Gates Foundation Sells Its BP Stock

Despite previous suggestions from its chair that divesting itself of its holdings in fossil fuel companies represents a "false solution" to climate change, the has sold its shares of oil giant BP, the reports.

According to with the Securities and Exchange Commission, the sold its $187 million stake in BP during the fourth quarter of 2015, after it had sold its stock in ExxonMobil, valued at $811 million, in the first quarter of the year. According to the Guardian, the foundation began 2014 with shares in major coal, oil, and gas companies valued at $1.4 billion; with this latest sale, it now holds roughly $200 million in such stocks. What is not clear is whether the foundation has made new investments in fossil fuel companies. Foundations in the U.S. are only required to report holdings of more than $100 million to the SEC.

"We are thrilled that the Gates Foundation continues to divest from fossil fuel stocks, but it's time to divest the rest," said Alec Connon, an organizer for , a coalition of social justice groups, politicians, and faith leaders in the Seattle area. "Investing in oil companies is completely inconsistent with the Gates Foundation mission to ensure that everybody has the chance to live a healthy, productive life."

Damian Carrington. "." The Guardian 05/12/2016.