Bill Gates: "High-risk" investment in renewable energy
Billionaire Bill Gates plans to double his foundation's investments in green energy technology and research to combat climate change, but he is also rejecting calls to divest from fossil fuels.
According to the well-known businessman and philanthropist, "high-risk" investment in renewable energy sources is necessary, as today's technology is not able to meet our energy needs.
Bill Gates announced that he will invest two billion in the development of renewable energy technology over the next five years, but at this stage he will not withdraw investments from fossil fuel companies, which are burning coal at a rate that ignores international agreements to limit global warming.
The Bill and Melinda Gates Foundation, led by Gates and his wife, is the world's largest philanthropic foundation. According to 2013 tax filings, the foundation has $1.4 billion in investments in fossil fuel companies, including BP, responsible for the Deepwater Horizon oil spill in the Gulf of Mexico.
Bill Gates has rejected calls to divest from fossil fuels, something 220 foundations around the world have already done, believing that doing so would have little impact on the overall picture.
Instead, he said there is an urgent need for "high-risk" investments in innovative technologies. According to Gates, a technological "miracle" similar to the invention of the automobile is needed to avoid climate catastrophe, as current technology and the cost of renewable energy sources are unable to meet the planet's estimated energy needs by 2030.
Source: defencenet
