b'You would think that mission-related investing by foundations would pick up where impact investing leaves off, but it aint necessarily so. In the early 1990s, as treasurer of the Jessie Smith Noyes Foundation, a then 50-year-old, $60 million foundation, I participated in one of the early projects in mission-related investing, setting out to redeploy not just a portion of our assets but, if we could figure out how, 100% of the assets.We all agreed that something seemed off about an environmental foun-dation that was making grants to sustainable agriculture groups, on the one hand, while generating the income to fund those grants by investing in Monsanto, on the other. We had the sense that the map of the world according to Adam Smiths invisible hand was not going to cut it in the 21st century, that if we wanted to shift from end-of-pipe solutions to front-of-pipe solutions, this necessarily must include not only the way we were making grants, but also the way we were investing. We found the logic and the moral imperative so compelling that it seemed our efforts were sure to ripple out to the larger philanthropic community. Thirty years later, only a small fraction of foundations are pursuing mission-related investing, and those that are doing so generally allocate only a small fraction of their assets. A small fraction of a small fraction. (To boot, this is part of another small fraction of a small fraction: Environmental grantmaking is the smallest category of philanthropy, comprising only a few percent of the total, and food and agriculture comprises only a small portion of that. 19 )19 Giving USA reports overall 2018 philanthropic activity thusly: Giving by individuals: $292 billion; Giving by foun-dations: $76 billion; Giving by bequest: $40 billion; Giving by corporations: $20 billion. (Note: This represents 1% of corporate profits.) By grantmaking category: Giving to religion: $124.52 billion; Giving to education: $58.72 billion; Giving to human services: $51.54 billion; Giving to foundations: $50.29 billion; Giving to health orga-nizations: $40.78 billion; Giving to public-society benefit organizations: $31.21 billion; Giving to arts, culture, and humanities: $19.49 billion; Giving to international affairs: $22.88 billion; Giving to environment and animal organizations: $12.70 billion. Knowledgeable estimates put the majority of this last category in animal welfare. On the environmental side, much of the giving goes to land and water conservation and clean energy. Food and agriculture are not tracked as a category, and, within them, local food systems and organic/agro-ecological/sustainable/regenerative agriculture are not tracked as sub-categories. 36'