Home > Environment > Fossil fuel funds have unlikely investors: environmental icons | ICIJ

Fossil fuel funds have unlikely investors: environmental icons | ICIJ

by Sasha Chavkin

From a 34-foot tall Tyrannosaurus Rex skeleton to a herd of taxidermy elephants forever poised to charge, the American Museum of Natural History is a celebration of nature. Through its exhibits, website and other public education efforts, the New York City institution regularly encourages conservation and protecting the planet from climate change.

But, at least since 2009, the museum’s endowment fund has quietly invested millions in the oil and gas industry through an undisclosed stake in a private equity fund, reveals a report by NBC News, which joined the International Consortium of Investigative Journalists in a new Paradise Papers investigation examining the offshore investments of nonprofit organizations.

The museum invested $5 million in a fund run by Denham Capital, a private equity firm that invests in oil and gas, mining and power plants. That fund has pumped money into fracking for shale oil in Ohio and Pennsylvania and made an unsuccessful bid to invest in coal in Mongolia.

The museum is one of several prominent environmental nonprofits and foundations, including the World Wildlife Fund, whose investments in fossil fuels were uncovered by NBC and other partners in a collaboration with ICIJ in a new look at the Paradise Papers, a leaked trove of 13.4 million documents, obtained by the German newspaper Süddeutsche Zeitung and shared with ICIJ.

Read the rest of this story here: Fossil fuel funds have unlikely investors: environmental icons – ICIJ

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