A name that is synonymous with the capitalism of oil, Rockefeller heirs are to change the the direction of their family business and invest into renewable energy. In a two stage process, they will begin by reducing investments in coal and tar sands, with a goal of reaching less than 1% by the end of the year, they will then be looking to divest the remaining fossil fuels ‘as quickly as is prudent over the next few years‘.
The announcement to divest from fossil fuels and invest the Rockefeller fund, currently worth £525 million, into renewable energy comes just before the UN Climate Summit where world leaders convene.