The Sustainable Markets Foundation (SMF) is an environmental advocacy group that supports legislation to ban the production of natural gas. ¹ SMF is organized as a 501(c)(3) public charity, not a foundation. The organization serves as a fiscal sponsor, providing grants as well as administrative support to other nonprofits like 350.org and Frack Action.¹

According to its 2023 tax returns, SMF reported a revenue of $39,210,071, expenses at $30,565,908, and total assets at $44,167,374. ²

SMF has received funding from several environmentalist foundations including the MacArthur Foundation, Rockefeller Family Fund, Tides Foundation, and TomKat Charitable Trust. The Sustainable Markets Foundation has been criticized as a “dark money” network by the right-leaning Washington Free Beacon. ^{3 4} It’s also been criticized for paying an LLC, Our Next Economy, in independent contractor fees reportedly to support the Climate Investigations Center (CIC), a center-left environmental journalism group, instead of using grants. ⁵

Background

The Sustainable Markets Foundation (SMF) has advocated for left-of-center environmentalist policies,¹ while advocating for developing educational reports and materials it claims will raise public awareness about the effects of global warming and climate change.¹

To promote “Environmental Health, Protection, and Preservation,” the organization supports organizations like the Food and Water Watch that seek to expand government funded programs and regulations and ban exploration for natural resources.¹

The SMF is a leading advocate on restricting exploration for natural resources.¹ This has included supporting the mass media and campaign efforts of organizations like Frack Action and Artists Against Fracking, the latter coming under fire for engaging in lobbying activities without properly registering.⁶

SMF is also listed as a “charitable partner” of online environmentalist site DeSmog, as the group’s “Donate” page claims “We use FundraiseUp’s secure platform with the Sustainable Markets Foundation as our charitable partner.” ⁷

Funding

According to its 2023 form 990, the Sustainable Market Foundation (SMF) reported $39,210,071 in total revenue, $30,565,908 in total expenses, and $44,167,374 in total assets. ⁸

In 2023, most of the foundation’s revenue came from contributions and grants, amounting to roughly $38 million. Other organizations that gave money to Sustainable Markets Foundation that year include: ²

• Aspen Community Foundation
• Amalgamated Charitable Foundation
• Climate Emergency Fund
• Earthworks
• Fidelity Investments Charitable Gift Fund
• Impactassets Inc
• National Philanthropic Trust
• New Venture Fund
• National Resources Defense Council Action Fund
• Rockefeller Philanthropy Advisors 
• Rainforest Action Network
• Silicon Valley Community Foundation
• Tides Foundation
• United States Energy Foundation
• Women Donor’s Network

In 2023, the foundation awarded a total of $8.4 million to other nonprofits.² Example grantees that year included:⁹

• 350.org
• Action Center for Race and the Economy
• Alliance for Climate Education
• Center for Justice and Democracy
• Center for Media and Democracy
• Initiative for Responsible Mining Assurance (IRMA)
• Oil and Gas Action Network
• Partnership Project

Leadership

Elizabeth Hitchcock serves as President of the Sustainable Markets Foundation (SMF). ¹ Hitchcock also serves as a Public Health Advocate for U.S. Public Interest Research Group and the U.S. PIRG Education Fund.^{10 11}

Jay Halfon is the Director General Counsel for the organization.^{1 11} Prior to his appointment, Halfron was the executive director of the New York Public Interest Research Group.¹² In addition to his role with the Sustainable Markets Foundation, Halfron serves on the board of 350.org, Earthworks, and the Park Foundation.¹³¹⁴

Other board members include John Richard as Vice President and Steve Kleinberg as Secretary and Treasurer.^{1 11}

Affiliations

In a 2014 report by the Republican staff of the U.S. Senate Committee on Environment and Public Works, Sustainable Markets Foundation (SMF) was connected with the “Billionaires Club” – an elite group of donors, foundations, and organizations that control the center-left environmental movement and have influenced policies of the EPA under President Obama.¹⁵

Particularly scrutinized in the report was the SMF’s sponsorship of 350.org. The report states that between 2011 and 2014, 350.org received funding from the Park Foundation, Rockefeller Brothers Fund, Tides Foundation, Marisla Foundation, ClimateWorks Foundation, and Rockefeller Family Fund routed through Sustainable Markets Foundation.¹⁵

In 2013, SMF received over $600,000 in grants from the Park Foundation to support anti-fracking organizations like Frack Action during Exxon Mobil’s $2 million public relations campaign to support shale-gas drilling in New York.¹⁶

1. “990 Form – 2015.” Guidestar. Accessed April 20, 2017. http://www.guidestar.org/FinDocuments/2015/134/188/2015-134188834-0d109496-9.pdf.
2. “Sustainable Markets Foundation, Full Filing – Nonprofit Explorer.” ProPublica. Accessed February 3, 2025. https://projects.propublica.org/nonprofits/organizations/134188834/202441979349302444/full.
3. Todd Shepherd. “Climate Change Reporting Website Obscures Its Funding With Dark Money Network.” Washington Free Beacon. October 12, 2019. December 6, 2019. https://freebeacon.com/issues/climate-change-reporting-website-obscures-its-funding-with-dark-money-network/
4. “Sustainable Markets Foundation.” MacArthur Foundation. Accessed February 3, 2025. https://www.macfound.org/grantee/sustainable-markets-foundation-10094407/.
5. Spencer Walrath. “CLIMATE INVESTIGATIONS CENTER UTILIZES DARK MONEY NETWORK TO OBSCURE ITS FUNDERS.” Energy In Depth. October 14, 2019. Accessed December 6, 2019. https://eidclimate.org/climate-investigations-center-utilizes-dark-money-network-to-obscure-its-funders/
6. “Sustainable Markets Foundation Money Processing Being Noticed.” Energy In Depth. Accessed May 28, 2017. https://energyindepth.org/marcellus/sustainable-markets-foundation-money-laundering-being-noticed/.
7. “Donate.” DeSmog, Accessed January 28, 2025. https://www.desmog.com/donate/
8. Return of Organization Exempt from Income Tax (Form 990). Sustainable Market Foundation. 2023. Part I. https://projects.propublica.org/nonprofits/organizations/134188834/202441979349302444/full
9. “Sustainable Markets Foundation, Schedule I – Nonprofit Explorer.” ProPublica. Accessed February 3, 2025. https://projects.propublica.org/nonprofits/organizations/134188834/202441979349302444/full.
10. The Huffington Post. Accessed April 20, 2017. http://www.huffingtonpost.com/author/elizabeth-hitchcock.
11. Return of Organization Exempt from Income Tax (Form 990). Sustainable Market Foundation. 2023. Part VII. https://projects.propublica.org/nonprofits/organizations/134188834/202441979349302444/full
12. “EARTHWORKS.” Earthworks. Accessed April 21, 2017. https://www.earthworksaction.org/about/board_of_directors.
13. “About Park Foundation founder Roy H. Park.” Park Foundation. Accessed April 21, 2017. http://parkfoundation.org/about-us/.
14. “Board of Directors.” 350.org. Accessed April 21, 2017. https://350.org/about/board/.
15. “How a Club of Billionaires and Their Foundations Control the Environmental Movement and Obama’s EPA.” 2014. Accessed April 21, 2017. https://www.heartland.org/_template-assets/documents/publications/billionaires_club_controls_epa.pdf.
16. Campbell, Jon. “Foundation’s funds continue flow to fracking critics.” Rochester Democrat and Chronicle. July 21, 2013. Accessed May 28, 2017. http://www.democratandchronicle.com/story/news/local/2013/07/21/foundations-funds-continue-flow-to-fracking-critics/2573681/.