The Fund, which was amassed thanks to oil consumption, previously had invested 7% of its 860 billion dollar fortune in fossil fuels. However, they are the latest group to join Divest Invest Philanthropy – a coalition of more than 800 organizations, cities, educational institutions, religious groups and individuals divesting
from fossil fuels and investing in clean energy. (tcktcktck.org). The group has declared a total divestment of $50 billion from fossil fuel assets including tar sands investments over the next five years.
According to a new report by the group "As of September 19, 2014, 181 institutions and local governments and 656 individuals representing over $50 billion in assets have pledged to divest from fossil fuels. These institutions and individuals come from a diverse range of sectors and backgrounds, including universities, faith-based organizations, philanthropies, health-care providers, local governments, and NGOs. Since January 2014, the number of commitments by campuses, churches, cities, states, hospitals, pension funds, and other institutions—both in the United States and abroad—have more than doubled, from 74 to 180." (tcktcktck.org).
This announcement has been the latest in the growing trend of the divestment and Fossil Free movement. Other notable organizations going fossil free include the World Council of Churches, the British Medical Association, Stanford University and the Ben and Jerry’s Foundation. (tcktcktck.org).
Now major businesses that made their fortune from oil are divesting from fossil fuels. The signal is clear, fossil fuels are on their way out as the world demands investment in clean energy and a low carbon future.