The Global Divest-Invest coalition has united numerous philanthropists and institutions to announce they will be divesting $50 billion from fossil fuel projects and reinvesting in renewable energy alternatives. The effort has been in effect for 3 years with about 650 individuals and 180 institutions working to transfer the $50 billion dollar investments gradually to a diverse set of renewable options. One notable contributor to the efforts is the Rockefeller Brothers Fund. Trustee of the fund and heir of oil mogul John D. Rockefeller, Stephen Heinz commented about the Fund’s involvement, saying that the move would have been welcome new to Rockefeller.
“We are quite convinced that if he were alive today, as an astute businessman looking out to the future, he would be moving out of fossil fuels and investing in clean, renewable energy,”
Universities across the nation are joining in the divestment efforts while others refuse. Stanford University announced it would be divesting from coal while Harvard has declined with a comment from Harvard president Drew Gilpin Faust calling divestment “unwarranted and unwise.” Some groups are taking a cautious approach to the future of energy. The CEO of PensionDanmark explained the company’s 7 percent investment of it’s $26 billion portfolio in renewable energy, saying that if returns were equal from carbon-based energy and wind farms the company would invest more heavily in wind farms. While sustainable energy options are receiving the full-throated support of some investors, others require more from the industry before jumping in.
Read more- Philanthropies, Including Rockefellers and Investors, Promise $50 Billion Fossil Fuels Divestment (Valerie Volcovici, Reuters)