The Fund is investing $10 million in global wind and solar company Mainstream's Lekela Power, projects which will generate 1.3GW of new renewable power capacity in South Africa, Egypt, Senegal, and Ghana.
One year after announcing the Rockefeller Brothers Fund’s plan to divest from fossil fuels, President Stephen Heintz said its portfolio’s exposure to oil, coal, and tar sands has been reduced from about seven percent at the beginning of 2014 to just over four percent.
In an editorial, Valerie Rockefeller, chair of the Fund and a great-great granddaughter of John D. Rockefeller, explains the RBF’s rationale for joining the global shift toward divesting from fossil fuels and investing in clean energy businesses. RBF President Stephen Heintz and Trustee Justin Rockefeller also discuss the Fund's initial investments and its timeline for divesting.
The Rockefeller Brothers Fund has begun a two-step process to divest from investments in fossil fuels. The Fund's immediate focus will be on limiting its exposure to coal and tar sands, two of the most intensive sources of carbon emissions, with the goal to reduce its investments to less than one percent of the total portfolio by the end of 2014.