• 1 hour Billionaires At Odds Over Wealth Tax Proposals
  • 4 hours Rio Tinto Vies To Become Top U.S. Lithium Producer
  • 6 hours Meat And Dairy Account For 14.5% Of Global Greenhouse Gasses
  • 1 day Social Media Influencers, Dream Job Or Billion-Dollar Fraud?
  • 1 day Private Investors Turn Back On Mining
  • 1 day Four Big Pharma Companies Reach $250 Million Opioid Settlement
  • 2 days ‘Click To Pray’, The Vatican’s Latest Attempt To Draw In Millennials
  • 2 days 3 Oil Stocks Ready To Weather The Geopolitical Storm
  • 3 days Gold Miners Eye Big Third Quarter Profits
  • 3 days The U.S. Doubles Down On Domestic Lithium Production
  • 4 days Reddit Trader Scores 14,000% Returns On Rogue Trade
  • 5 days The Tangled Web Stretching From Turkey To DC
  • 5 days The U.S. Dollar Eyes Greater Upside
  • 5 days More And More Americans Believe A Recession Is Looming
  • 5 days Is The Pot Stock Boom Over Already?
  • 6 days How The California Utility Crisis Could Have Been Avoided
  • 6 days The Ugly Truth About Investing In Private Equity Deals
  • 7 days The World Is Facing A $1 Trillion Food Waste Crisis
  • 7 days Is It Time To Buy The Dip In Gold?
  • 7 days The History Of Oil Markets
The History Of Oil Markets

The History Of Oil Markets

Oil has arguably been the…

Why China's Renewable Boom Is Stalling

Why China's Renewable Boom Is Stalling

China’s renewable boom is slowing…

3 Oil Stocks Ready To Weather The Geopolitical Storm

3 Oil Stocks Ready To Weather The Geopolitical Storm

Crude oil’s volatility has wreaked…

Oilprice.com

Oilprice.com

Writer, OilPrice.com

Information/Articles and Prices on a wide range of commodities: We have assembled a team of experienced writers to provide you with information on Crude Oil,…

Contact Author

  1. Home
  2. Commodities
  3. Energy

Is Fossil Fuel Divestment A Waste Of Time?

Fossil Fuel

It may make you feel like you’re doing something, but those climate activists screaming at investors to divest from those dirty fossil fuels could be wasting their time, Microsoft mogul Bill Gates has said.

Gates, one of the world’s leading philanthropists, is telling the climate brigade that they would be better off abandoning their divestment crusades and instead encouraging investments in alternatives such as disruptive technologies that will slow carbon emissions.

How many tons of carbon emissions has the divestment crusade reduced thus far? Likely zero, Gates told the Financial Times, in his most scathing remark to the climate activists.

“It’s not like you’ve capital-starved people making steel and gasoline,” Gates said.

While recent reports suggest that the global fossil fuel divestment movement has already shifted $11 trillion of investment away from oil, gas, and coal - the real impact is likely zero.

A better course of action, suggests Gates, would be to invest in innovative businesses such as Beyond Meat and Impossible Foods—two businesses that Gates has backed. Gates, according to the FT, only invests in companies and start ups who have a plan to reduce greenhouse gases by 0.5%. Related: World's Largest IPO At Risk Following Drone Strikes

Gates’ comments run contrary to the divestment crusade that has caught the media’s attention in recent years as new targets find themselves in the climate change crosshairs. There has been a conscious push by activists to restrict funds or ban oil pipeline builds, to ban fracking, and to increase taxes on oil and gas companies. Sovereign Wealth Funds, too, are pulling up stakes in the dirtiest of the dirty fossil fuels—coal.

There is even a Global Divestment Day. According to Gates, though, these climate crusaders may not be getting as much bang for their buck as they could be, if they were to promote investments in clean energy and other fossil fuel disruptors.

And Gates’ chiding doesn’t stop there.

The Bill and Melinda Gates Foundation has today released its latest edition of its Goalkeepers report, which attempts to measure progress towards the UN’s Sustainable Development Goals. At a UN General Assembly meeting next week, meeting attendees are expected to commit to these new goals. The Foundation, however, unequivocally considers these promises to be entirely unrealistic.

“We’re nowhere near improving fast enough to reach those goals,” Gates told FT.

By Julianne Geiger for Oilprice.com

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment