Guest essay by Eric Worrall
Bill Gates is accused of hypocrisy after joining bidding war to buy the world’s largest private jet operator – one month before he releases his book preaching about climate change
- The Microsoft boss’s company Cascade Investment entered the bidding war for British private jet servicing company Signature Aviation Friday
- Cascade teamed up with Blackstone Group to make a $4.3 billion bid
- Cascade and Blackstone now go head-to-head with private equity firm Carlyle
- Gates’ Cascade already owns a 19 percent stake in Signature
- News of Gates’ pursuit of the private jet firm raised eyebrows given its actions are at direct odds with his very vocal stance on climate change
- In February, Gates will release his book ‘How to Avoid a Climate Disaster: The Solutions We Have and the Breakthroughs We Need’
- In it he sets out his plans for how the world can reach zero greenhouse gas emissions in time to prevent a climate crisis
- This comes months after he published a blog post lecturing the public that climate change ‘could be worse’ than the coronavirus pandemic
- Signature Aviation handles 1.6 million private jet flights every year
- A private jet flight emits up to 40 times as much carbon per passenger as regular commercial flights, according to research
PUBLISHED: 15:47 AEDT, 9 January 2021 | UPDATED: 19:28 AEDT, 9 January 2021
Bill Gates has been accused of hypocrisy after entering a bid to buy the world’s largest private jet operator, just one month before he releases a book preaching about climate change.
The Microsoft boss’s company Cascade Investment entered the bidding war for Signature Aviation Friday, teaming up with Blackstone Group to make a $4.3 billion play for the British private jet servicing company.
Cascade and Blackstone are now going head-to-head with private equity firm Carlyle, which had already made an initial takeover approach.
Gates’ Cascade already owns a 19 percent stake in Signature making it the firm favorite to win the bid.
But news of Gates’ pursuit of the private jet firm has raised eyebrows given the company’s actions are at direct odds with his very vocal stance on climate change.
I’m deeply shocked anyone would accuse Bill Gates of climate hypocrisy, just because he wants to be a leading player in the Private Jet industry.
Private jets are an essential tool in the war on climate change. The evidence is the private jet traffic jam in San Francisco International Airport, last time California hosted a major international climate conference.