If it worked to end apartheid, why not to end apathy about climate change, right? This is a giant step in the right direction.
John D. Rockefeller built a vast fortune on oil. Now his heirs are abandoning fossil fuels.
The family whose legendary wealth flowed from Standard Oil is planning to announce on Monday that its $860 million philanthropic organization, the Rockefeller Brothers Fund, is joining the divestment movement that began a couple years ago on college campuses.
The announcement, timed to precede Tuesday’s opening of the United Nations climate change summit meeting in New York City, is part of a broader and accelerating initiative.
In recent years, 180 institutions — including philanthropies, religious organizations, pension funds and local governments — as well as hundreds of wealthy individual investors have pledged to sell assets tied to fossil fuel companies from their portfolios and to invest in cleaner alternatives. In all, the groups have pledged to divest assets worth more than $50 billion from portfolios, and the individuals more than $1 billion, according to Arabella Advisors, a firm that consults with philanthropists and investors to use their resources to achieve social goals.
The people who are selling shares of energy stocks are well aware that their actions are unlikely to have an immediate impact on the companies, given their enormous market capitalizations and cash flow.
Even so, some say they are taking action to align their assets with their environmental principles. Others want to shame companies that they believe are recklessly contributing to a warming planet. Still others say that the fight to limit climate change will lead to new regulations and disruptive new technologies that will make these companies an increasingly risky investment.
Ultimately, the activist investors say, their actions, like those of the anti-apartheid divestment fights of the 1980s, could help spur international debate, while the shift of investment funds to energy alternatives could lead to solutions to the carbon puzzle.
Not only do I view this as a huge step toward raising awareness and changing the current trend toward public apathy about something that is worse than any jihad, but I also see it as a way to smack around the Kochs and their cabal of climate-denying fascists.
Props to the Rockefellers, and I hope others follow suit in rapid succession.