Wednesday, May 18, 2022

Ford Foundation to divest millions from fossil fuels

The Ford Foundation, one of the largest private foundations in the US, announced on Monday that it will ditch millions of dollars in fossil fuels, following similar investment decisions made by other major foundations in recent years.

For years, climate activists have pressured gifted organizations like Ford to stop investing in fossil fuel companies like coal, oil and natural gas. The MacArthur Foundation, another dominant player in the world of philanthropy, and Harvard University announced last month that their institutions will stop investing in fossil fuel companies.

“As with any major decision in a dynamic organization, this choice was not without compromise,” said Ford Foundation President Darren Walker in a statement posted on the organization’s website.

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“Although only 0.3 percent of Ford Foundation donations are directly invested in fossil fuel companies, we take our responsibilities as trustees seriously and remember that if we impose limits on our investments, we may lose some profit for future generations. he added.

Going forward, the fund says it will invest its energy portfolio in alternative and renewable energy sources, as well as in funds that “address the threat of climate change and support the transition to a green economy.” The announcement from the organization, which has a $ 16 billion donation, came at a time when donors await the United Nations climate change conference to be held in Glasgow, Scotland later this month.

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Editor’s Note: The Ford Foundation is funding the PBS NewsHour program.

Nation World News Desk
Nation World News Desk
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