December 9, 2014
Divesting of Fossil Fuels Investments
At a recent meeting, the Catherine Donnelly Foundation Board unanimously agreed that it would no longer make direct investments in any of the 200 global, publicly-traded companies with the largest coal, oil and gas reserves as listed in the Carbon Tracker Initiative’s “Unburnable Carbon” report.
In keeping with its commitment to stewardship and ecological and social justice, the Foundation will seek out companies investing in renewable energy, other low-carbon fuel sources, energy efficiency and other environmental initiatives that otherwise satisfy the Foundation’s investment quality standards.
While the Foundation has used an engagement approach in the past, the board determined that a “business as usual” approach is not sustainable and that divestment is the best strategy to break the stalemate on climate action.
Jason Dudek, the newly elected Chair of the Foundation, said that “The Catherine Donnelly Foundation’s decision to divest from Fossil Fuels is motivated by a strong financial logic as well as a deep concern for environmental stewardship. We believe that governments, markets and the Fossil Fuel industry itself will soon have to face the ramifications of ever-intensifying climate change. As governments and global accords debate various restrictions on the Fossil Fuel industry, we feel these investments are becoming increasingly risky while the green energy sector continues to demonstrate excellent potential. The Catherine Donnelly Foundation views environmental sustainability as a key financial consideration and we hope others join us in this enlightened investment logic.”
At a time when humanity continues to add CO2 emissions to the atmosphere at unsustainable levels, it is appropriate that the Foundation adds its name to the divestment movement.
For more information contact: Desmond Wilson, Director of Finance email@example.com