Rockefeller Foundation will sell oil-related assets to clean energy investment

Polaris solar PV net news: according to foreign media reports, according to the oil-rich Rockefellers, they will sell its oil industry related assets, steering the clean energy sector.

Rockefeller Brothers Fund President Stephen ˙ Heinz said, had decided to sell them in the coal industry and Canada’s oil sands industry investment into renewable energy. After a year or two, and then considered their remaining fossil fuel investments need to sell.

The Foundation said in a statement, coal and oil sands are two of the most concentrated source of carbon emissions, the Foundation will seek at the end of this year, cutting the rate to their investment with a total investment of 1%.

It is learnt that the Rockefeller’s move comes in response to a place called “global divestment-invest” the Union’s call. The coalition was launched 3 years ago, and by the participation of multiple agencies and hundreds of billionaires, they promise, will be sold in the next five years of assets linked to fossil fuel companies, and instead invest in cleaner alternative energy sources. Up to now, the participating institutions has been increased to 180. In May this year, Stanford had pledged $ 18.7 billion of its Endowment Fund will no longer into the scope of investment in coal mining enterprises.

The Rockefeller Brothers Fund is on the eve of the opening of the UN Climate Summit announced the decision.

23rd, the climate summit at the end of published documents showing that curbing climate change is urgent. Leaders attending the Summit agreed that climate change is the defining problems of our age, we must take bold action to reduce emissions.

Chinese Vice Premier Zhang put forward three major goals at the Summit: first, reducing the carbon intensity (the Chinese Government had promised in 2009 to achieve 2020 unit GDP carbon emission reduction 40%~45%); second, increasing the share of non-fossil fuels and forest stock volume three, achieving emissions peaking as soon as possible.

United Nations figures released earlier showed that global energy consumption, and about 80% of energy is fossil fuels. United Nations Secretary-General Ban Ki-moon for the business and Government leaders attending the Summit said: “to stay away from a fossil fuel-based investment, to invest more in renewable energy. ”

The Rockefeller family believes that must leave most of the remaining fossil fuels in the ground. Heinz said that if the old Rockefeller himself alive, and would agree with this decision, “leading into” renewable energy.

Rockefeller family on a global scale has been seen as a symbol of wealth. In the 1870 of the 19th century, the founder of John ˙ Davidson ˙ Rockefeller created standard oil company, for ten years, the monopoly of national 90% of oil refining industry. Step, the old Rockefeller built vast oil empire is often seen to be United States petroleum industry began, the old Rockefeller took the amassed enormous wealth. However, in 1911, the United States Supreme Court found standard oil company violated the Sherman Antitrust Act, the company split into 34 smaller companies. Now the world oil giant Exxon Mobil, Chevron, BP, ConocoPhillips, are thus evolved.

Today, the sixth-generation family have prosperity. So far, the family assets under management have a lot more than the oil industry, but the oil has long been seen as a cornerstone of the Rockefeller family.

Reportedly, Christophe de Margerie, total’s Chief Executive, criticized the Foundation’s decision, he said he had told the Foundation, “has no energy, Rockefeller Center wouldn’t exist.”

Rockefeller colleagues, perhaps more should be concerned with is, Heinz said: “selling investments that will release the Foundation’s views on energy futures ‘ signal ‘. ”

Signals from Hong Kong’s richest man Li Ka-shing, to sell the property, Rockefeller family, which is also the industry paid sufficient attention. Analysts said, abandoning investment in fossil fuels, the Rockefeller Foundation released a promising signal for clean energy.

United Nations Environment Programme said recently, according to a study by the International Energy Agency, to be achieved by 2050, climate warming within 2 c range, in order to avoid the worst effects of climate change goals, worldwide each year would have to increase its investments in clean energy, at least $ 1 trillion. However, the global clean energy investments totaled just $ 254 billion in 2013.

Original title: Rockefeller Foundation to clean energy investment

Posted in News.