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Gates Trust's Fossil Fuel Investments Hit 9-Year High
19 Jan
Summary
- Gates Foundation Trust invested $254m in fossil fuel companies in 2024.
- This investment marks a nine-year record, up from previous years.
- The trust's holdings increased despite Bill Gates' 2019 divestment claims.
The Gates Foundation Trust significantly increased its investments in fossil fuel extractors, reaching a nine-year record of $254 million in 2024. This amount represents a 21% rise since 2016 and is the highest inflation-adjusted figure since 2019. Despite Bill Gates' 2019 statement about divesting personal and trust holdings from oil and gas companies, recent filings reveal a reversal in strategy.
This renewed investment includes substantial holdings in major companies such as Chevron, BP, and Shell. These investments have grown substantially since 2015, with holdings in Glencore rising from $5.7 million to $14.1 million and BP holdings increasing from $8.7 million to $24.2 million. Notably, the trust also made a significant new investment of $139 million in Inpex by 2024.
The companies in which the Gates trust invested in 2023 collectively accounted for emissions exceeding those of Russia, Japan, and Germany combined. This development occurs as Bill Gates advocates for a "strategic pivot" away from solely focusing on emissions reduction towards poverty and suffering prevention, sparking debate about the foundation's climate commitments.
