Rockefeller Brothers Fund shows support for renewable energy by abandoning fossil-fuelsSeptember 25, 2014
The Rockefeller family is distancing itself from fossil-fuels
The Rockefeller family, which amassed its fortune through oil, is beginning to take an aggressive stance on fossil-fuels. The Rockefeller Brothers Fund, which was founded in the 1940s, has long tapped into the tremendous wealth that was achieved by the Standard Oil Company, which has broken off into several smaller companies over the past few decades. The fund has a primarily philanthropic focus, which is influenced by the Rockefeller family. This week, the Rockefeller Brothers Fund announced that it would be abandoning fossil-fuels in favor of renewable energy.
Fund aims to sell off its stakes in fossil-fuel companies and reduce its exposure to coal and oil
The Rockefeller Brothers Fund will be divesting from fossil-fuels, selling off the stakes it has in companies dealing in oil and coal. The organization will, instead, focus more heavily on supporting renewable energy projects and companies. The Rockefeller Brothers Fund believes that this will put pressure on other prominent organizations, encouraging them to do the same. This also marks a major ideological shift within an influential family whose wealth has primary been made through the oil industry.
Two-step divestment initiative aims to limit the fund’s involvement in fossil-fuels
The organization has launched a two-step divestment process. The first step aims to limit the organization’s exposure to fossil-fuels, particularly coal, with the intention of reducing its investments in fossil-fuels to less than one percent by the end of this year. The second step will involve the organization examining its exposure to other fossil-fuels, attempting to find a way to divest from these forms of energy within the coming year.
The fund may be able to encourage other companies to divest in fossil-fuels
The Rockefeller Brothers Fund will maintain a philanthropic focus and is likely to show stronger financial support for clean energy and sustainability projects throughout the world. The organization believes that other companies will follow suit in the coming years, especially as renewable energy becomes more prominent. Many companies are already showing strong support for clean energy, but others are still not convinced that they should end their support of fossil-fuels.