Money Talks. That fact makes this announcement of the Rockefellers a huge deal.
The famous Rockefeller family made their fortune in oil. Today the Rockefeller Brothers Fund announced its decision to divest from fossil fuels at a press conference in New York City on September 22, 2014, one day before world leaders convene at the UN Climate Summit.
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The Rockefeller Fund has started a two-step process to divest from investments in fossil fuels, first focusing on limiting its exposure to coal and tar sands, with a goal to reduce these investments to less than one percent of the total portfolio by the end of 2014.
The Fund is also analyzing in detail its remaining fossil fuel exposure and will develop a plan for further divestment as quickly as is prudent over the next few years.
This announcement should give a huge push to clean energy investments. Other funds will hopefully follow the Rockefeller announcement and invest in our future and not try to keep making money with something that is going to run out in a couple decades.
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Via the Rockefeller Brothers Fund site.