Here’s a better idea: How about just donating your billions to charity and living off nature?
John D. Rockefeller built a vast fortune on oil. Now his heirs are abandoning fossil fuels.
The family whose legendary wealth flowed from Standard Oil is planning to announce on Monday that its $860 million philanthropic organization, the Rockefeller Brothers Fund, is joining the divestment movement that began a couple years ago on college campuses.
The announcement, timed to precede Tuesday’s opening of the United Nations climate change summit meeting in New York City, is part of a broader and accelerating initiative.
In recent years, 180 institutions — including philanthropies, religious organizations, pension funds and local governments — as well as hundreds of wealthy individual investors have pledged to sell assets tied to fossil fuel companies from their portfolios and to invest in cleaner alternatives. In all, the groups have pledged to divest assets worth more than $50 billion from portfolios, and the individuals more than $1 billion, according to Arabella Advisors, a firm that consults with philanthropists and investors to use their resources to achieve social goals.
The people who are selling shares of energy stocks are well aware that their actions are unlikely to have an immediate impact on the companies, given their enormous market capitalizations and cash flow.
Even so, some say they are taking action to align their assets with their environmental principles. Others want to shame companies that they believe are recklessly contributing to a warming planet. Still others say that the fight to limit climate change will lead to new regulations and disruptive new technologies that will make these companies an increasingly risky investment.
If only they knew global warming was a hxoax. Speaking of idiots, a motley group of far left cranks left by eco-hypocrite Leonardo DiCaprio was making a mess on the streets of Manhattan Sunday to show how much they care about the planet.
Hippies joined forces with gentrifying hipsters to decry what they called devastating man-made climate change.
One guy sported a witch hat and psychedelic pants while holding a sign that said, “Goodbye Earth People.”
The resulting traffic snarls irritated taxi drivers to no end, as marchers strolled from Columbus Circle to 11th Avenue and 34th Street.
“It’s a mess,” said hard-working hack Gamal Abovelwafa, 60.
All the freaks were out in force.
No political rally is complete without a small contingent of 9/11 Truthers. pic.twitter.com/kGr5zPOjdw
— Alex Seitz-Wald (@aseitzwald) September 21, 2014