Rockefeller Foundation Plans to Divest Fossil Fuel Holdings
(Bloomberg) -- The Rockefeller Foundation, established more than a century ago by oil magnate John D. Rockefeller, plans to divest from fossil fuels as it commits more capital to green investments.
Under the plan, already underway, Rockefeller is expected to more than halve the portfolio’s total exposure to fossil fuels to less than 1% in the near future, according to an email. No timetable was given for the full divestiture.
The announcement follows a decision to commit $1 billion to sustainable investments to help the economic recovery from the pandemic. Rockefeller said that it has already cut its exposure to companies blamed for climate change by half in the last six years to about 2% of its $5 billion portfolio.
“We actively narrowed the resources portfolio to less than a handful of managers who place strong focus on ESG integration and avoided dedicated investments in the heaviest emitting fossil fuels,” said Chun Lai, Rockefeller’s chief investment officer, in the email.
The announcement is a victory for the divestment movement, which has pressured institutional investors to shed fossil-fuel investments, and follows the decision by other philanthropies connected to the Rockefeller family to do so.
CNN first reported the news earlier Friday.
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