The huge philanthropic Rockefeller foundation (managing nearly $900 million) started by the descendants of Standard Oil magnate John D. Rockefeller has decided to divest its investments out of oil and fossil-fuel companies. The surprise announcement came in the context of the recent climate-change summit held in New York.
The divestiture movement, which started on college campuses but is rapidly catching fire, is reminiscent of the 1980s divestment initiative that put pressure on corporations – even entire nations – doing business with South African companies to pull out of those interests to protest that nation's apartheid regime.
Some 180 U.S. foundations, pensions funds, local governments and religious organizations have signed on to combat climate change in a similar fashion. Still, many in the business community, including Rockefeller Brothers Fund administrators and some family heirs, see it not so much as a moral imperative but as a smart business decision to invest in alternative and renewable energy sources in the 21st century. An astute businessman like J.D. Rockefeller, they say, would be all for it.