‘... The family whose legendary wealth flowed from Standard Oil is planning to announce on Monday that its $860 million philanthropic organization, the Rockefeller Brothers Fund, is joining the divestment movement that began a couple years ago on college campuses. [...] Steven Rockefeller, a son of Nelson A. Rockefeller and a trustee of the fund, said that he foresees financial problems ahead for companies that have stockpiled more reserves than they can burn without contributing significantly to climate damage. “We see this as having both a moral and economic dimension,’ he said,” reports The New York Times.
With this move, the heirs to the Rockefeller fortune are not only sending a signal to the students on America’s elite campuses, but are taking a position in the growing global debate on the prudence of long-term investment in fossil fuels, joining voices such as those of Britain’s Lord Stern and former US Vice-President Al Gore, who have long warned of the grave dangers of sustaining current levels of hydrocarbon exploitation.
Such warnings led the leadership at ExxonMobil this year to issue a statement to their investors, assuring them that, because there is currently no recognizable, coherent global political will to achieve climate targets, their investments in fossil fuel remain secure.