The heirs of John D. Rockefeller attacked ExxonMobil this week, a company that is also a descendant of the famed oil baron.
The Rockefeller Family Fund has announced that it will divest its assets from fossil fuels. In a statement posted on its website, the fund said that, due to the need to eliminate fossil fuels that contribute to climate change, it “makes little sense – financially or ethically – to continue holding investments in these companies. There is no sane rationale for companies to continue to explore for new sources of hydrocarbons.”
The Rockefeller Family Fund is a philanthropy set up by the fourth-generation descendants of John D. Rockfeller, and shouldn’t be confused with the Rockefeller Brothers Fund, the third-generation organization, which announced its decision to divest from fossil fuels in 2014. Related: Oil Prices Fall Fast On Huge Inventory Build
The Rockefeller Family Fund took a parting shot at ExxonMobil in its statement, which is the largest descendant of Standard Oil Company. “We would be remiss if we failed to focus on what we believe to be the morally reprehensible conduct on the part of ExxonMobil.” The organization said that ExxonMobil “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.”
The foundation, of course, is referring to the news reports that surfaced in 2015 which alleged that ExxonMobil has known for decades about the role that oil and gas play in fueling climate change, but actively funded campaigns to obscure the public and scientific understanding about climate change. In November 2015, the New York attorney general opened up an investigation into the oil supermajor.
“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,” the Rockefeller Family Fund wrote. The Fund’s $130 million in assets will be withdrawn from ExxonMobil, plus all coal and tar-sands companies, with proceeds redirected into investments that have some sort of social responsibility element to them. Related: Brussel’s Terror Attack Drives Europe Further Into Terrorism Rabbit Hole
ExxonMobil dismissed the divestment announcement. "It's not surprising that they're divesting from the company since they're already funding a conspiracy against us," a company spokesman told CNBC on March 23. Additionally, in a March 14 op-ed in The Los Angeles Times, Suzanne McCarron, Exxon’s vice president of public and government affairs, rejected the allegations that the company covered up climate science. “…the recent accusations against ExxonMobil make no sense — that is, until you learn that the anti-ExxonMobil campaign, and the supposedly unbiased media reports it rests upon, is in fact funded by groups actively opposed to the use of oil and natural gas,” McCarron wrote.
Separately, the divestment news came in the same week that the U.S. Securities and Exchange Commission decided that ExxonMobil must offer a climate change resolution as part of its annual shareholder proxy. The SEC sent a letter to the oil supermajor, which was seen by Reuters, saying that the company must allow shareholders to vote on whether or not to require the company to detail the risks to shareholders from climate change or potential legislation meant to address climate change.
Any legislation, such as a carbon tax, a cap-and-trade system, or other measures meant to block the production of oil and gas, would likely present a financial risk to the company and reduce shareholder value. ExxonMobil opposed the requirement to detail those risks, arguing that it already provides adequate information. The SEC disagreed. "It does not appear that Exxon Mobil's public disclosures compare favorably with the guidelines of the proposal," Justin Kisner, an attorney-adviser with the SEC, wrote in the letter, referring to a proposal by the New York Comptroller to require ExxonMobil to offer more detailed information. The Comptroller oversees New York’s $178 billion pension fund. Related: Record Loss For Petrobras As Political And Economic Crisis Worsen
“This is a major victory for investors who are working to address the risks that global warming presents to our portfolios,” NY Comptroller Thomas DiNapoli wrote in a statement. “The Securities and Exchange Commission’s determination upholds shareholders’ rights to ask for vital information. Investors need to know if ExxonMobil is taking necessary steps to prepare for a lower carbon future, particularly now in the wake of the Paris agreement. We look forward to presenting our proposal to fellow shareholders at ExxonMobil’s annual meeting.”
History has come full circle, with the descendants of one of the world’s most famous oil icons deciding that they will move their fortune, which was built on oil, away from fossil fuels. The Rockefeller Family Fund recognized their long history in making money from oil production. “But history moves on, as it must,” the organization wrote.
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By Nick Cunningham of Oilprice.com
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They really care? Give the money back. What ever you inherited from this nasty oil is therefore evil and bad. GIve it back.
Each of you should donate everything you have, that is linked to Standard Oil, to a worthy cause (that in itself is doubtful). BUT to keep the money and then complain about where it came from is just sickening.
You don't like OIL PROFITS? I do. Give it all to me. You will feel so much better getting rid of this evil and washing your hands of it and making a real sacrifice for humanity, you jerks.
Actually, I was surprised to see that only $130 million was invested in energy stocks(Exxon), tar sands, etc.
The burning of hydrocarbons does not pollute, proof: smoke coming out of my diesel truck disappears by itself.
Knowledge is the greatest hoax ever. Long live metaphysics!
Solvents
Diesel fuel
Motor Oil
Bearing Grease
Ink
Floor Wax
Ballpoint Pens
Football Cleats
Upholstery
Sweaters
Boats
Insecticides
Bicycle Tires
Sports Car Bodies
Nail Polish
Fishing lures
Dresses
Tires
Golf Bags
Perfumes
Cassettes
Dishwasher parts
Tool Boxes
Shoe Polish
Motorcycle Helmet
Caulking
Petroleum Jelly
Transparent Tape
CD Player
Faucet Washers
Antiseptics
Clothesline
Curtains
Food Preservatives
Basketballs
Soap
Vitamin Capsules
Antihistamines
Purses
Shoes
Dashboards
Cortisone
Deodorant
Footballs
Putty
Dyes
Panty Hose
Refrigerant
Percolators
Life Jackets
Rubbing Alcohol
Linings
Skis
TV Cabinets
Shag Rugs
Electrician's Tape
Tool Racks
Car Battery Cases
Epoxy
Paint
Mops
Slacks
Insect Repellent
Oil Filters
Umbrellas
Yarn
Fertilizers
Hair Coloring
Roofing
Toilet Seats
Fishing Rods
Lipstick
Denture Adhesive
Linoleum
Ice Cube Trays
Synthetic Rubber
Speakers
Plastic Wood
Electric Blankets
Glycerin
Tennis Rackets
Rubber Cement
Fishing Boots
Dice
Nylon Rope
Candles
Trash Bags
House Paint
Water Pipes
Hand Lotion
Roller Skates
Surf Boards
Shampoo
Wheels
Paint Rollers
Shower Curtains
Guitar Strings
Luggage
Aspirin
Safety Glasses
Antifreeze
Football Helmets
Awnings
Eyeglasses
Clothes
Toothbrushes
Ice Chests
Footballs
Combs
CD's & DVD's
Paint Brushes
Detergents
Vaporizers
Balloons
Sun Glasses
Tents
Heart Valves
Crayons
Parachutes
Telephones
Enamel
Pillows
Dishes
Cameras
Anesthetics
Artificial Turf
Artificial limbs
Bandages
Dentures
Model Cars
Folding Doors
Hair Curlers
Cold cream
Movie film
Soft Contact lenses
Drinking Cups
Fan Belts
Car Enamel
Shaving Cream
Ammonia
Refrigerators
Golf Balls
Toothpaste
Gasoline
Burning up in a couple of hundred years what it took millions of years to make underground does not make a lot of sense -- especially when byproducts of combustion are now known to be so harmful to health and good ecology. You can toot petroleum's horn for some things more than others.