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Fossil-Fuel Divestment Gains Momentum in Philanthropy
Foundation: MacArthur Foundation, Knight Foundation, Surdna Foundation, Ford Foundation, McKnight Foundation
Two of the world's biggest foundations have decided to get out of the fossil fuel business, the New York Times reports.
The Ford Foundation, which has $16 billion in assets, says it will no longer invest in coal, oil, and gas companies and will shift its investments to "climate-friendly" companies and funds within five years.
The MacArthur Foundation, which has around $20 billion, will do the same within a year.
"We're calling on governments and corporations to act on climate aggressively and commensurate with the science," says a leader of Divest-Invest Philanthropy, which is pushing the philanthropic community to get out of fossil fuel investments.
Both foundations are joining nearly 200 charitable organizations and firms that manage investments for wealthy families that have committed to divest, according to Divest-Invest Philanthropy.
"I'm glad that we were able to finally reconcile our financial imperative with our moral imperative as a foundation," the Ford Foundation's president tells the AP.
But critics say such moves could hurt investment returns and hinder foundations from maintaining their endowments, which are required to pay out only 5% of their assets annually.
"I don't think the Ford Foundation deserves to be congratulated for doing the right thing," a former Wall Street portfolio manager tells the Times.
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