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Rockefeller Brothers Fund to Divest from Fossil Fuels

by Richard Matthews
September 26, 2014
in Other
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On the eve of the Climate Summit, the $860m Rockefeller Brothers Fund announced plans to begin divesting from fossil fuels. Starting with coal and tar sands investments, the fund plans to reduce such investments to almost zero by the end of this year. This will be followed up by further fossil fuel divestment over the next few years. The fund is a signatory to the The Global Divest-Invest coalition is calling for divestment from fossil fuels.


Steven Rockefeller, a son of Nelson A. Rockefeller and a fund trustee, said he saw economic problems for companies that plan to use fossil fuel reserves that are theoretically ‘unburnable’ if climate change is to be kept in check. “We see this as having both a moral and economic dimension,” he said.

Stephen Heintz, an heir of Standard Oil tycoon John D. Rockefeller, and the fund’s president, said the move to divest away from fossil fuels would be in line with his wishes.

“We are quite convinced that if he were alive today, as an astute businessman looking out to the future, he would be moving out of fossil fuels and investing in clean, renewable energy,” Heintz said in a statement.

Related
Why You Should Divest from Fossil Fuels and Invest in Clean Energy
Video – Why You Should Divest from Fossil Fuels
Infographic – Why You Should Sell Your Fossil Fuel Stock Now (DC Divest)
Video – Growing Momentum for Fossil Fuel Divestment
Divesting from Fossil Fuels will Soon be a Fiduciary Duty
The Global Divest-Invest Coalition and Campaign

Divestment from Coal Foreshadows the Fate of All Fossil Fuels
Climate Change is a Heath Problem and Divestment is the Cure
Charitable Organizations and Philanthropists are Being Encouraged to Divest from Fossil Fuels
Bill McKibben Talks about Divestment from Fossil Fuels in a Fortune Interview
Video – Investment and Divestment: Making Sustainable Choices with Campus Endowments
European Commissioner for Climate Action Urges Development Banks to Divest from Fossil Fuels
Video – Bill McKibben on Faith and Fossil Fuel Divestment
Fossil Fuel Action Day Divestment Strategy
Video – A Debate about the 350.org Fossil Fuel Divestment Campaign
Video – Bill McKibben Makes the Case for Fossil Fuel Divestment at Middlebury College
Students Advocating Divestment from Fossil Fuels

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