The Rockerfeller Foundation plans to divest fossil fuel assets in its portfolio.
The Fund will first focus on limiting its exposure to coal and tar sands, with a goal to reduce these investments to less than one percent of the total portfolio by the end of 2014. It is planning for further divestment as quickly as is prudent over the next few years.
Rockefeller Brothers Fund director Stephen Heintz said the move to divest from fossil fuels would be in line with oil tycoon John D Rockefeller’s 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,” Mr Heintz said in a statement.
The Rockefeller Brothers Fund advances social change that contributes to a more just, sustainable, and peaceful world.
This is part of a growing movement to divest from the fossil fuels causing climate change and invest instead in clean, sustainable energy. DivestInvest Philanthropy reached an historic milestone today of $ 50 billion in pledges. Over 800 global investors have now committed to divest their holdings in fossil fuels.
Need I say more? This has been a long time coming, but it is the start of a sea change in opinion and investment behaviour. This is not just talk, actual money will be divested from fossil fuel businesses and reinvested in alternative energy businesses. And yes, the timing was influenced by the UN climate change meeting tomorrow, but the plan was set in motion earlier and will continue to be rolled out and built upon over the coming months. The energy sector is going to be volatile for a while.