22 September 2014 – US-based philanthropic organisation Rockefeller Brothers Fund is poised to cut all its ties with fossil fuel industries and instead invest in clean energy, according to reports.
The fund, founded in 1940, will on Monday unveil the plans as the UN climate change summit gets under way in New York, various media reports indicated.
The fund is to join the Global Divest-Invest initiative, a coalition of almost 200 institutions and more than 600 individuals that have turned their backs on fossil fuels in the search for more sustainable global societies.
Stephen Heintz, director of Rockefeller Brothers Fund, said in a statement: “We are quite convinced that if (late US oil tycoon John D Rockefeller) were alive today, as an astute businessman looking out to the future, he would be moving out of fossil fuels and investing in clean, renewable energy.”
The fund’s permanent aims are to contribute to “a more just, sustainable and peaceful world”. Grant-making is organised around three themes: democratic practice, peace-building and sustainable development.
The three core geographical areas of focus are New York City, southern China and the western Balkans region in Europe.
Global Divest-Invest calls for companies, institutions and individuals to “divest from fossil fuels (and) invest in climate solutions”. Signatories include pension funds, colleagues, health services and religious institutions.
*Eoin O’Cinneide – Upstreamonline