Alcoa Foundation’s predecessor, currently known as Legacy Alcoa Foundation (and formerly known as Alcoa Foundation), was founded in 1952 as one of the few endowed corporate foundations in the United States. As a result of the separation of Alcoa Inc. into Alcoa Corporation and Arconic Inc. in November 2016, two new foundations were formed, into which the assets of Legacy Alcoa Foundation were transferred. One of the newly formed foundations, known now as Alcoa Foundation, is the foundation associated with Alcoa Corporation.

Today, Alcoa Foundation invests where Alcoa Corporation has a presence, providing grants that contribute to environmental excellence around the world, particularly in the areas of biodiversity conservation and climate change research.