Rockefeller Family Fund Divest from Fossil Fuels

Divesting from Fossil Fuels


The Rockefeller Family Fund (RFF) has announced that it was divest from fossil fuels as quickly as possible. Although the family made considerable wealth from fossil fuels, they can see that these companies are going against what’s best for our nation. The Rockefeller Brothers Fund did the same in 2014.

The RFF spoke specifically about ExxonMobil saying – “We would be remiss if we failed to focus on what we believe to be the morally reprehensible conduct on the part of ExxonMobil. Evidence appears to suggest that the company worked since the 1980s to confuse the public about climate change’s march, while simultaneously spending millions to fortify its own infrastructure against climate change’s destructive consequences and track new exploration opportunities as the Arctic’s ice receded. Appropriate authorities will determine if the company violated any laws, but as a matter of good governance, we cannot be associated with a company exhibiting such apparent contempt for the public interest.

Advisors have been advised to eliminate holdings of ExxonMobil as well as all coal and tar sands-based companies outside the funds managed by third parties – exposures of these three categories must be kept below 1% across the entire portfolio.

Martha, John, Laurance, Nelson, and David Rockefeller created the Rockefeller Family Fund (RFF) in 1967. Since 2006 the Funds Environment program has operated almost solely to aid climate change.

“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,” said a statement by the fund.

“Needless to say, the Rockefeller family has had a long and profitable history investing in the oil industry, including ExxonMobil. These are not decisions, therefore, that have been taken lightly or without much consideration of their import. But history moves on, as it must. Indeed, it is past time for all people of good will to do everything in their collective power to make our new path one that recognizes the deep interdependence between humanity’s future and the health of our natural systems.”

Some Australian councils are also following suit with the Randwick City Council and the Wondonga Council (the 18th Australian Council to do so) announcing a move away from fossil fuel investments.