Coalition Backs out of Fossil Fuels, Reinvests in Clean Energy

Brian Hicks

Written By Brian Hicks

Posted January 31, 2014

cleantech renewable energy

A coalition called Divest Invest Philanthropy has issued a call for foundations to divest from fossil fuel companies and put their wealth behind clean energy producers. The coalition includes the John Merck Fund, Park Foundation, Russel Family Foundation, Wallace Global Fund, The Sierra Club Foundation, Ben & Jerrys Foundation, and a dozen others. This foundation has an estimated asset base of two billion dollars.

“While markets have yet to internalize climate risk, members of Divest-Invest Philanthropy are guided by science in taking this step…We are relying on a growing list of financial analyses that refute the conventional wisdom that divesting from fossil fuel stocks leads to greater risk or lower returns,” Ruth Hennig, Executive Director of the John Merck Fund said in a statement this week.

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