(TRUNEWS) The Rockefeller Family Fund has sold their stock in Exxon, despite the fact the family has made their fortune in the oil industry.
The charity fund claims there is “no sane rationale” for companies to explore for oil as the government cracks down on carbon emissions, according to a statement on their website as reported by Bloomberg.
They accused Exxon of “morally reprehensible conduct” claiming the company knew about global warming for decades and did not disclose it to their investors. InsideClimate News, which is backed financially by the Rockefellers, made the accusation about Exxon last year.
“It’s not surprising that they’re divesting from the company since they’re already funding a conspiracy against us,” Alan Jeffers, a spokesman for Exxon, said in an e-mailed statement on Wednesday.
Investments in fossil fuels represent 6 percent of the Rockefeller Family Fund’s holding.
A pump jack stands idle in Dewitt County, Texas January 13, 2016. REUTERS/Anna Driver
According to Zero Hedge, experts believe divestment in oil could cause millions of people in poor nations into poverty while other energy sources are being developed. Cleaner energy may also not be feasible economically.
Last year Eric Schneiderman, the New York State Attorney General began in investigation into whether Exxon misled shareholders, with the company claiming they had included the information in its quarterly filings.
Zero Hedge predicts the Rockefellers won’t fully divest and will keep some holding offshore. The Guardian has reported the Rockefeller Brothers Fund has divested in fossil fuels but the larger Rockefeller Foundation has not.
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