The Environmental and Energy Study Institute will divest entirely from fossil fuels by December 2016, the organization announced Wednesday. “Making investment decisions on the basis of environmental, social, and governance criteria helps EESI continue its work advancing clean energy and addressing climate change,” EESI board member and former Rep. Claudine Schneider (R-R.I.) said in a release.
EESI will not only move its funds away from fossil energy but toward “socially responsible” investments, according to the release. “In particular, EESI will preferentially invest in companies that have demonstrated a commitment to environmental stewardship, energy efficiency, and clean renewable energy; EESI will also divest from companies that extract energy from fossil fuels,” the release. Half of EESI’s current stock holding are invested in funds deemed by the company to be “socially responsible.”