NEW YORK, Jan. 15, 2018 /PRNewswire/ — The Noya Fields Family Charitable Funds (www.noyafieldsfamily.org) will officially join the growing movement of foundations, educational institutions, pension funds, sovereign wealth funds governments and municipalities that are divesting their portfolios of any fossil fuel related investments.
“We have tried very hard to keep our current investments in environmentally conscientious businesses, but still have legacy holdings and co-mingled investment funds that almost certainly have some amount of fossil fuel related exposure.” Commented Ken Fields Co Founder and administrator for the funds, “While this has been something that has been on our minds for some time, the decision to take more immediate action is absolutely motivated by the recent announcement by Governor Cuomo that New York State would divest its pension funds from fossil fuels. We are of course infinitely smaller in scale but nonetheless every bit helps and sends an important message. Collectively we are done with supporting fossil fuels.”
The divestiture movement gained widespread notoriety when The Rockefeller Brothers Fund announced their divestiture in 2014. More recently, the worlds largest sovereign wealth fund, the Country of Norway, with approximately $1 trillion dollars under management, has followed up its divestiture from coal and is now proposing to cut all ties with all of its oil and gas holdings.
According to Go Fossil Free (www.gofossilfree.org), maintained by 350.org, the current value of divestitures is roughly $6 trillion dollars worth of investment capital pledged by more than 800 institutions across the globe.