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Rockerfeller Fund Leaves Fossil Fuels in the Dust

It was announced earlier this week that the Rockefeller Family Fund, a branch of the company John D. Rockefeller started in 1970 as Standard Oil, has decided that ExxonMobil Corporation’s, misleading consumers on climate change was reprehensible and after their requests to look for and invest in alternative energy sources went unheeded they are looking to remove fossil fuels from their portfolio expeditiously and “eliminate holdings” of ExxonMobil Corporation as noted on their web page.

The following is a direct quote from the announcement:

We would be remiss if we failed to focus on what we believe to be the morally reprehensible conduct on the part of ExxonMobil. Evidence appears to suggest that the company worked since the 1980s to confuse the public about climate change’s march, while simultaneously spending millions to fortify its own infrastructure against climate change’s destructive consequences and track new exploration opportunities as the Arctic’s ice receded. Appropriate authorities will determine if the company violated any laws, but as a matter of good governance, we cannot be associated with a company exhibiting such apparent contempt for the public interest.”


John D. Rockefeller Oil Tycoon

The parent company Standard Oil, that was broken up in 1911 for being an illegal monopoly, was the largest oil refinery during its time and skyrocketed John D. Rockefeller to the status of richest man in the world. Two of the companies that were formed from the breaking of the monopoly were Jersey Standard (“Standard Oil Co. of New Jersey”), which eventually became Exxon, and Socony (“Standard Oil Co. of New York”), which eventually became Mobil.

The Rockefeller Family Fund has also stated that it will be divesting from coal and Canadian oil sands.

Written by Pamela Getz

Writer and Activist. Follow Pamela on Twitter @goddesspamela.

Pamela Getz is Editor of International Affairs for Progressive Army and a member of its Editorial Board.

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