The Rockefeller Family Fund announced on Wednesday that it will withdraw its investments in fossil fuels "as quickly as possible", adding that it will divest the capital it has held until now in the oil company Exxon Mobil Corp, arguing that the company, associated with the family fortune , has misled the public about the risks of climate change.
By Miami Diario Newsroom
Although only a small portion of the fund's assets are invested in fossil fuels, the announcement carries significant significance, given that a century ago John D. Rockefeller made a fortune at the helm of Standard Oil, the forerunner of Exxon Mobil. The organization said it would also divest its Canadian coal and oil sands investments, reports to Reuters.
Taking into account the threat it poses to the survival of human and natural ecosystems, "there is no sensible reason for companies to continue exploring new sources of hydrocarbons," says the Rockefeller Family Fund through a letter published in its Web page.
The organization also highlights that Exxon's conduct on climate issues is "morally reprehensible."
In 2014, the Rockefeller Brothers Fund, another $860 million foundation owned by the wealthy family, announced that it was joining 11 other companies in deciding to ditch coal and tar sands investments.
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