Seventeen philanthropic foundations controlling nearly $2 billion in assets on Thursday put their money where their ethics are, announcing they will be divesting all their holdings in the fossil fuel industry and reinvesting in the clean energy sector.

Organized as the initiative, the coalition said they could no longer stay invested in the fossil fuel economy “when the climate science is clear that the window to preserve a livable climate is closing fast.” In addition to their own divestment, the foundations urged other philanthropic groups to do the same.

“Climate change affects the mission of all foundations—whether focused on environment or not,” said Ellen Dorsey, Executive Director of the Wallace Global Fund and the originator of the Divest-Invest initiative. “Starting today, we pledge to use all our assets — not just the usual five percent yearly payment of grants—to advance our goals, values and beliefs.”

The move was quickly welcomed by campaigners at , a project of 350.org and leaders of the national fossil fuel divestment campaign:

And 350.org co-founder Bill McKibben met the announcement with the following statement: “Given the ongoing failure of governments and business to lead in the epic fight against climate change, we need our most prominent institutions to take a powerful, moral and practical lead. Here’s a great example of just that kind of leadership.”

“The financial risks of staying invested in fossil fuels are high because two-thirds of proven fossil fuel reserves simply cannot be burned, yet the markets treat this basic physics like it is science fiction. Either coal, oil and gas deposits become stranded assets, or we do.” —Tom Van Dyck

Leaders of the various foundations were clear about the ethical, environmental, and financial implications of their decision.

“The financial risks of staying invested in fossil fuels are high because two-thirds of proven fossil fuel reserves simply cannot be burned, yet the markets treat this basic physics like it is science fiction,” said Tom Van Dyck, Financial Adviser at RBC Wealth Management. “Either coal, oil and gas deposits become stranded assets, or we do.”