Bill Gates has announced plans to invest another $2 billion in renewable energy technology to help the fight against climate change. At the same time, the philanthropist emphasized he will not join a movement spearheaded by 350.org to divest from fossil fuel companies emitting the bulk of carbon dioxide into the atmosphere. Rather than divest, Gates says he will double renewable energy investments over the next five years.
The Bill and Melinda Gates Foundation plans to invest the $2 billion in breakthrough renewable energy technologies to help reduce global CO2 emissions. Although he is investing these funds, Gates told the Financial Times he believes current projects will only scratch the surface of renewable energy needs by 2030. Gates hopes his new investment will help to “bend the curve” in the fight to positively affect climate change.
Over the past few years, Gates has been criticized for his investments in fossil fuel companies such as BP, which inspired The Guardian to launch a campaign asking the Gates’ Foundation and Wellcome Trust to divest from these companies. The campaign garnered 223,000 signatures, but the foundation refuses to remove their interest in these companies. Critics wonder if the new $2 billion investment in renewables will offset the effects of the fossil fuel industry emissions Gates is essentially bank-rolling.
Via The Guardian