Australian Communities Foundation Divests $90 Million From Fossil Fuels

“We made that move because our donors have very strong values around social justice and taking a sustainable approach to the environment,” Sidey said.
“And we were asked by our donors to really start thinking about our investments and how we were aligning our investments with the social outcomes that we wanted to see through our distributions.”
ACF’s commitment means no new investments in the top 200 oil, gas, or coal companies, and selling any of these existing investments within five years.
The organisation will turn its investment focus to climate solutions such as renewable energy, sustainable agriculture and water efficiency…………
The commitment is part of a global DivestInvest announcement at the Global Climate Action Summit in San Francisco.
The global DivestInvest movement has commitments from almost 900 organisations – with combined assets of $6.2 trillion – to stop investing in fossil-fuel companies.
Clara Vondrich, global director of DivestInvest Philanthropy, welcomed ACF’s commitment, noting that “any mission-based philanthropy that pours grant dollars into programming while remaining invested in fossil fuels is treating symptoms while ignoring the cause”. https://probonoaustralia.com.au/news/2018/09/australian-communities-foundation-divests-90-million-fossil-fuels/
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