Anybody who is slightly familiar with the history and relevance of the Rockefeller name may be surprised to hear that the moniker that has become synonymous with oil production has committed to making a drastic shift in its operations. The Rockefeller Brothers fund, estimated at roughly $860 million, will be eliminating the remainder of its investments in fossil fuel production over the course of five years, with the brothers saying the decision comes from "moral" and "economic" motivations.
Presently the most notable billionaire fund to make such a move away from all coal, gas and oil initiatives for renewable energy programs, the decision by the Rockefeller family and the time of its announcement, just on the heels of the UN Summit on climate change on September 23, comes with the hopes of igniting greater interest in clean energy.
However, the maneuver has already received some subtle pushback. According to the New York Times, several notable institutions are looking to remain distant from the issue. Harvard University's $32.7 billion endowment has several fossil fuel investments but has already stated that it has no plans to follow the example of the Rockefellers. Drew Gilpin, Harvard University president, explained the reasoning, telling the New York Times that she doesn't believe money is an effective "instrument to impel social or political change."
This has not been the first attempt by the Rockefellers to spur significant change in mentality in regard to money and energy production. In the 1980s, members of the family created a $2 million fund to invest in renewable-energy alternatives but the fund failed due to the timing of the plan.
Nevertheless, presently the movement in favor of renewable energy programs has never been more relevant. If you'd like to learn more about energy efficiency and how you can apply more effective energy consumption practices to your home, schedule an energy audit with industry leader Alban Inspections. Contact us today!