New York-based philanthropic organization Rockefeller Brothers Fund said Monday it will divest from its fossil fuel holdings and invest in alternative energy.
The announcement will be officially made Monday at the U.N. climate change conference in New York.
The fund was founded in 1940 by the the sons of John D. Rockefeller Jr. and is a private, family foundation.
John D. Rockefeller Jr. was the son of Standard Oil co-founder John D. Rockefeller.
The organization said its immediate focus will be divesting from coal and oil sands with the ultimate goal of reducing its investments in fossil fuels to less than one percent of its total portfolio by the end of 2014.
“Our divestment from fossil fuels, which is now underway, will be accomplished through a careful process of evaluating our exposure and a phased approach that proceeds as quickly as is prudent,” Rockefeller Brothers Fund said.
The fund will sign onto the Global Divest-Invest Initiative, a group of nearly 200 institutional investors and over 600 individual investors who are divesting from fossil fuels in favor of alternative energy.
“We are quite convinced that if John D Rockefeller 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,” director of Rockefeller Brothers Fund Stephen Heintz said.
The current market value of the fund’s investment assets total $860 million.