Major Foundations and Investors, Including Heirs to Oil Fortune, Pledge Fossil Fuel Divesment
"Prominent private philanthropies and charitable foundations, including one built from the oil fortune of John D. Rockefeller and Standard Oil, are announcing their intention to divest from fossil fuel holdings on Monday as they make clear statements that the threat of climate change and the irresponsible behavior of the oil, coal, and natural gas companies has fueled their decision.
The pledges from the group of endowments and individuals, which formed earlier this year as the Global Divest-Invest Coalition, will total $50 billion in assets that will be removed from the fossil fuel sector and placed in clean energy investments instead."
