The heirs to the Rockefeller charities, valued at $860 million, have announced that they will join the movement to divest from fossil fuels, according to the NY Times.
The family of John D. Rockefeller, who made his money from Standard Oil, runs the Rockefeller Brothers Fund, a philanthropic organization. They will announce the shift in investments today, to coincide with the opening of the United Nations Summit on Climate Change.
At the Rockefeller Brothers Fund, there is no equivocation but there is caution, said Stephen Heintz, its president. The fund has already eliminated investments involved in coal and tar sands entirely while increasing its investment in alternate energy sources.
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Unwinding other investments in a complex portfolio from the broader realm of fossil fuels will take longer. “We’re moving soberly, but with real commitment,” he said.