Rockefeller Fund foresees continued rapid growth of renewable energy market

While politicians dithered, investment funds acted

The Rockefeller Brothers Fund plans to divest from fossil fuels in favour of alternative energy.  The Fund has begun the process of disinvestment from fossil fuels, beginning with its exposure to coal and tar sands and aiming to reduce these investments to less than one percent of the total portfolio by the end of 2014.

“We see this as both a moral imperative and an economic opportunity over the next period of years as the clean and renewable energy market continues to grow rapidly,” said Stephen Heintz, president of the Rockefeller Brothers Fund, to Oryx Business Intelligence.

Rockefeller Brothers Fund, along with other hedge and pension funds, wealthy individuals and charity organizations, joined the movement to abandon companies involved in coal and tar sands and re-invest in alternative energy. So far these organizations have pledged over USD 50 billion, with a commitment to reach USD 150 billion by next December.

Warren Buffett, chairman of Berkshire Hathaway Inc., known for its swift-footed investment decisions, confirmed his commitment to invest additional USD 15 billion on renewables.

“USD 1 trillion needs to be invested by 2030 to finance the clean technologies required to avoid the worst consequences of climate change. With the support of such organizations, the accomplishment of this target becomes more plausible,” said Ionna Elliot, managing partner of the Emergent Markets Investment Summit (EMIS).

Oryx Business Intelligence is holding this Emergent Markets Investment Summit in Abu Dhabi on 4th – 5th March 2015. The summit will focus upon development in the alternative energy sector, sustainable real estate projects and the creation of jobs in the region. The EMIS aims to inform investors about the sector’s potential by reviewing its situation, needs, challenges and solutions for energy efficiency and sustainability.

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