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Tuesday, March 29, 2016

Rockefeller family will leave oil industry after 146 years

The multi-billion-dollar Rockefeller Family Fund has announced plans to withdraw all funds from the oil industry after 146 years in the business.

The charitable fund slammed Exxon Mobil Corp as 'morally reprehensible' for 'misleading' the public about how much fossil fuels contribute to climate change.

Though only a sliver of the endowment's modest $130 million in assets is invested in fossil fuels, the move is notable. 

A century ago John D. Rockefeller Sr. made a fortune running Standard Oil, a precursor to Exxon Mobil. 

The charity said it will said it will 'eliminate holdings' in Exxon as soon as possible, and would also divest from coal and Canadian oil sands. Link

A century ago John D. Rockefeller Sr (pictured) made a fortune running Standard Oil, a precursor to Exxon
A century ago John D. Rockefeller Sr (pictured) made a fortune running Standard Oil, a precursor to Exxon

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