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Rockefellers out of oil?

Rockefellers out of oil?

I don’t believe what I have heard on the radio today. What timing! At the same time as a large climate change summit is commencing in New York the Rockefeller Foundation has announced that it is removing it’s funds from fossil fuel based investments and moving them to renewables. We are talking about a very very large amount of money (about US$56 billion). This will send a message to the markets and businesses that will not be able to be ignored.

Spokesman for the Rockefeller Brothers Fund said that if Standard Oil tycoon John D Rockefeller were alive he believes the moving of funds would be in line with his wishes.

Rockefellers investing in renewables

“We are quite convinced that if he were alive today, as an astute businessman looking into the future, he would be moving out of fossil fuels and investing in clean renewable energy.”

As this is such a vast amount of money and such a dramatic decision it may affect the way business make decisions in the future. They are not the only ¬†fund or business thinking twice about investments in the fossil fuel industry at present and I’m sure the timing will mean many long discussions occur at the New York climate summit.

Stanford University out of coal

Stanford University has also decided to no longer use a US$21 billion endowment on coal mining companies. All these decisions are certainly making a statement that cannot be ignored. I’m sure many executives in current large oil companies will be “quivering in their boots” over this news and many a boardroom table will be full of people over the next few days.

What happened to the Australian Government?

I wonder what Tony Abbott and our present Liberal government will think of this announcement? Just as they’ve been talking about winding back climate control initiatives and pulling money out of the renewables industry, the USA are doing just the opposite. Maybe this announcement will make them rethink their position and realise that not only is this decision good for our planet it makes good business sense as well. If it didn’t make good business sense I’m sure the Rockefeller Foundation would not make such a decision.

I’ll leave you with a recent Archbishop Desmond Tutu quote –

“We can no longer continue feeding our addiction to fossil fuels as if there is no tomorrow, for there will be no tomorrow.”¬†

* information supplied by Reuters & The Age

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