Gates Trust Fossil Fuel Holdings Hit Nine-Year High of $254 Million

2026-01-21 economy

Seattle, Wednesday, 21 January 2026.
Filings reveal the trust expanded energy stakes to levels unseen since 2015, highlighting a sharp divergence between the foundation’s asset allocation strategy and Bill Gates’ public climate advocacy.

A Strategic Reversal in Energy Allocation

Recent financial disclosures indicate that the Gates Foundation Trust has significantly increased its exposure to the traditional energy sector, with holdings in fossil fuel companies reaching $254 million in 2024 [1][6]. This figure represents the highest level of investment in this sector by the trust in nine years, marking a substantial 90.977 percent increase from the $133 million low recorded at the end of 2020 [1][2]. The portfolio now includes expanded stakes in major industry players such as Chevron, Shell, and BP, signaling a distinct shift in strategy for the endowment that supports the world’s third-largest charitable foundation [1][6].

The Divergence from Divestment Pledges

This accumulation of carbon-intensive assets stands in contrast to the divestment narratives that have surrounded Bill Gates since 2019. While Gates publicly stated in 2019 that he had divested his direct holdings in oil and gas companies—and noted that the trust had done the same—the rebound in fossil fuel investments suggests a complex decoupling of the founder’s personal advocacy from the trust’s fiduciary management [2][4]. In 2013, the trust held heavily in the sector with $1.4 billion invested, a figure that was slashed to $260 million by 2015 following the launch of the Guardian’s “Keep It in the Ground” campaign [1][2]. The current resurgence to near-2015 levels highlights the difficulty of maintaining strict ESG exclusions while pursuing portfolio diversification.

Broader Portfolio Context: The Berkshire Factor

To understand the trust’s broader financial engine, one must look beyond direct energy holdings to its largest single asset: Berkshire Hathaway. As of the most recent filings, the conglomerate accounts for approximately 30 percent of the trust’s $36 billion portfolio, with a position valued at over $10.9 billion [3][7]. While the trust sold 2.36 million shares of Berkshire in the third quarter of 2025—reducing the position by roughly 9.768 percent [alert! ‘Calculation based on current 21.8m shares plus sold shares to find original total’]—it remains the dominant anchor of the endowment [3][5]. Berkshire Hathaway itself maintains diverse operations across energy and industrial sectors, further embedding the Gates Foundation’s financial health into the broader traditional economy [3][5].

Sources

Asset Management ESG Investing