Actor Leonardo DiCaprio said Tuesday that he and his namesake foundation will drop all investments in fossil fuels, joining a movement whose financial clout new research shows has grown 50 times in the past year, the Thomson Reuters Foundation and The New York Times report.
More than 400 institutions and 2,000 individuals with a collective $2.6 trillion in assets under management have publicly pledged to divest from oil, coal, and gas interests, according to report released Tuesday by financial firm Arabella Advisors, which focuses on socially responsible investing. A year ago assets under management by entities that had agreed to divest totaled about $50 billion.
That momentum includes a growing number of foundations and religious institutions joining the divestment push, which originated on college campuses with activists pressing endowment funds to cut fossil-fuel ties. Supporters of the movement call on investors to put money instead into renewable energy and other solutions to climate change.
Read a Chronicle of Philanthropy opinion column on nonprofits and fossil-fuel investments.