One of Oil’s Founding Families is Divesting From Fossil Fuels, and Slamming ExxonMobil in the Process

One of Oil’s Founding Families is Divesting From Fossil Fuels, and Slamming ExxonMobil in the Process l Quartz

By: Melvin Backman, March 23, 2016

  • The Rockefeller Family Fund just announced that it’s divesting from fossil fuels, saying “we must keep most of the already discovered reserves in the ground if there is any hope for human and natural ecosystems to survive and thrive in the decades ahead.” The nonprofit trust, which has a $130 million endowment devoted largely to grants for environmentalism, women’s rights, and civic watchdogging, was borne of the fortune of John D. Rockefeller, one of America’s original oil barons and among the wealthiest men in history. Those ties lend special weight to the decision not only to divest, but to use the occasion to issue a stinging rebuke against ExxonMobil, which is under investigation for allegedly hiding the risks of climate change from investors and the public.