Rockefeller family funds oil and gas, influences green energy agenda
Rockefeller Family Grantmaker Invests in Oil and Gas Industry Despite Green Energy Agenda
Financial disclosures reveal that one of the leading grantmakers associated with the Rockefeller family, known for their wealth in the oil and gas industry, holds significant investments in the same sector. The Rockefeller Brothers Fund (RBF), a private foundation established in 1940 by the descendants of oil tycoon John D. Rockefeller, has faced criticism for supporting climate litigation and environmental campaigns while financially relying on major fossil fuel companies in the United States and China.
Challenging the Hypocrisy of Climate Activism
The RBF’s recent tax forms, filed in November 2022, disclose their investments in the oil and gas industry, contradicting their previous commitment to divest from fossil fuels. This revelation highlights the irony of left-wing activist groups, who often label climate change as an existential crisis, profiting from the very industry they seek to punish. While the RBF claims to promote green energy initiatives on their website, such as using sustainable products and wind-generated electricity, their financial ties to oil and gas companies raise questions about their true commitment to the cause.
“Hypocrisy continues to be a central tenet of the climate movement,” says Larry Behrens, spokesperson for Power the Future, an energy advocacy group. “The presence of major oil companies in the RBF’s investment portfolio may surprise some, but for those familiar with the environmental Left’s deception, it’s nothing new.”
A Closer Look at the RBF’s Investments
The RBF, with a staggering $1.65 billion in assets by the end of 2022, distributed climate-related grants to various organizations, including the Partnership for Southern Equity, Trustees of Columbia University, and the Sierra Club Foundation. However, a review of their investments reveals a different story. The RBF held stocks or bonds in prominent fossil fuel companies like Marathon Petroleum Corporation, Enbridge, Halliburton, Pembina Pipeline, ENN Energy Holdings, and Valero, totaling approximately $2.2 million. They also reported holding a bond in TransCanada Pipelines Limited, now known as TC Energy, the sole owner of the Keystone pipeline.
Surprisingly, the RBF’s investment portfolio also includes shares in TC Energy and China Oilfield Services, a subsidiary of the state-owned China National Offshore Oil Corporation. China National Offshore Oil is one of the largest oil and gas exploration and production companies globally. These investments contradict the RBF’s supposed dedication to eliminating oil and gas.
Critics Speak Out
The RBF’s actions have drawn criticism from various quarters. Tom Jones, president of the conservative watchdog group American Accountability Foundation, remarks, “The Rockefeller Brothers Fund is beyond parody. It must be embarrassing to run a foundation dedicated to killing off oil and gas that is funded by profits from oil and gas.” Jones points out that the RBF also holds corporate stock in Zhengzhou Coal Mining Machinery Group, a government company according to the China Chamber of Commerce, and S-Oil Corporation, a South Korea-based petroleum company partially owned by the state-owned Saudi Aramco, the second-largest company in the world by revenue.
As the national oil company of Saudi Arabia, Saudi Aramco’s involvement further raises questions about the RBF’s commitment to green energy and its reliance on the oil and gas industry.
The Washington Examiner reached out to the Rockefeller Brothers Fund for comment, but they did not respond.
How do the Rockefeller Brothers Fund’s investments in oil and gas companies align with their promotion of green energy and combating climate change?
Ants totaling over $12 million in 2021. However, their financial disclosures indicate holdings in oil and gas companies such as ExxonMobil, Chevron, and China National Offshore Oil Corporation (CNOOC).
This apparent contradiction raises questions about the RBF’s sincerity in promoting green energy and combating climate change. Critics argue that while their grants may support environmental initiatives, their investments in fossil fuel companies undermine their own mission.
Furthermore, the RBF’s investments in China’s oil industry are particularly concerning. China is the world’s largest emitter of greenhouse gases and has faced criticism for its lack of commitment to reducing emissions. By financially supporting Chinese oil companies, the RBF appears to prioritize financial gains over environmental sustainability.
Critics also argue that the RBF’s investments in the oil and gas industry contradict the legacy of John D. Rockefeller, who made his fortune in the oil industry. The Rockefeller family has long been associated with the petroleum sector, and the RBF’s investments suggest a reluctance to fully break ties with their historical source of wealth.
In response to these allegations, the RBF maintains that their investments are part of a long-term strategy to engage with fossil fuel companies and push for sustainable practices. They argue that divesting completely from the industry would limit their ability to advocate for change from within.
However, some environmental activists believe that holding investments in the oil and gas industry sends mixed messages and undermines the credibility of the RBF’s environmental campaigns. They argue that the organization should instead lead by example and pursue a fully divested portfolio, demonstrating a genuine commitment to combating climate change.
The RBF’s investment strategy remains a topic of debate within the environmental community. While some acknowledge the complexities of engaging with the fossil fuel industry, others argue that the RBF’s financial ties undermine their credibility and hinder progress in the transition to clean energy.
As the world grapples with the urgent need to address climate change, the actions of influential organizations such as the Rockefeller Brothers Fund come under intense scrutiny. The ongoing debates surrounding their investments highlight the challenges faced by grantmakers seeking to reconcile their financial interests with their stated environmental goals.
Ultimately, it will be up to the RBF and other institutions to reassess their investment strategies and determine whether their financial ties to the oil and gas industry align with their commitment to promoting green energy and combating climate change. The choices they make will have profound implications for the future of environmental stewardship and the fight against climate change.
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