Marissa Hall | Shale Plays Media
In a startling move that demonstrates the evolving nature of energy markets, the Rockefeller Brothers Fund has announced that it is part of a group of philanthropic foundations and wealthy individuals that will pull $50 billion in investments from fossil fuel industries.
Instead, the fund will transition to investing in clean energy sources over the course of the next five years as a part of the Global Divest-Invest coalition, Reuters reports.
The coalition began congregating commitments to change the flow of funding into the energy industry in January 2014, diverting those investments to clean and renewable energy sources instead. All told, the coalition now consists of 650 individuals and 180 institutions. The Rockefeller Brothers Fund is one of 50 new foundations to join the movement.
For a foundation bearing the name of Standard Oil magnate John D. Rockefeller, the transfer indicates a larger shift in efforts to minimize global environmental impact. This issue has been highlighted of late by the Climate March, during which over 300,000 activists gathered in the streets of New York City to express the necessity for action.
The announcement of divestment also came just a day before the United Nations Climate Summit, which saw the meeting of hundreds of dignitaries from across the world who came together to discuss climate change earlier today at the UN Headquarters in the Big Apple.
For more details regarding the divestment, see Reuters’ full article: Philanthropies, including Rockefellers, and investors pledge $50bln fossil fuel divestment