Revealed: Bill Gates charity has $1.4bn in fossil fuel investments

Photo credit: Steve Jurvetson (cc)

It’s been revealed that the Gates Foundation, run by Bill and Melinda Gates, has held at least $1.4 billion of investments in some of the world’s biggest fossil fuel companies – while at the same time calling for immediate action against climate change.

“The companies include BP, responsible for the Deepwater Horizon disaster in the Gulf of Mexico, Anadarko Petroleum, which was recently forced to pay a $5bn environmental clean-up charge and Brazilian mining company Vale, voted the corporation with most “contempt for the environment and human rights” in the world clocking over 25,000 votes in the Public Eye annual awards,” the Guardian writes.

The Bill and Melinda Gates Foundation is one of the world’s largest charities with an endowment of $42.3 billion. Its primary aims are to enhance healthcare and reduce extreme poverty. The foundation has been giving billions in grants to various health programmes around the world since its launch back in 2011. Last year, it was involved in a health programme that helped rid India of polio.

In its annual letter, titled Our Big Bet for the Future, Bill and Melinda Gates called on aggressive action against climate change: “The long-term threat [of climate change] is so serious that the world needs to move much more aggressively – right now – to develop energy sources that are cheaper, can deliver on demand, and emit zero carbon dioxide.”

But apparently, both Bill and Melinda have missed that their investments in oil, gas and coal helps fuel the climate change – a crisis which they themselves deem to be a serious threat.

“At this critical moment in time, if you own fossil fuels, you own climate change,” said Ellen Dorsey, executive director of the Wallace Global Fund, another charitable foundation that – compared to the Bill and Melinda Gate’s Foundation – has divested from fossil fuels.

The actions by the Bill and Melinda Gates Foundation is especially confusing considering that these fossil fuel investments puts the foundation’s hard work and progress at great risk.

“The Gates Foundation has worked so hard to grapple with global poverty,” said Bill McKibben, who leads the fast-growing Go Fossil Free campaign. “But at the same time they’re investing in the same companies that drive climate change, which endless studies now show is one of the key factors behind ... global poverty. The developing world deserves better than this kind of tunnel vision.”

So just why is the foundation acting in this morally and financially misguided way? Joe Romm, editor of Climate Progress, thinks it’s simply because Bill and Melinda Gates doesn’t understand the urgency of climate change. And this failure, Romm warns, will “most likely undo the foundation’s work” of ensuring long-term health and economic well-being in some of the poorest around the world.

The Bill and Melinda Gates Foundation has so far declined to comment on this story. A spokesman for Bill Gates's private office said: “We respect the passion of advocates for action on climate change, and recognise that there are many views on how best to address it. Bill is privately investing considerable time and resources in the effort [to develop clean energy].”

 


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I think this quote by Nnimmo Bassey, a Nigerian activist who received the Right Livelihood Award in 2010, is spot on:

“This is very shocking. I never knew that they had so much of this kind of investment. If this is a charity that really care about the health of the people, they ought not to be investing in fossil fuel industries. They should pull back their resources from this sector completely.”

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