George Soros made big investment bets on fossil fuel companies in the fourth quarter of 2017 even though he claims these firms contribute to climate change, according to a Daily Caller News Foundation investigation.
In the last quarter of 2017, Soros Fund Management reported investments in eleven new fossil fuel corporations totalling nearly $160 million, according to his company’s December 31, 2017, filing before the Securities and Exchange Commission reviewed by TheDCNF.
His investments in fossil fuels undermines his public pledge to use his money to eliminate the oil, gas and coal industries, claiming they threaten the planet by accelerating climate change.
The billionaire’s most recent political efforts to warn about climate change was his underwriting of the organizations behind the April 29, 2017, “People’s Climate March” that marked the 100th day of President Donald Trump’s administration. Soros donated $36 million to 18 of the march’s 55 steering committee organizations between 2000 to 2014, according to the Media Research Center.
He also agreed to give former Vice President Al Gore’s Alliance for Climate Protection $10 million over a three-year period.
Further, Soros founded and operates his own climate change advocacy group called the Climate Policy Initiative. He pledged to give at least $100 million in 2009 to the institute over ten years and in 2015 he gave $26.5 million to the group, according to his latest filing with the Internal Revenue Service.
Nevertheless, his financial investments in for-profit fossil fuel companies in a single quarter overshadow these contributions.
The billionaire’s newest fossil fuel investment was $87 million in Alerian, MLP, a fund that solely invests in “energy infrastructure” consisting of pipelines, storage tanks and processing plants for crude oil and natural gas. He purchased eight million shares of the company.
His company’s second biggest energy investment was Halliburton, one of the world’s largest oil exploration and drilling companies. His firm purchased 842,000 shares valued at $30 million.
Soros not only invested in oil and natural gas companies, but also into coal. Soros tried to position himself as an enemy of coal, stating at the 2009 Copenhagen climate change summit, “There is no magic bullet for climate change, but there is a lethal bullet: coal.”
In the last quarter, however, he invested $4.7 million into Peabody Energy Corporation, the largest “pure play coal company” in the United States, according to the company’s website. Peabody sold 188 million tons of coal to electric utilities in 2016. The company operates 23 surface and underground mines in the United States and in Australia.
via The Global Warming Policy Forum (GWPF)
February 22, 2018 at 07:16AM