The Rockefeller Foundation plans to reach net-zero greenhouse gas emissions for its $6 billion endowment by 2050, thereby making it the largest private foundation in the U.S. to pursue a net-zero endowment.
In addition, the foundation said it will contribute to the global decarbonization effort by accelerating the work needed to meet the goals of the 2015 Paris Agreement, said a Nov. 28 release.
Aside from issuing regular progress reports, the foundation will also "convene investors, peers and experts to advance broader collaboration towards net zero," with the first such event to take place in early 2024, the release noted.
The decisions come just ahead of the United Nations Climate Change Conference in Dubai, known as COP28, which will be held from Nov. 30 through Dec. 12, said a Nov. 28 release.
These new policies will build upon the foundation's commitment in 2020 to divest its endowment from existing fossil fuel interests while barring any future fossil fuel investments, the release added.
"Because net zero is a collective goal that can be realized only by acting alongside other stakeholders, we will encourage our fund managers to engage with companies on emissions reduction plans, invest in climate solutions and use our convening power to advance net-zero adoption among investors," said Chun Lai, the foundation's chief investment officer, in the release.
On Dec. 18, 2020, the foundation said that its investment team started "taking steps that are expected to more than halve its total exposure to fossil fuels to less than 1% in the near future." Roughly 2% of the foundation's assets were in fossil fuel holdings at the time.
On Jan. 26, 2021, the foundation reiterated that it was "making large investments in clean energy while moving out of the few fossil-fuel investments it still has."
Also, on Sept. 15, the Foundation said it will invest more than $1 billion over the next five years to "advance the global climate transition and help ensure everyone can participate in it."
The foundation could not be reached for further details.