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The iconic first family of fossil fuel capitalism, the Rockefellers, shocked the world this week by announcing its plans to divest from oil, gas and coal companies. The announcement was a vindication for the largest climate march in history which took place just as the Rockefeller Brothers Fund decided to move about 7% of its $700 million worth of assets to companies working in renewable energies.

The Rockefellers added their names to 180 different institutions and 654 individuals who have thus far committed to divesting about $50 billion in assets from fossil fuel companies with the help of an international Invest-Divest coalition coordinated by the Wallace Global Fund.

Meanwhile, the one day United Nations Climate Summit in New York yesterday saw little progress in crafting a global agenda on climate change. Although CEOs from companies like McDonald’s, Shell and Ikea attended the summit, the leaders of China, India, Russia and Australia were noticeably absent with representatives sent in their place.

A deadline which was set on ending deforestation by 2030 was rejected by key player Brazil. And, while the European Union vowed to cut greenhouse gas emissions to 40 percent below 1990 levels, China insisted on allowing developing nations to release greater quantities of climate warming gases like CO2. The US refused to join 73 other nations which supported a carbon tax, despite the fact that major global corporations are already anticipating carbon pricing policies in their bottom lines.

GUEST: Mark Schapiro, author of Carbon Shock: A Tale of Risk and Calculus on the Front Lines of a Disrupted Global Economy