Just before the United Nation Summit on Climate Change that happened yesterday, the long-time Rockefeller Standard Oil family made a major announcement:
On Monday, The Rockefeller Brothers Fund announced their divestment from the fossil fuel industry “in a move to pressure companies that are adding to climate change.” The amount of divested funds have reached $50 billion and the firm has pledged to triple that total by Q4 2014. The fund is immediately divesting from coal and tar and assessing divestment from other fossil fuels. Although RBF manages assets totaling under $1 billion and is separate from the more endowed Rockefeller Foundation, their announcement supplements the rising public momentum against climate change and non-renewables.
Under lots of pressure, major U.S. companies are buckling to climate change alarmists ahead of the summit. This kind of sudden shift in funds and direction of a company does more harm than any good.