dryriver shares a report from The Financial Times: Climate activists are wasting their time lobbying investors to ditch fossil fuel stocks, according to Bill Gates, the billionaire Microsoft co-founder who is one of the world’s most prominent philanthropists. Those who want to change the world would do better to put their money and energy behind the disruptive technologies that slow carbon emissions and help people adapt to a warming world, Mr Gates told the Financial Times. “Divestment, to date, probably has reduced about zero tons of emissions. It’s not like you’ve capital-starved [the] people making steel and gasoline,” he said. “I don’t know the mechanism of action where divestment [keeps] emissions [from] going up every year. I’m just too damn numeric.”
Mr Gates questioned the divestment movement’s “theory of change,” arguing that investors who want to use their money to promote progress will have better results by funding innovative businesses such as Beyond Meat and Impossible Foods, two alternative protein companies he has backed. “When I’m taking billions of dollars and creating breakthrough energy ventures and funding only companies who, if they’re successful, reduce greenhouse gases by 0.5 percent, then I actually do see a cause and effect type thing,” he said.
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