Michael Bloomberg, former New York mayor and billionaire philanthropist, on Thursday cautioned against a hasty transition from oil and gas-powered cars in the U.S. to fight climate change.
While heavily involved in promoting green energy technologies and battling human-caused global warming, Mr. Bloomberg has focused on combating the use of natural gas, coal and the plastics industry known as petrochemicals.
Mr. Bloomberg’s response was prompted by a question about whether his large amounts of resources might be better suited for targeting Big Oil companies such as ExxonMobil, Shell and Chevron. “The UAE as the site for COP28, and having Dr. Sultan, the guy from the UAE who is running the thing, is a smart thing to do because you’ve just got to get Big Oil — you’ve got to try to co-op them and have their practices be somewhat better,” Mr. Bloomberg said. “It’s irrational to think that they’re all going to go away. Big Oil is part of the problem. They’re also part of the solution.”
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