The Ford Foundation, one of the largest private foundations in the United States, announced Monday that it will divest millions from fossil fuels, following similar investment decisions made by other sizable foundations in recent years.
Ford Foundation President Darren Walker said in a statement 0.3% of the foundation’s endowment was directly invested in fossil fuels.
He says the foundation “may forsake some amount of return for future generations” by choosing to divest. For years, climate activists have put pressure on endowed institutions to end their investments in fossil fuel companies.
MacArthur Foundation and Harvard University both announced last month that their institutions would end investments in fossil fuel companies.