They built their empire on oil. Now heirs to the Rockefeller dynasty are moving away from fossil fuel due to concerns over climate change. Heirs to the Standard Oil Company announced recently that they will withdraw immediately their investments in fossil fuel including coal and tar sands funds. They timed their historic withdrawal to coincide with the United Nations climate change summit. A total of $50 billion worth of investment from Rockefeller as well as many other religious, healthcare, government and universities will be withdrawn from fossil fuel investment funds. Rockefeller divestment will be around $860 million.

The announcement is so important because John D. and William Rockefeller started the oil giant Standard Oil Company, which was the world’s biggest refiner at the time and later created Chevron, Amoco and Exxon. The fund started its investments in fossil fuel related funds 1940s. The announcement to divest by the Rockefellers and others solidify a movement that started three years ago. The movement also opposes fracking and the proposed Keystone XL pipeline. Students and activists along with the environmental group 350.org are persuading companies, universities and others that invest in coal and oil resources to divest based on environmental concerns.