The $16 billion Ford Foundations, one of the largest private endowments in the United States, announced Monday that it will fully divest its funds from fossil fuel companies, adding to the social and economic message that the United States is traveling to a clean energy future, the Associated Press reports.
The Ford Foundation joins the Harvard University endowment ($52 billion) fund and MacArthur Foundation ($7 billion) which announced last month their plans to disinvest in fossil fuel-related companies, including distributors, refineries and harvesters.
“As with any significant decision in a dynamic organization, this choice did not come without trade-offs,” Ford Foundation President Darren Walker said in a statement posted on the organization’s website. “Although just 0.3% of the Ford Foundation’s endowment is directly invested in fossil fuel companies, we take our duties as fiduciaries seriously and we’re mindful that if we put restrictions on our investments, we may forsake some amount of return for future generations.”
Established in 1936, the Ford Foundation ranks as the 11th wealthiest charitable endowment in the world. Its mission pushes efforts to assist economic improvements, education, freedom and democracy, human behavior, and world peace. Since the beginning of the 21st Century, the Ford Foundation has also focused on improving racial disparities in economic opportunities and law enforcement.