Rockefellers, Heirs to an Oil Fortune, Will Divest Charity of Fossil Fuels

John D. Rockefeller built a vast fortune on oil. Now his heirs are abandoning fossil fuels.

The family whose legendary wealth flowed from Standard Oil is planning to announce on Monday that its $860 million philanthropic organization, the Rockefeller Brothers Fund, is joining the divestment movement that began a couple years ago on college campuses.

The announcement, timed to precede Tuesday’s opening of the United Nations climate change summit meeting in New York City, is part of a broader and accelerating initiative.
Continue reading the main story
Related Coverage

A mask guarded against Shanghai haze last year. China’s economy was a factor in below-average global emissions growth.
Global Rise Reported in 2013 Greenhouse Gas Emissions SEPT. 21, 2014
Taking a Call for Climate Change to the Streets SEPT. 21, 2014
An exploratory well drilled for oil in Monterey, Calif. in April. A number of students have encouraged college and university endowments to divest themselves of their holdings of companies in the fossil fuel business.
DealBook: A New Divestment Focus on Campus: Fossil FuelsSEPT. 5, 2013

In recent years, 180 institutions — including philanthropies, religious organizations, pension funds and local governments — as well as hundreds of wealthy individual investors have pledged to sell assets tied to fossil fuel companies from their portfolios and to invest in cleaner alternatives. In all, the groups have pledged to divest assets worth more than $50 billion from portfolios, and the individuals more than $1 billion, according to Arabella Advisors, a firm that consults with philanthropists and investors to use their resources to achieve social goals.

Read more

Donate Volunteer Join

Connect with Us

Links

Latest California News

Officials in Oakland, California, effectively ended proposals to open a new coal export terminal by voting to ban the transport and storage of the fossil...

Oil corporations have intensified their push to make the San Francisco Bay Area and other areas of the West Coast into international hubs for refining...

In a major victory for solar power companies and their customers, California regulators voted to preserve an incentive program that has fueled the dramatic growth...

It was widely reported last week that the public relations and lobbying blitz funded by the major oil companies succeeded in toppling one of Jerry...

As Western wildfires follow the worst drought in modern history, the impacts of global warming have never been more stark. And as electric cars, LED...