The 2013 study “Oil and Carbon Revisited: Value at Risk from ‘Unburnable' Reserves,” from the giant global bank HSBC explained:
“The IEA's World Energy Outlook (2012 edition) estimated that in order to have a 50% chance of limiting the rise in global temperatures to 2ºC, only a third of current fossil fuel reserves can be burned before 2050. The balance could be regarded as ‘unburnable'.”
For only a 50% chance of a livable world in 2050 the remaining two-thirds must be wasted (left permanently in the ground).
Bill Gates, what's not good enough seems to be instead too good, too much. He doesn't want merely for those two-thirds to be burnt; he wants even more oil and gas and coal to be discovered; he wants to add yet more to these unburnable reserves. According to Gates fossil fuel divestment alone will not halt climate change and the Bill & Melinda Gates Foundation will continue its investments in like BP.
He was “rejecting calls from environmental campaign groups for shareholders to dump holdings in oil and gas companies, on the grounds this will have little impact.”
This money that his Foundation is investing props up these companies' stock prices, so that even more oil and gas can be discovered and added to their existing stockpile of unburnable reserves. Exploration, after all, is what a company like BP does: it explores for and develops — sends to market — yet new sources of unburnable oil and gas. If it doesn't explore for yet more oil and gas and coal, then it simply dies. There are all of those sunk costs, which will kill it, even when they stop exploration altogether. If the assets that they've discovered in the past can't be sold, then certainly new such assets can't be sold — but Bill Gates wants his ‘charity' to pay (indirectly) to discover more such ‘assets.' He apparently wants to burn the planet. But, he says he doesn't; so, Gates himself also personally "will invest $2 billion in green energy.”