Rockefeller Oil Heirs Find Dumping Fossil Fuels Improved Bottom Line

“Since severing investments in fossil fuels, Rockefeller Brothers Fund has outpaced its financial benchmarks.”

“Five years ago, members of the Rockefeller family walked away from the fossil fuels that made them rich, alarmed that burning oil and gas was causing climate change. Now it also seems like a smart financial move. The $1.1 billion Rockefeller Brothers Fund — largely free of oil and gas — has outpaced financial benchmarks, defying predictions of money managers.

Stephen B. Heintz, president of the fund, said the financial performance should bolster those trying to stop investment in industries linked to climate change. “This has become not a symbolic gesture, as might have been viewed at the time we announced,” Heintz said. “It’s become a movement.”

No other name reverberates in the oil industry quite like Rockefeller. John D. Rockefeller Sr. built the Standard Oil empire 150 years ago and became one of the richest Americans in history. An antitrust case in 1911 resulted in the breakup of the trust into the companies that became Exxon, Mobil, Amoco and Chevron, among others.”

Steven Mufson reports for the Washington Post May 9, 2020.