Rockefeller Fund Dumping Fossil Fuels, Hits Exxon On Climate Issues (cnbc.com)

mdsolar quotes a report from Reuters: The Rockefeller Family Fund said on Wednesday it will divest from fossil fuels as quickly as possible and "eliminate holdings" of Exxon Mobil, chiding the oil company for allegedly misleading the public about the threat of climate change. The move by the U.S. based charity, which will also include coal and Canadian oil sands holdings, is especially notable because a century ago John D. Rockefeller Sr. made a fortune running Standard Oil, a precursor to Exxon Mobil.
Given the threat posed to the survival of human and natural ecosystems, "there is no sane rationale for companies to continue to explore for new sources of hydrocarbons," the fund said. Exxon did not immediately comment. In a letter posted on its website, the Rockefeller Family Fund said Exxon's conduct on climate issues appears to be "morally reprehensible."

Comments

buy oil

[Anonymous Coward]

They are selling because of emotional reasons, no matter how right they may be, in a capitalist sense it would be best to buy their shares up cheap. Only law or technology will kill big oil not bleeding hearts.

In other words

[PeeAitchPee]

They know that petro stocks will be depressed for some time and are using their need to dump them as an opportunity for a feel-good, look-how-green-we-are presser. Just rich Wall Streeters doing what they do . . . nothing to see here, folks.

Water is WET!

[danaris]

Well, yeah. We all know that. Hell, it's in the story summary.

The point is, even Rockefeller is divesting from fossil fuels. It would be like Bill Gates saying, "Y'know, Windows really is pretty terrible, and is likely to get you infected and turned into a bot. Everyone should ditch it and use Linux."

And, frankly, about time, too.

Dan Aris