In a surprising twist, the Bill and Melinda Gates Foundation Trust has been found to hold hundreds of millions of dollars in fossil fuel extractors, despite the philanthropist’s public claims of divestment.
An analysis of the trust’s end-of-year filings reveals that in 2024, it invested a staggering $254 million in companies such as Chevron, BP, and Shell – a nine-year record and a 21% increase from 2016. Adjusting for inflation, this was the highest amount since 2019.
This revelation comes in stark contrast to Bill Gates’ 2021 statement, where he expressed scepticism towards divestment, claiming it alone would not “stop climate change or help people in poor countries.” However, the trust had previously reduced its fossil fuel holdings from $1.4 billion in 2013 to $260 million in 2015, following a global campaign by activists, religious figures, and charities calling for large foundations to divest.
Despite this apparent shift, the trust’s investments in several fossil fuel companies have since increased. Its holdings in Glencore, for example, rose from $5.7 million in 2015 to $14.1 million in 2024, while its BP holdings increased from $8.7 million to $24.2 million. The trust also invested millions in Occidental Petroleum, which has faced allegations of “greenwashing” for its claims about captured carbon dioxide.
In his 2021 book, Gates acknowledged a personal, rather than financial, desire not to profit from fossil fuel companies, stating, “I’d feel bad if I benefited from a delay in getting to zero.” However, the trust’s investments in these industries have continued to grow, reaching a 10-year record in 2024, the same year as Gates’ most recent public statements supporting a “strategic pivot” away from focusing on emissions reductions.
The Gates Foundation has been approached for comment, but the findings raise questions about the alignment between the philanthropist’s public stance and the investment decisions of the trust that manages the foundation’s endowment.