Monday, September 22, 2014

Rockefeller Heirs Join Pledge To Divest $50 Billion From Fossil Fuels

Smoke stacks (Credit: nathanmac87/flickr)  Click to enlarge.
The Rockefellers, who made their vast fortune on oil, and other philanthropies and high-wealth individuals, on Monday will announce pledges to divest a total of $50 billion from fossil fuel investments.

The Global Divest-Invest coalition will announce new pledges and members one day before 120 heads of state address the United Nations on how their countries will contribute to a global effort to halt a dangerous rise in temperatures.

Since the divestment movement launched three years ago, some 650 individuals and 180 institutions, including 50 new foundations, which hold over $50 billion in total assets, pledged to divest from fossil fuels over five years using a variety of approaches.

One of the signatories is the Rockefeller Brothers Fund. Stephen Heintz, an air of Standard Oil tycoon John D. Rockefeller, 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.

Since January 2014, commitments by campuses, churches, cities, states, hospitals, pension funds, and others in the United States and abroad doubled, from 74 to 180, according to philanthropic giving consultancy Arabella Advisors.

One of the higher profile education institution divestments came in May, when Stanford University said it will no longer use any of its $18.7 billion endowment to invest in coal mining companies.

Rockefeller Heirs Join Pledge To Divest $50 Billion From Fossil Fuels

No comments:

Post a Comment