The Rockefeller Brothers Fund (RBF) has recorded a rise in financial returns in the five years following its fossil fuel divestment.
The philanthropic foundation, founded by the grandsons of oil giant John D. Rockefeller, says its returns have beaten market benchmarks after it shifted its portfolio to 99% fossil fuel-free investments - coal and tar sands now account for less than 0.1% of its $1.1 billion (£890m) portfolio, while oil and gas make up another 0.9%.
The organisation posted an average annual net return of 7.76% over the five-year period that ended December 31, 2019, while over the same period, an index portfolio made up of 70% stocks and 30% bonds, including coal, oil, and gas holdings, returned 6.71% annually.
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