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17 Foundations Pledge To Divest Their Stocks Of Fossil Fuels

Seventeen foundations announced their commitment to divest their stocks of fossil fuel companies Thursday, and pledged to invest in companies working in renewable energy, efficiency and other environmental causes.

The foundations, which together control about $1.8 billion in investments, have joined to form the Divest-Invest Philanthropy, an organization that includes groups such as the Ben and Jerry’s Foundation, the Park Foundation and the Wallace Global Fund.

Ellen Dorsey, Executive Director of the Wallace Global Fund, said on a press call Thursday that foundations face ethical as well as financial imperatives to divest their stocks of fossil fuel companies. The Wallace Global Fund’s main priority is environmental health, and that, coupled with the “readily available” and profitable investment opportunities in clean energy, made divestment a logical choice for the Fund, Dorsey said. The Fund’s portfolio is nearly 100 percent free of fossil fuel companies.
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