PITTSBURGH (AP) — A coalition of 17 foundations plan to divest their assets from fossil fuel companies and invest in renewable energy instead.
The Divest-Invest Philanthropy coalition announced the plans Thursday. Its members include the Wallace Global Fund, the Ben & Jerry's Foundation, and the John Merck Fund, and they're urging other foundations to join them.
The fossil fuel divestment campaign argues that it's wrong to pollute the air and contribute to climate change, so it's also wrong to profit from that. The campaign is targeting colleges and universities, public pension funds, and foundations.
American Petroleum Institute spokesman Reid Porter calls the proposals "preposterous" and says moving forward with the plans would be a significant disservice to any investor community. The API represents the industry and is based in Washington D.C.