A welcome announcement that should hopefully be followed by many others to come, The Rockefeller family, which built its wealth on oil, is divesting its philanthropic fund of fossil fuel investments – here’s the family that helped bring us into the modern era, leading the way and making a stand on how we power the next generation.
“The Rockefeller Brothers Fund pledged Monday to divest itself of investments in coal and tar sands, promising to reduce that exposure to less than 1% of the total portfolio by year’s end. The statement announcing the divestment referred to coal and tar sands as “two of the most intensive sources of carbon emissions. We are working to eliminate the fund’s exposure to these energy sources as quickly as possible.”
“Established in 1940, the fund committed itself four years ago to dedicating one-tenth of its assets to clean energy technologies and business strategies. The fund is worth $860 million.”
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CNN The Buzz: Rockefeller Fund divorces itself from fossil fuels