The RBF has made a commitment to combating climate change through its Sustainable Development program and in September 2014, the Fund pledged to a two-step process to address its desire to divest from investments in fossil fuels as part of its mission-aligned investment efforts. Our immediate focus was on coal and tar sands, two of the most intensive sources of carbon emissions. We have worked to eliminate the Fund’s exposure to these energy sources as quickly as possible.
Given the structure of some commingled investment funds and investments in highly diversified energy companies, we recognized there may continue to be minimal investments in our portfolio in those energy sectors, but we were committed to reducing our exposure to coal and tar sands to less than one percent of the total portfolio by the end of 2014.
As of March 31, 2016:
- the Fund’s exposure to coal and tar sands oil has been reduced to approximately 0.1% of our total portfolio. (At the time of the RBF’s first comprehensive analysis of its exposure in April 2014, it was 1.6%.)
- the Fund’s total fossil fuel exposure is estimated to be 3.3%. (In April 2014, it was 6.6%.)