The Rockefeller Family Fund, founded by descendants of one of the founding families of the oil industry, announced Wednesday that it will divest from fossil fuels. “While the global community works to eliminate the use of fossil fuels, it makes little sense—financially or ethically—to continue holding investments in these companies. There is no sane rationale for companies to continue to explore for new sources of hydrocarbons,” a fund release says.
“Needless to say, the Rockefeller family has had a long and profitable history investing in the oil industry, including ExxonMobil. These are not decisions, therefore, that have been taken lightly or without much consideration of their import. But history moves on, as it must,” the release says. Another foundation related to the family, The Rockefeller Brothers Fund, made a similar announcement in September 2014.
Fund advisors have been instructed by the board to immediately eliminate all holdings of coal and tar sands-based companies, including ExxonMobil, “outside the portions of the portfolio managed by third parties, and to keep exposures for these three categories of investment below 1 percent across the entire portfolio,” according to the release.
