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Thread: @BillGates claims fossil fuel #divestment has 'zero' climate impact, and #climatechange activists are 'wasting their time' lobbying investors to ditch #fossilfuel stocks ft.com/content/21009e…
@BillGates Gates: “#Divestment, to date, probably has reduced about zero tonnes of emissions. It’s not like you’ve capital-starved [the] people making steel and gasoline” ft.com/content/21009e…
@BillGates As @350 note: arguments against fossil fuel #divestment miss a larger point. The idea is not to starve companies of capital but to remove their “social licence to operate” & make it easier for Govts to act on climate issues by breaking #fossilfuel companies’ hold on politicians.
@BillGates @350 Analysts @GoldmanSachs have previously said the: “#divestment movement has been a key driver of the #coal sector’s 60% derating over the past five years” theguardian.com/commentisfree/…
@BillGates @350 @GoldmanSachs At an industry conference in Miami, the CEO of a #coal company complained it had become “virtually impossible to do any business” with large U.S. banks news.trust.org/item/201903011…
@BillGates @350 @GoldmanSachs Insurer Willis Towers Watson reported because of the withdrawal of major insurers, finding insurance cover for #coal projects has become more complicated and expensive news.trust.org/item/201903011…
@BillGates @350 @GoldmanSachs Finally, as @billmckibben sets out in his latest article, even #BigOil companies like #Shell acknowledge #divestment as having a “material adverse effect” on its performance newyorker.com/news/daily-com…
@BillGates @350 @GoldmanSachs @billmckibben .@sunriseoz observe #BlackRock holds 9% of #BP, & 7% of #Exxon: “If they had to sell it all at once, they’d get a bad price, & that would open them to legal exposure. But five years is absolutely doable” newyorker.com/news/daily-com…
