Minnesota to Bill Gates: No new coal!

Unlike his bridge buddy Warren Buffett, who recently canceled six planned coal projects, Bill Gates is still pushing coal. Cascade Investment Management, his personal investment company, is the largest stakeholder (9 percent) in Otter Tail Corporation, the lead sponsor of the controversial Big Stone II coal project.

Last week, eight Minnesota legislators, led by Rep. Jean Wagenius (DFL) of Minneapolis and Sen. Ellen Anderson (DFL) of St. Paul, wrote to Gates, asking him to visit Minnesota in order to investigate green investment opportunities that would "align the values of your foundation with your investment strategy."

In April, NASA's James Hansen appealed to Minnesota Gov. Tim Pawlenty to oppose Big Stone II: "You can help inspire your state and the rest of the country to take the bold actions that are essential if we are to retain a hospitable climate."


This is not the first time Gates investments have come under the ethical spotlight. In Feb. 2007, an L.A. Times article critiqued Gates Foundation investments. "In a contradiction between its grants and its endowment holdings," wrote the Times, "the foundation reaps vast financial gains every year from investments that contravene its good works."

http://gristmill.grist.org/story/2008/5/2/1130/94136