After the guardian launched their campaign to get Bill Gates’ Foundation to separate from coal, oil and gas companies in March, Bill Gates has now announced he will invest $2bn (£1.3bn) in renewable technologies, however refuses to divest from the fossil fuel companies despite a petition being signed by 223,000 people.
Led by Bill Gates and his wife, the Bill and Melinda Gates Foundation is the world’s largest charitable foundation. In 2013 the foundation invested $1.4bn in fossil fuel companies which was responsible for the Deepwater Horizon oil spill in the Gulf of Mexico.
Dismissing calls of the fossil fuel divestment, Bill Gates said there is an urgent need for “high risk” investments in breakthrough technologies. Also adding that a “miracle” on the level of invention is vital to avoid a climate catastrophe when speaking to the Financial Times.
Gates believes that the current renewables are not close to being able to meet the projected energy needs by 2030. Therefore he believes “a beyond astronomical cost” is the only way to develop current technology to reducing global emissions.