Rockefeller Family Fund hits Exxon, divests from fossil fuels
Monday, March 28, 2016
The Rockefeller Family Fund said on Wednesday it would divest from fossil fuels as quickly as possible and “eliminate holdings” of Exxon Mobil Corp (XOM.N), saying the oil company associated with the family fortune has misled the public about climate change risks.
Though only a sliver of the endowment’s modest $130 million in assets is invested in fossil fuels, the move is notable because a century ago John D. Rockefeller Sr. made a fortune running Standard Oil, a precursor to Exxon Mobil. The charity said it would also divest from coal and Canadian oil sands.
Given the threat posed to the survival of human and natural ecosystems, “there is no sane rationale for companies to continue to explore for new sources of hydrocarbons,” the Rockefeller Family Fund said.