For Immediate Release
Leading Environmental Groups Announce Fossil Fuel Free Retirement Plan Options
BOSTON - Today, the Sierra Club, League of Conservation Voters, and other environmental groups announced that they are adding fossil fuel free mutual funds to their retirement plans. The move reflects the reach of the fossil fuel divestment movement and comes on the eve of the People’s Climate March and the U.N. Climate Change Summit next week. The groups are adding funds from Green Century Capital Management, an investment advisory firm with nearly a decade of fossil fuel free investing experience.
“Individuals can tap the power of their wallets to promote a fossil fuel-free economy and we wanted to make it easier for our staff to be part of this growing movement," said Michael Brune, Sierra Club Executive Director. “Companies that depend on fossil fuels for future earnings are simply a bad investment,” said Brune.
In less than two years, the fossil fuel divestment movement has spread to hundreds of institutions—and already 29 cities, 13 colleges, 27 foundations, and dozens of faith groups have committed to moving their investments out of coal, oil and gas. A recent report by the University of Oxford concluded this movement could make a significant impact on the fossil fuel industry.
Jay Carmona, 350.org’s Community Divestment Campaign Manager stated, "Divesting your retirement savings is a smart way to help ensure that there's actually a planet left to retire on. It's important that environmental groups, and all our institutions, put their money where their mouths are. She added, “Time and again, fossil fuel divestment is proving the wise financial, ethical, and political strategy for confronting the fossil fuel industry and supporting the solutions we need to address the climate crisis."
“Every day, Environment America staff are working hard for clean air, clean water, and to protect open spaces on behalf of our members. All too often the fossil fuel industry is on the other side—creating the smog that hurts kids with asthma, contaminating our waterways with spills, drilling our precious places, and creating the pollution that fuels global warming,” stated Margie Alt, Executive Director of Environment America. “With fossil fuel free options in our 401(k), we don’t have to work to stop the fossil fuel industry by day at the office and then support them at night with our investments.”
Environment America has provided staff a fossil fuel free option in its retirement plan for the last eight years.
“Every week, we hear from people who want to invest in companies building a more sustainable economy,” stated Leslie Samuelrich, President of Green Century, which seeks to invest in companies that work in the energy efficiency, sustainable agriculture and water conservation sectors. “Why invest in polluting companies that don’t match your values and carry potential financial risk?” added Samuelrich.
These organizations join 350.org, As You Sow, Environment America, Green America, Green Corps, The National Environment and Law Center, Pesticide Watch, Toxic Action Center, and U.S.PIRG, which already offer Green Century’s fossil fuel free Balanced Fund and fossil fuel free Equity Fund. Green Century Capital Management has nearly a decade of experience in fossil fuel free investing and is the only mutual fund company owned by a network of environmental non-profits, the Public Interest Research Groups (PIRGs). It also leads a successful shareholder advocacy program, recently getting a number of companies to reduce carbon emissions through preventing deforestation in their supply chains.
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