2014-09-21. Rockefellers, Heirs to an Oil Fortune, Will Divest Charity of Fossil Fuels.

posted Sep 22, 2014, 9:57 AM by Alan Gould
For GSS Climate Change chapter 10. Excerpt: 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 [http://gofossilfree.org/] 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. [See also Taking a Call for Climate Change to the Streets.] 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.... http://www.nytimes.com/2014/09/22/us/heirs-to-an-oil-fortune-join-the-divestment-drive.html. By John Schwartz, The New York Times.