9/26/2014
Article #3: Rockefellers, Heirs to an Oil Fortune, Will Divest Charity of Fossil Fuels
By John Schwartz, NY Times (9/21/14)
TOPIC: Clean Energy, Awareness
The heirs of John D. Rockefeller, who earned a great fortune from oil, will be divesting their $860 million charity from fossil fuels. They will be joining 180 institutions who have already taken a pledge to sell assets tied to fossil fuel companies and invest in cleaner alternatives. This will not lead to an immediate impact but will help those who divest “align their assets with their environmental principles”. Activism for divestment has brought mixed results in the past with some institutions not doing so (Harvard, Yale) while others have taken more active steps (Pitzer, Stanford). These institutions include colleges, pension funds, local governments and philanthropies.
I was very impressed to read that a family who made their fortune off of fossil fuels will now be divesting from the source that gave them their wealth. I was also very impressed to read how many organizations have chosen to divest from fossil fuels and invest in cleaner alternatives. Although most admit that divestment won’t have much effect immediately, I applaud the change in heart towards such companies that depend on fossil fuels. It may not have much of an effect, but I believe this can be a great step towards cleaner energy and a more sustainable planet.
Article #3: Rockefellers, Heirs to an Oil Fortune, Will Divest Charity of Fossil Fuels
By John Schwartz, NY Times (9/21/14)
TOPIC: Clean Energy, Awareness
The heirs of John D. Rockefeller, who earned a great fortune from oil, will be divesting their $860 million charity from fossil fuels. They will be joining 180 institutions who have already taken a pledge to sell assets tied to fossil fuel companies and invest in cleaner alternatives. This will not lead to an immediate impact but will help those who divest “align their assets with their environmental principles”. Activism for divestment has brought mixed results in the past with some institutions not doing so (Harvard, Yale) while others have taken more active steps (Pitzer, Stanford). These institutions include colleges, pension funds, local governments and philanthropies.
I was very impressed to read that a family who made their fortune off of fossil fuels will now be divesting from the source that gave them their wealth. I was also very impressed to read how many organizations have chosen to divest from fossil fuels and invest in cleaner alternatives. Although most admit that divestment won’t have much effect immediately, I applaud the change in heart towards such companies that depend on fossil fuels. It may not have much of an effect, but I believe this can be a great step towards cleaner energy and a more sustainable planet.