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Rockefellers will divest fossil fuel investments

The Rockefeller Brothers Fund will reduce its investments in tar sands and coal to less than 1 percent of its total portfolio.

By Gabrielle Levy
Rockefellers will divest fossil fuel investments
The Rockefeller Brothers Fund was created in 1940 by the children of John D. Rockefeller Jr. Pictured (left to right): John D. 3rd, Winthrop, Abby, Laurance, David and Nelson.

NEW YORK, Sept. 22 (UPI) -- The Rockefellers have heard the message of climate change activists and plan to roll back their investments in fossil fuels.

In a statement released the day after massive global marches demanded action at this week's United Nations Climate Summit, the Rockefeller Brothers Fund announced its decision to divest from fossil fuel interests.

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"As we take the steps to divest from coal and tar sands investments, we are also undertaking a comprehensive analysis of our exposure to any remaining fossil fuel investments ... to determine an appropriate strategy for further divestment over the next few years," the statement read.

"Our divestment from fossil fuels, which is now underway, will be accomplished through a careful process of evaluating our exposure and a phased approach that proceeds as quickly as is prudent."

The charitable fund, founded in 1940, will reduce investments in coal and tar sands to less than 1 percent of the total portfolio by the end of the year. It was created by John D. Rockefeller Jr., whose father founded Standard Oil and whose inflation-adjusted personal wealth was estimated at $253 billion, making him the richest American of all time.

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Four years ago, the $860 million fund pledged to dedicate a full tenth of its assets to clean energy technology and business strategies.

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