Daily News Where you Live
Wind: 18 mph
18 Dec 2014
19 Dec 2014
Foundation built on truckstops divests fossil fuels stocks
Portlands Jubitz Family Foundation, which built its wealth partly on a group of area truckstops, has sold off its oil, gas, coal and other fuel stock holdings, inspired by climate activist Bill McKibben.
McKibben and the organization he founded, 350.org, have called for divestment of fossil fuels stocks as part of their campaign to reduce greenhouse gas emissions and avert serious global warming. Universities, church groups, municipalities and others are joining the campaign.
The Jubitz foundations investment advisor, CTC Consulting, found that eliminating carbon from its U.S. stock portfolio would have an insignificant impact on its investment risk and return.
The Jubitz Family Foundation, established in 2001, is dedicated to children, the environment and peace.
We want to do all we can to protect the planet and encourage a shift towards renewable energy, says Al Jubitz, foundation president. For many years the foundation has committed to a socially conscious investment strategy. Divesting in carbon was a further step in aligning our investments with our mission.