Is this the start of a rush to dump oil investments or just a gesture?
The announcement that heirs to John D. Rockefeller – one of the best known names in the oil business – are to sell their assets tied to fossil fuel companies and invest in clean energy alternatives has got a lot of publicity, coinciding as it does with the climate change summit in New York.
They are joining other philanthropic foundations and high-wealth individuals.
But industry analysts point out that the $50 billion involved is hardly a gusher given that the world’s oil and gas companies have an estimated value of more than $4.6 trillion.
Stephen Heintz, an heir of Standard Oil tycoon John D. Rockefeller, said the move to divest away from fossil fuels would be in line with his wishes.
“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,” Heintz said in a statement.