The act of divestiture is as the term might suggest the opposite of investment, it is the act of reducing or selling assets for financial, political or ethical purposes. Fossil fuel divestiture is a movement whereby businesses, governments, municipalities, pension funds, foundations and even individuals commit to selling and not purchasing or investing in any businesses that hold fossil fuel assets. The purpose of the fossil fuel divestiture movement is to cut off financial supply and support throughout the public and private sector to reduce fossil fuel use and support efforts to combat climate change. Funds no longer used to invest in fossil fuels are instead invested in renewable energy enterprises.
Background
In February of 2018 Ireland made the announced that the country had voted to end all investments in coal and oil, making it the first country to commit to divestiture.[1]
Notable Organizations
Universities
- California Institute Of The Arts
- Stanford University
- The New School New York City
- San Francisco State University
- Hampshire College Amherst Massachusetts
- University of Glasgow
- University of Massachusetts
- Syracuse University
- Victoria University Wellington New Zealand
- Johns Hopkins University
- Humboldt State University
Foundations And Trusts
- Rockefeller Brothers Fund
- Bill And Melinda Gates Foundation
- Wallace Global Fund
- SUNY New Paltz Foundation
- The John Merck Fund
- The Robert and Patricia Switzer Foundation
- Russell Family Foundation
- Ben and Jerry’s Foundation
- The Noya Fields Family Funds
- David Suzuki Foundation
- Comart Foundation
- The Catherine Donnelly Foundation
- The Park Foundation
- The Ray C. Anderson Foundation
- The Lemelson Foundation
- Schmidt Family Foundation