In 2019, Bill Gates Ripped Both Wall Street and ESG Scores, Saying ‘There Is No Substitute for How the Industrial Economy Runs Today’

‘The madness of this so-called finance as the solution, I just don’t get that’

EXCERPT:

GATES: “I was at this conference in New York, I won’t name it, and they were saying — all these financial guys got on stage and said, ‘Oh, we’re going to rate companies in terms of their CO2 output. We’re going to say this company puts out a lot of CO2 and financial markets are magical, and all of a sudden the CO2 will stop being emitted. And I was like, ‘OK, how do you make steel? Do you — do you guys on Wall Street, do you have something in your desks that makes steel?’ (Laughter) What — where’s the fertilizer, cement, plastic? Where’s it going to come from? You know, do planes fly through the sky because of some number you put on a spreadsheet? So the — the Madness of this so-called finance is the solution, I don’t get — I just don’t get that. There is no substitute for how the industrial economy runs today.”

(via Twitter)

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