The Rockefeller Brothers Fund moves out of fossil fuels to invest in clean energy

Rockefeller Brothers Fund

The Rockefeller Brothers Fund is joining a coalition of philanthropists pledging to rid themselves of more than US50bn in fossil fuel assets.

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

The Rockefeller Brothers Fund has been working to better align its endowed assets with its mission since 2010, when the board of trustees 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 convened 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.

BBC

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