by campaigners at Go Fossil Free, a project of 350.org and leaders of the international fossil fuel divestment campaign.
“The financial risks of staying invested in fossil fuels are high because two-thirds of proven fossil fuel reserves simply cannot be burned, yet the markets treat this basic physics like it is science fiction,” said Tom Van Dyck, Financial Adviser at RBC Wealth Management. “Either coal, oil and gas deposits become stranded assets, or we do.”
Re-post of To Break Fossil Fuel Industry’s Grip, Foundations Divest Nearly $2 Billion from Common Dreams.
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