Does "Ethical" Investing Improve Anything?

In the news today a Rockefeller foundation announces that they will sell all investments that have anything to do with so called non renewable resources. So what? Maybe some corporations get out of the business, selling the operations to someone who wants them, but the offending businesses still operate as normal. Maybe enough people do the same so that the value of all companies dealing with non renewable resources is degraded, but so long as these companies are throwing off profits why would the owners care about company valuation as they will make their money by spitting up the profits and taking them as dividends. Low firm values make getting loans hard but if the firm is making money loans are rarely needed. There will not be as much money had when the owners cash out selling their stake but so long as they will made enough money in dividends over the years I dont see why they would be persuaded to not buy into the company.