When oil pioneers bet against oil, energy revolution has begun

September 23, 2014 at 1:16 pm Leave a comment

As reported by BBC,”Heirs to the Rockefeller family, which made its vast fortune from oil, are to sell investments in fossil fuels and reinvest in clean energy, reports say.

The Rockefeller Brothers Fund is joining a coalition of philanthropists pledging to rid themselves of more than $50bn (£31bn) in fossil fuel assets.

The announcement was made on Monday, a day before the UN climate change summit opens on Tuesday.

Some 650 individuals and 180 institutions have joined the coalition.

It is part of a growing global initiative called Global Divest-Invest, which began on university campuses several years ago, the New York Times reports.

Pledges from pension funds, religious groups and big universities have reportedly doubled since the start of 2014.

Rockefeller Brothers Fund director Stephen Heintz said the move to divest from fossil fuels would be in line with oil tycoon John D Rockefeller’s wishes,

“We are quite convinced that if he were alive today, as an astute businessman looking out to the future, he would be moving out of fossil fuels and investing in clean, renewable energy,” Mr Heintz said in a statement.

“everyone noted the irony” that a foundation built on oil wealth would now be leading the charge out of fossil fuel.

Actor Mark Ruffalo, who also signed the pledge, told the conference: “These are not silly people, these are people who know how to deal with money.”

They recognised that clean energy was “the future””

Entry filed under: Watch your step. Tags: .

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