Tag Archives: Standard Oil

Rockefeller Brothers Fund divesting from coal and tar sands, but not from natural gas

It’s indeed historic when heirs of John D. Rockefeller, the man whose Standard Oil more than any other company put the world on its current fossil-fuel-burning climate-changing path decide to divest from coal and tar sands. But read their actual statement: they’re not divesting from natural gas, or fracking, or even from oil. Yet.

Rockefeller Brothers Fund (RBF) PR 22 September 2014 Fund Announces Plans to Divest from Fossil Fuels,

The Rockefeller Brothers Fund has been working to better align its endowed assets with its mission since 2010, when the board of trustees approved a commitment of up to 10 percent of the endowment to investments consistent with the foundation’s Sustainable Development program goals. Stephen Heintz, president of the 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. The Fund has begun 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.

There’s nothing about this continued investment in fracked methane in the New York Times story or in any of the others I’ve found. But RBF’s own PR is pretty clear.

That PR and a longer statement refer us to Continue reading Rockefeller Brothers Fund divesting from coal and tar sands, but not from natural gas