Bill Gates: In 30 years the oil giants are going to fall and become very worthless

AXIOS reported that Microsoft founder Bill Gates mentioned at the Climate Summit (COP26) last week that as the world moves away from fossil fuels and adopts more green energy and renewable energy, the oil giants that have dominated the market for more than a century are afraid of falling, predicting that "in 30 years, some oil giants will begin to fall and become very worthless."

Stock prices of companies such as Exxon Mobil, BP and Royal Dutch Shell, the largest U.S. oil and gas producers, have fallen over the past five years, especially as oil demand fell sharply during the COVID-19 outbreak, causing oil and gas companies to suffer huge losses.

ExxonMobil lost $20 billion last year, though it is still worth $275 billion, but investors are increasingly skeptical of the prospects for oil-related stocks as climate change in countries such as the United States changes energy policies due to climate change and electric vehicles become more widespread.

Bill Gates noted that oil companies whose businesses are shifting to renewables have a chance to survive, but International Energy Agency (IEA) analyst Heymi Bahar believes major oil companies are unlikely to become leaders in renewable energy technologies.

Judging by the investment record, Bill Gates is actually less optimistic about the oil giants. The new book, "How to Avoid a Climate Disaster," writes that he sold all of his oil and gas stakes in 2019, and the Gates Foundation did all of them.

(Source: Flickr/Billionaires SuccessCC BY 2.0)