Microsoft co-founder and billionaire Bill Gates, known for his climate advocacy, shared insights on carbon capture and emission control strategies during the New York Times “Climate Forward” event.
What Happened: Gates addressed the debate around carbon capture, emphasizing the imperative of achieving zero carbon dioxide emissions, although it is “a daunting task.”
He identified barriers such as subsidies and non-taxation of oil and gas, advocating for political measures like taxing these sectors.
“The scale of carbon capture is very hard to say. It's not one of these path-dependent things,” he said.
Regarding carbon capture and storage, which involves capturing CO2 emissions from industrial processes and storing them underground, Gates mentioned his Breakthrough Energy portfolio’s efforts to reduce its cost. Companies like Climeworks are currently achieving carbon capture at over $300 per ton, with further cost reductions expected.
See Also: Best Renewable Energy Stocks
Planting Trees … Pointless? Gates countered the belief that planting trees alone could solve the climate crisis, emphasizing the need for innovation and clean technology investment.
Believing that planting enough trees would take care of the climate issue altogether is “complete nonsense,” he said.
"Are we the science people or are we the idiots? Which one do we want to be," he asked.
He urged a scientific approach to combat climate change.
Why It Matters: As a prominent climate activist, Gates has authored a book titled “How to Avoid Climate Disaster” and supports clean technology development and government policies to address climate change.
He played a rumored role in the passage of the Inflation Reduction Act of 2022 and has advocated for a zero green premium and higher carbon taxes.
The BlackRock Future Climate and Sustainable Economy ETF BECO, focused on companies addressing climate change, closed Friday’s session at $19.62, according to Benzinga Pro data.
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