The Rockefeller Family Fund, a US-based public charity led by the Rockefeller family, announced on Wednesday that it’s intending to completely divest from fossil fuels.
“While the global community works to eliminate the use of fossil fuels, it makes little sense — financially or ethically — to continue holding investments in these companies,” the fund said in a statement posted on its website.
The Rockefeller Fund specifically called out ExxonMobil.
In November, 2015, New York attorney general Eric Schneiderman began an investigation into whether Exxon deliberately lied to the public about the risks nonrenewable energy posed to climate change.
The attorney general’s office is reviewing whether Exxon’s statements to investors were consistent with the company’s in-house scientific research, according to The New York Times.
The Rockefeller Fund also said they intend to ditch their holdings in coal and Canadian tar sands oil. The fund didn’t disclose the size of its fossil fuel holdings.
Business Insider Emails & Alerts
Site highlights each day to your inbox.