While the global community works to eliminate the use of fossil fuels, it makes little sense—financially or ethically—to continue holding investments in these companies.
There is no sane rationale for companies to continue to explore for new sources of hydrocarbons. The science and intent enunciated by the Paris agreement cannot be more clear: far from finding additional sources of fossil fuels,
We must keep most of the already discovered reserves in the ground if there is any hope for human and natural ecosystems to survive and thrive in the decades ahead.
The Rockefeller Family Fund, a US-based public charity led by the Rockefeller family, announced on Wednesday that it’s intending to completely divest from fossil fuels.
“While the global community works to eliminate the use of fossil fuels, it makes little sense — financially or ethically — to continue holding investments in these companies,” the fund said in a statement posted on its website.
The Rockefeller Fund specifically called out ExxonMobil.
In November 2015, New York Attorney General EricSchneiderman began an investigation into whether Exxondeliberately lied to the public about the risks nonrenewable energy posed to climate change.
The attorney general’s office is reviewing whether Exxon’s statements to investors were consistent with the company’s in-house scientific research, according to The New York Times.
When CNBC first reported the Rockefeller Fund’s divestment early on Wednesday afternoon, shares of Exxon slipped 0.47%, but they have since rebounded.
The Rockefeller Fund also said that it intends to ditch its holdings in coal and Canadian tar-sands oil. The fund didn’t disclose the size of its fossil-fuel holdings.
SAVE VIRUNGA 