The Rockefeller Fund has announced big plans to switch it's investments to 'Clean Energy'.
The Rockefeller Brothers Fund has been working to better align its endowed assets with its mission, when the board approved a commitment of up to 10 percent of the endowment to investments consistent with the foundation's Sustainable Development program goals.
Stephen Heintz, president of the Fund, announced its decision to divest from fossil fuels at a press conference in New York City on September 22, 2014, one day before world leaders convene at the UN Climate Summit.
The Fund has begun a two-step process to divest from investments in fossil fuels, first focusing on limiting its exposure to coal and tar sands, with a goal to reduce these investments to less than one percent of the total portfolio by the end of 2014.
The Fund is also analyzing in detail its remaining fossil fuel exposure and will develop a plan for further divestment as quickly as is prudent over the next few years.
The New York Times: "Rockefellers, Heirs to an Oil Fortune, Will Divest Charity From Fossil Fuels" (September 21, 2014) Rockefellers, Heirs to an Oil Fortune, Will Divest Charity of Fossil Fuels http://nyti.ms/XIPIXD
The Washington Post: "Big Oil’s heirs join call for action as climate summit opens" (September 21, 2014) Heirs to Rockefeller oil empire plan to sever financial ties to fossil fuels http://wapo.st/1yluKit via @washingtonpost
NPR: "Rockefeller Brothers Fund Forsakes Its Legacy" (September 22, 2014)
Via @nprnews: Rockefeller Brothers Fund Forsakes Its Legacy http://n.pr/1qm1UEA
BBC News - Rockefellers to switch investments to 'clean energy' http://www.bbc.com/news/world-us-canada-29310475