Rockefellers to ditch fossil fuel assets

The heirs to the Rockefeller family, which made its vast fortune from oil, are to ditch fossil fuels. The Rockefeller Brothers Fund, built with profits from their great-grandfather’s Standard Oil […]

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By Priyanka Shrestha

The heirs to the Rockefeller family, which made its vast fortune from oil, are to ditch fossil fuels.

The Rockefeller Brothers Fund, built with profits from their great-grandfather’s Standard Oil Corporation, is selling investments in the fossil fuel industry.

It is joining a coalition of philanthropists pledging to rid themselves of more than $50 billion (£31bn) in fossil fuel assets. It is part of a Global Divest-Invest initiative which started at university campuses several years ago.

The Rockefeller Brothers Fund, which controls around $860 million (£525m) in assets, states: “The Fund is now committing to a two-step process to address its desire to divest from investments in fossil fuels.

“Our immediate focus will be on coal and tar sands, two of the most intensive sources of carbon emissions. We are working to eliminate the Fund’s exposure to these energy sources as quickly as possible.”