The Educational Foundation of America and the Jessie Smith Noyes Foundation are among the 17 foundations who have vowed to divest the fossil fuel stocks in their endowments and invest at least five percent of their assets in clean-energy companies, reported The Chronicle of Philanthropy.
Seventeen foundations with nearly $2-billion in assets have vowed to divest the fossil-fuel stocks in their endowments and invest at least 5 percent of their assets in clean-energy companies, and they are urging other foundations to follow their lead.
The foundations are scheduled to announce the campaign, dubbed Divest-Invest Philanthropy, at a news conference in Washington today. They say the threat posed by global warming requires foundations to do more than merely make grants to charities that are focused on the problem….