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Exclusive: A $5 billion foundation literally founded on oil money is saying goodbye to fossil fuels
Matt Egan, CNN Business Energy Solutions Plastics & Pollution
Beyond pledging to dump its fossil fuel holdings, the $5 billion endowment is also promising not to make any new investments in the beleaguered sector. The moves make the Rockefeller Foundation the largest US foundation to embrace the rapidly growing divestment movement.
"Burning fossil fuels is not necessary to sustain our economy and economic growth over the long run — and it's detrimental to our climate future," Rajiv Shah, the president of the Rockefeller Foundation, told CNN Business in an exclusive interview.
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