Microsoft Corp. Founder Bill Gates fielded charges of hypocrisy in a BBC interview after a broadcaster asked how he squared his extensive and carbon-heavy use of private jets to travel with his dire warnings of climate change.
Gates answered that his funding of clean energy projects and climate initiatives more than offsets his own carbon-intensive lifestyle. “I buy the gold standard, of funding Climeworks, to do direct air capture that far exceeds my family’s carbon footprint.”
Gates isn’t the first climate crusader to face criticism for sounding the alarm on climate change despite a personal carbon footprint far larger than the average American. Former Vice President Al Gore has come under fire for flying frequently and living in a luxurious mansion with a large carbon footprint. Gore, a vegan, says he offsets his travel emissions with a program that balances out this behavior by funding tree planting and other carbon-negative activities.
To stay updated with top startup investments, sign up for Benzinga’s Startup Investing & Equity Crowdfunding Newsletter
As long as fringe activists urge the public to give up hamburgers and air travel, this carbon-intensive behavior from elites will keep rankling a lot of people.
But from an investing standpoint, it might be about the environment but it could just be the price to pay for a life of guilty-free luxury. As Gore and Gates know from experience, clean energy is one of the most lucrative sectors in the world today.
In 2013, Forbes estimated Gore’s wealth at $300 million, or $70 million richer than fellow presidential contender Mitt Romney, who was derided as a plutocrat. In 2004, Gore cofounded Generation Investment Management LLP, a $36 billion fund that invests in companies that are aggressively decarbonizing.
Read About Investing In this AI Startup: This Startup Built the World's First AI Marketing Platform That Can Understand Emotion and Some of the Biggest Companies on the Planet Are Already Using It
Similarly, Gates also started Breakthrough Energy Ventures, a venture capital firm investing $15 billion into green energy technologies.
This is a small list of the seemingly contradictory nature of climate activists. In 2021, President Joe Biden fielded criticism for touring Rome in an 85-vehicle long motorcade prior to the U.N. Climate summit, and many celebrities follow the same concerning trend.
See more on startup investing from Benzinga.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
