Rockefeller Foundation drops fossil fuel investments

The Rockefeller Foundation has committed to divesting its $5 billion endowment from fossil fuel companies and avoid taking on future fossil fuel investments, according to an announcement made in December. 

The announcement takes on added resonance when taking into account the foundation was created by oil tycoon John D. Rockefeller, whose company at one point controlled more than 90% of oil production in the country. The New York-based foundation largely invests internationally, in issues such as renewable energy and improved health care systems.

“JD Rockefeller started this foundation to promote the well-being of humanity throughout the world, based on science and innovation,” Rajiv Shah, president of the Rockefeller Foundation, said in a statement. “This is still our mission, and since the science is clear on the harm caused by fossil fuels, it was time that we officially aligned our internal investment strategy with our external values and mission.”

Funders have increasingly been steering away from fossil fuel investments, though the Rockefeller Foundation is the largest philanthropic institution to do so. A sister organization also located in New York, the Rockefeller Brothers Fund, announced its plans to divest in 2014, which have proven to be a success, according to its leadership: Five years later, the fund’s endowment outpaced expectations.