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Billionaire Bill Gates advised those wishing to invest in stocks with long-term value to avoid oil companies.
As the world moves away from fossil fuels and embraces more clean, renewable energy sources, the oil giants who have dominated markets for more than a century may be in trouble, the Microsoft founder said in a briefing at the climate summit in Glasgow, Scotland, last Thursday.
“30 years from now, some of these oil companies will be of very little value,” Gates (an outspoken advocate of investing in renewable energy and green technologies), said at the media conference, according to Axios.
Companies such as BP and Royal Dutch Shell saw their stock prices fall Over the past five years, which has crippled the demand for oil and led to huge losses even for the largest oil and gas companies.
ExxonMobil, the largest oil and gas producer in the United States, lost $20 billion last year.
It has a market value of $275 billionBut as countries like the United States shift their energy policies to combat climate change, and the auto industry moves toward an electric future, investors are becoming more skeptical about the future of oil stocks.
Gates said he believes oil companies can easily shift their business from fossil fuels to cleaner energy sources.
“We have pipeline infrastructure in the United States that could potentially be modified to transport hydrogen,” Gates said.
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