LA Times: Climate change fears spur divestment on fossil fuels

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“John D. Rockefeller, the founder of Standard Oil, moved America out of whale oil and into petroleum,” said Stephen Heintz, president of the Rockefeller Brothers Fund, which currently has about 7% of its assets invested in fossil fuels. “We are quite convinced that if he were alive today, as an astute businessman looking out to the future, he would be moving out of fossil fuels and investing in clean, renewable energy.”

Separately, almost 350 global institutional investors representing more than $24 trillion in assets have called on governments to put a price on carbon dioxide emissions and phase out subsidies to fossil-fuel industries. The signatories to the carbon-price statement include the California Public Employees' Retirement System, or CalPERS, BlackRock and major investors from Europe, Asia and Australia.