Tobacco Free Portfolios Foundation

Overview

The Tobacco Free Portfolios Foundation is a nonprofit organization focused on promoting tobacco-free finance. Its mission is to inform, prioritize, and advance the exclusion of tobacco investments from financial portfolios by encouraging financial institutions to reconsider their relationships with the tobacco industry.

History and Founding

Founded by Dr. Bronwyn King, a practicing Radiation Oncologist, the organization emerged as a response to the significant financial contributions that support the tobacco industry, which contradicts global tobacco control efforts. Dr. King has garnered international recognition for her advocacy in tobacco control and financing.

Key Initiatives

One of the foundation's flagship initiatives is the Tobacco Free Finance Pledge, launched in 2018 with support from global leaders such as Australian Prime Minister Malcolm Turnbull and French President Emmanuel Macron during a United Nations event. The Pledge encourages financial institutions to adopt tobacco-free finance policies and commitments, aiming to reduce the financial support the tobacco industry receives.

As of the latest reports, nearly 200 organizations have signed the pledge, collectively managing assets exceeding $16 trillion, reflecting a significant commitment to tobacco-free finance practices. The Pledge outlines a framework for financial institutions to follow which includes goals such as collaborating to raise awareness about the financial implications of investing in tobacco, aligning lending practices with public health goals, and encouraging a global transition to tobacco-free finance.

Advocacy and Education

The foundation employs a strategy of advocacy and education, engaging with finance sector leaders to inform them about global tobacco control initiatives and the associated risks of tobacco investment. Tobacco Free Portfolios maintains a professional and discreet approach without casting blame, encouraging informed decision-making among investors and trustees.

Impact and Goals

The Tobacco Free Portfolios Foundation continues to play a vital role in global health advocacy by aligning the finance sector with public health objectives. Its long-term aim is to have at least 50% of global assets under management commit to tobacco-free finance within the next five years, thereby significantly diminishing the financial underpinnings of the tobacco industry.

Through its coordinated efforts, the foundation seeks to de-normalize the financial support of tobacco companies, contributing to a broader societal shift towards healthier investment practices and ultimately, a tobacco-free world.