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Financial firms launch fossil-free investment fund

Major financial firms, environmental group launch fossil-free investment fund

Associated Press

PITTSBURGH (AP) -- An environmental group and two major financial firms are launching an investment fund that excludes companies involved in the fossil fuel business.

The Natural Resources Defense Council says it helped BlackRock Inc. of New York and FTSE Group of London to develop a stock index for investors who want to avoid fossil fuel related companies.

NRDC spokeswoman Jenny Powers says large institutions such as universities will be able to invest in the BlackRock fund within a few weeks.

The Fossil Free divestment campaign argues that it's wrong to pollute the air with fossil fuels and contribute to climate change, and it's also wrong to profit from companies that sell such fuels.

Reid Porter of the American Petroleum Institute in Washington, D.C., says proposals to divest from fossil fuels are "preposterous."