Bill Gates has made public he will invest $2bn (£1.3bn) in renewable energy enterprises, but ignored calls to reject investing in fossil fuel companies that are burning carbon at a level that forgoes international agreements to reduce climate change.
In an interview with the Financial Times, Gates stated that he would duplicate his current investments in clean energy over the next 5-years in a bid to “bend the curve” on combatting global warming.
The Bill and Melinda Gates Foundation, with Gates and his wife as the leaders, is the globe’s largest charitable foundation.
In March, the Guardian initiated an advocate insisting the Gates’ Foundation and the Wellcome Trust should divest from fossil fuel companies. More than 223,000 people have since signed up to the advocate.
Gates told the Financial Times that the feasible way current technology could cut carbon emissions is at “a beyond astronomical cost” and that transformation is the only way to reach a positive scheme.
Within two-thirds and four-fifths of recent fossil fuels must remain in the ground if the globe is to fall within a 2C rise in global heat, the level consented to on the international stage as necessary to prevent irreparable and disastrous climate change.
Gates’ announcement comes after Christiana Figueres, who is leading the UN’s climate change negotiations, has written to the chief executives of six leading oil and gas companies asking them to exhibit more ambition and applauding them for backing December’s landmark climate change conference in December.
Her letter is a response to a call from the heads of the energy companies – Shell, BP, Eni, Statoil, Total and the BG group – to make gas and a strong carbon price a core part of global efforts to tackle climate change.