2025 Annual Report
Read Highlights from 2025Our Commitment to Research
The past year brought dramatic changes in federal climate and energy policy, and I’m proud of how Resources for the Future (RFF) rose to the moment and sought new opportunities as an institution.
In this annual report, you’ll read just some of RFF’s accomplishments from the past fiscal year. Even as the policy environment—and RFF—has changed, our commitment to our mission has not. I’m proud of how we’ve continued to defend and advance rigorous, independent economic research and policy engagement to improve climate, energy, and natural resource decisions for our environment and for our future.
None of this work has been or will be possible without the support of our funders and partners. It is a privilege to work alongside some of the best and brightest minds in the world, and I thank you for learning more about our work.
Billy Pizer
President & CEO
Resources for the Future
Our People Are Our Strength
RFF’s essential asset is our people.
Our researchers focus time, attention, methodological creativity, rigor, and insights on some of the most challenging issues of our day. They are supported by our extraordinarily capable colleagues who enable the research engine to hum and are governed by a great board of directors who generously share their wisdom and resources. And RFF researchers are supported financially by a diverse set of funders who are interested in ensuring a healthy environment and thriving economy through evidence-based research and analysis.
As we look ahead into 2026, and all of the policy decisions that are yet to be made, RFF is here to meet important moments. With these incredible individuals on board, I am grateful for and encouraged by RFF’s people as they continue their work as a trusted, impartial institution, helping decisionmakers build better policies for a healthier future.
Susan F. Tierney
Chair, Board of Directors
Resources for the Future
Our Year in Numbers
RFF was ranked #1 for energy economics globally.
RFF has a perfect 4-star rating from Charity Navigator
RFF hosted 30 public events, with over 5,200 attendees.
RFF experts published 72 publications on the RFF website.
RFF websites generated over 1.4 million pageviews.
RFF staff members published 68 articles on the Common Resources blog and in Resources magazine.
US and international news outlets cited RFF expertise in 1,167 media hits.
RFF had a 16 percent increase in gifts from 2024.
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Financial Summary
In fiscal year 2025, RFF’s operating revenue was $18.8 million, over 74 percent of which came from grants from foundations, government, and other organizations, alongside individual and corporate contributions.
RFF’s operating budget in fiscal year 2026 is $16.25 million. RFF augments its operating revenue with net income from the RFF building and earnings from the RFF reserve fund. At the end of fiscal year 2025, the reserve fund was valued at $56.2 million.
RFF research and policy engagement represented 75 percent of total expenses in 2025. Management, administration, and development expenses combined were 25 percent of the total.
RFF’s audited financial statements, as well as detailed breakdowns of revenues and expenses, are posted on our website annually.
Thank You!
Our community of donors helped us become the organization that we are today and are ensuring that we will be able to continue our work for years to come. We thank them for sharing in our vision and their partnership.
What’s Next in 2026?
This year, we are committed and excited to continue providing trusted research insights and policy solutions that advance a healthy environment and thriving economy, equitably support people and communities, and help solve climate change. Our 2026 research agenda includes work on:
- resilience in the face of extreme weather and natural disasters;
- electricity affordability;
- the next generation of federal climate policy;
- scalable solutions for geothermal energy;
- timely, accessible, and rigorous evaluations of government climate and energy action;
- and much more.
We’re excited for all that we can accomplish together, but we can’t do it without the help and support from donors like you. Will you join us?