The Rockefeller Fund decided to withdraw its shares from oil and coal companies

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11 April 2016
Rockefeller Family Fund (RFF) has announced its intention to get rid of its assets in companies that produce fossil fuels as soon as possible, including the largest oil company ExxonMobil. The statement published on the official website of the Fund.

"At a time, when the international community is working to eliminate the need to use fossil fuels, there is no sense - either financially or ethically - to maintain investments in these companies," - said in a statement. Also, the Fund emphasizes that now there is no good reason to continue the exploration of new hydrocarbon deposits. Moreover, most of the explored reserves must be left in the ground to "give some hope for the survival of mankind and ecosystems in the upcoming decades." The statement points out that the Fund had given the order to get rid of all assets in coal and oil companies, and keep the investments in these areas at the level of less than 1% of the total investment portfolio.

"We believe that it would be remiss on our part not to draw attention to the reprehensible behavior from ExxonMobil side. There is an information that suggests the company misleads the public about its attitude to climate change starting from 1980s, while at the same time spends millions to enhance their own infrastructure despite the devastating consequences of climate change - said the Fund. - Relevant authorities will determine whether ExxonMobil has violated any laws, but we can not be associated with a company that contemptuously refers to the public interest."

As Reuters notes, although the investment fund with assets of $130 million in coal companies and the development of oil sands in Canada are relatively small, the Fund's adopted decision is noteworthy because John D.Rokfeller made his fortune in Standard Oil, the predecessor of ExxonMobil, a century ago.

Rockefeller Family Fund (RFF) - established in 1967 by the American charitable organization dedicated to protecting the environment and social issues.

Source: RBC 
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