Rockefeller fund divests from fossil fuels

The Rockefeller Family Fund said yesterday it would divest from fossil fuels as quickly as possible and "eliminate holdings" of Exxon Mobil, 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 (€116 million) in assets is invested in fossil fuels, the move is notable because a century ago John D Rockefeller snr 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.

In a letter posted on its website, the fund said Exxon’s conduct on climate issues appears to be “morally reprehensible.”

Exxon said the Rockefeller fund’s move was not surprising.– (Reuters)