Charitable organizations are being called to divest their assets from fossil fuels. Divestment is a large and growing phenomenon. Calls to divest are coming from all quarters ranging from students to shareholders.
Charitable organizations are feeling the pressure to divest as well. In September 160 of the world’s leading environmentalists called on charitable foundations and philanthropists to pull their investments out of fossil fuel companies.
The campaign was organized by Solarcentury founder, green energy entrepreneur Jeremy Leggett, who is also the chair of SolarAid and the Carbon Tracker Initiative. He has put together a declaration that was circulated by the European Environment Foundation (EEF), who is also writing to foundations directly.
“The world’s philanthropic foundations, given the scale of their endowments, hold the power to trigger a survival reflex in society, so greatly helping those negotiating the climate treaty,” states the Environmental Laureates’ Declaration on Climate Change.
“The world’s philanthropic foundations fund work which improves the lives of millions of people around the world, but if they want that work to last they can’t afford to ignore climate change,” said Leggett. “Investing in a clean energy future is the best way to safeguard their work and their finances.”
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