Rockefeller heirs to stop investing in fossil fuels
Family of Standard Oil tycoon announce they will start investing in clean energy instead
The descendants of John D Rockefeller, whose oil business made him the first billionaire in America at the turn of the century, have announced they will no longer invest in fossil fuels and will move into clean energy instead.
The announcement was made yesterday by Peter O'Neill, head of the Rockefeller family and great-great-grandson of John D Rockefeller, who died in 1937. He was joined by Neva Rockefeller Goodwin, a great-granddaughter, says The Guardian.
After Rockefeller's death, a charitable trust was started in his name to safeguard his vast wealth. Currently, the Rockefeller Brothers Fund invests about seven per cent of its $860m assets in fossil fuels.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Now the fund will divest itself of those assets, joining a coalition of philanthropic organisations which have pledged to shed a total of $50bn fossil fuel investments over the next five years. They include religious groups, cities, universities and healthcare funds.
Stephen Heintz, president of the Rockefeller fund pointed out that Rockefeller himself had – inadvertently – saved the whale by causing the decline of the whale oil industry with his cheap production of fossil fuels.
Heintz said: "John D Rockefeller, the founder of Standard Oil, moved America out of whale oil and into petroleum. 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."
The Rockefeller fund has been a major supporter of environmental causes in the past, opposed to fracking and to the construction of the Keystone XL oil pipeline in Canada. These commitments have been an "uncomfortable fit" with its fossil fuel holdings, says The Guardian.
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
India elections start amid violence, hate speech accusations
Talking Points Narendra Modi seeks a third term while critics worry about the future of the country's democracy
By Joel Mathis, The Week US Published
-
'Biden is smart to keep the border-security pressure on'
Instant Opinion Opinion, comment and editorials of the day
By Harold Maass, The Week US Published
-
Bird flu worries mount as virus found in milk, cows
Speed Read The FDA found traces of the virus in pasteurized grocery store milk
By Peter Weber, The Week US Published
-
Puffed rice and yoga: inside the collapsed tunnel where Indian workers await rescue
Speed Read Workers trapped in collapsed tunnel are suffering from dysentery and anxiety over their rescue
By Sorcha Bradley, The Week UK Published
-
Gaza hospital blast: What the video evidence shows about who's to blame
Speed Read Nobody wants to take responsibility for the deadly explosion in the courtyard of Gaza's al-Ahli Hospital. Roll the tape.
By Peter Weber, The Week US Published
-
Giraffe poo seized after woman wanted to use it to make a necklace
Tall Tales And other stories from the stranger side of life
By Chas Newkey-Burden, The Week UK Published
-
Helicopter sound arouses crocodiles
Tall Tales And other stories from the stranger side of life
By Chas Newkey-Burden, The Week UK Published
-
Woman sues Disney over 'injurious wedgie'
Tall Tales And other stories from the stranger side of life
By Chas Newkey-Burden, The Week UK Published
-
Emotional support alligator turned away from baseball stadium
Tall Tales And other stories from the stranger side of life
By Chas Newkey-Burden, The Week UK Published
-
Europe's oldest shoes found in Spanish caves
Tall Tales And other stories from the stranger side of life
By Chas Newkey-Burden, The Week UK Published
-
Artworks stolen by Nazis returned to heirs of cabaret performer
It wasn't all bad Good news stories from the past seven days
By The Week Staff Published