17 foundations divest from fossil fuels.

NYT: “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 announced on Thursday.”

“…. 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.
“At a minimum, our grants should not be undercut by our investments,” said Ellen Dorsey, executive director of the Wallace Global Fund, which is practically divested of fossil fuels already and is coordinating the effort among foundations. “If you owned fossil fuels in your investment portfolio, it became increasingly clear to foundations that they own climate change, and they’re potentially profiting from those investments,” at the same time as they make grants to fight the issue.
She said she expected several larger foundations to commit to the effort, which includes moving investments to renewable energy or other sustainability ventures, in the coming months.
Among the largest in the current group is the Park Foundation, with a portfolio worth roughly $335 million, and the Schmidt Family Foundation, with about $304 million, co-founded byGoogle’s executive chairman, Eric E. Schmidt.
….In addition to the foundations, 22 cities, two counties, 20 religious organizations, nine colleges and universities and six other institutions had signed up to rid themselves of investments in fossil fuel companies, frequently defined as the top 200 coal-, oil- and gas-producing companies identified in a report from the Carbon Tracker Initiative based in London.
The campaign’s expansion comes as institutions like public pension funds are changing their investment strategies to reflect a calculation of the so-called carbon bubble. That idea holds that most of the coal, oil and gas reserves owned by fossil fuel-based companies cannot be burned without dire climate consequences, meaning that the value of those companies will plummet once governments start strictly limiting emissions.”