ACF commits $90 million to positive environmental outcomes
ACF is moving its $90 million corpus investment portfolio from fossil fuels to focus on the environment
Australian Communities Foundation (ACF) is taking its $90 million corpus investment portfolio from fossil fuels to focus on investments with positive environmental outcomes.
The commitment is part of a global DivestInvest announcement, which combined has committed $6.2 trillion of assets to stop investing in fossil-fuel companies.
“Australian Communities Foundation is proud to be part of this momentous commitment to invest our corpus into a healthy and sustainable world” Maree Sidey, CEO of Australian Communities Foundation, said.
“Not only will the $9 million of grants we distributed last year improve our communities, now our $90 million corpus investment portfolio will multiply its positive impacts to the world.”
ACF works to generate philanthropic resources to respond to social issues and community need to create a more equitable Australia. By moving its corpus to an environmentally sustainable investment portfolio, ACF hopes to achieve positive social change and build healthy resilient communities.
Its full divestment commitment means no new investments in the top 200 oil, gas, coal companies; selling any existing investments tied to these oil, gas, and coal investments within 5 years; and investing in climate solutions, such as renewable energy, energy efficiency, sustainable agriculture, water efficiency and more.
“Our donors strongly support our ethical investment commitment. We are pleased with the strong returns we have already achieved since transitioning to an Environmental, Social and Governance (ESG) portfolio,” Sidey said.
“We see this next step to full divestment as a prudent long-term strategy which will have an accumulative positive impact on our communities’ environment, society and economy. We hope to inspire others to join this historically important movement”
Clara Vondrich, Global Director of DivestInvest Philanthropy, welcomed the ACF’s commitment, saying: “Any mission-based philanthropy that pours grant dollars into programming while remaining invested in fossil fuels is treating symptoms while ignoring the cause. The global DivestInvest movement is accelerating the transition from old-guard energy of the past to a present and future powered by sun, wind and water.”
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