Ellen Dorsey, a veteran of the anti-apartheid movement, has used her activist experience and her leadership position at the Wallace Global Fund to push for divestment from the fossil fuel industry.
The Wallace Global Fund has supported the fossil fuel divestment movement from its inception. By 2021, the movement had propelled divestment of over $14 trillion in assets from universities, pensions cities, faith groups and more.
Dorsey launched Divest Invest Philanthropy, a coalition of over 200 foundations to divest their endowments from fossil fuels and invest in climate solutions. She says foundations can still do more to invest their endowments in climate solutions, and shouldn’t be “hoarding acorns” in this “moment of urgent need.”
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Fossil-fuel free endowments and pension funds are rarely free of fossil fuels Here s why that s a problem
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In a few months, a small British financial think tank will mark the tenth anniversary of the publication of a landmark research report that helped launch the global fossil-fuel-divestment movement. As that celebration takes place, another seminal report this one obtained under the Freedom of Information Act from the world’s largest investment house closes the loop on one of the key arguments of that decade-long fight. It definitively shows that the firms that joined that divestment effort have profited not only morally but also financially.
The original report, from the London-based Carbon Tracker Initiative, found something stark: the world’s fossil-fuel companies had five times more carbon in their reserves than scientists thought we could burn and stay within any sane temperature target. The numbers meant that, if those companies carried out their business plans, the planet would overheat. At the time, I discussed the report with Naomi Klein, who,