John D Rockefeller built a multi-billion-dollar fortune after founding Standard Oil in the late 19th century.
Rockefeller Fund Dropping Fossil Fuels and Oil Politics.
The Rockefeller family, which made one of the world’s largest fortunes through
its vast oil business, is to slash its investments in fossil fuels to less
than 1pc and reinvest in clean energy.
The Rockefeller Brothers Fund, which oversees $860m of investments, will
divest its coal and tar sands assets “as quickly as possible”, it said
in a statement.
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Stephen Heintz, an heir of John D Rockefeller, who built a
multi-billion-dollar fortune after founding Standard Oil in the late 19th
century, said the move away from fossil fuels would be in line with his
ancestor’s wishes.
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“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.
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The Rockefeller Brothers Fund is a supporter of the global Divest-Invest
coalition, a group made up of 650 individuals and 180 institutions
that aim to divest more than $50bn of fossil fuel assets.
“We’re making a moral case, but also, increasingly, an economic case,” Mr Heintz said.
Valerie Rockefeller Wayne,
a great-great-granddaughter of John D Rockefeller, added: “There is a moral imperative to preserve a healthy planet.”
“We’re making a moral case, but also, increasingly, an economic case,” Mr Heintz said.
Valerie Rockefeller Wayne,
a great-great-granddaughter of John D Rockefeller, added: “There is a moral imperative to preserve a healthy planet.”
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