In November 2015, Bill Gates stood on a stage in Paris, his silhouette framed by the high-stakes promises of the global climate summit.
While President Barack Obama lauded him as a “visionary” driving the transition to clean energy, a quieter, more lucrative reality was unfolding in his private portfolio. Even as he pledged billions toward geothermal wells and carbon-capture technology, Gates had already solidified his position as the dominant shareholder of Republic Services, one of the largest landfill operators in the United States.
This duality defines the current tension between Gates’ public climate advocacy and his private financial footprint. While he continues to champion the reduction of greenhouse gases in his writing and public speaking, his investment in the waste management sector has quietly ballooned. ProPublica’s investigation revealed that Gates’ stake in Republic Services has grown to 38%, a position now valued at approximately $29 billion.
Landfills are a primary source of methane, a potent greenhouse gas that traps heat far more effectively than carbon dioxide. According to reports from Republic Services itself, the company generates as much climate pollution annually as 3 million gasoline-powered passenger vehicles. Despite this, federal inspectors have repeatedly identified methane leaks at Republic’s facilities that exceed federal limits.
“It seems very likely that Bill Gates has the power to influence Republic’s conduct to be more climate-friendly, even if it costs the company profits,” said Ann Lipton, a corporate governance expert at the University of Colorado in Boulder, as reported by CNN en Español.
When asked if he should align his investments with his stated principles, Lipton said that it is up to the reader to make the moral judgment.
The Evolution of a Multibillion-Dollar Portfolio
The financial success of this investment is undeniable. Since 1999, when Gates first acquired a 5% stake in the company, Republic Services’ stock price has multiplied thirtyfold. Beyond the appreciation of his shares, ProPublica found that Gates has personally collected $2.6 billion in dividends, reflecting the steady, if environmentally heavy, returns of the waste industry.
The origins of this investment date back to instructions Gates gave to his personal investment manager, Michael Larson. Seeking to diversify away from Microsoft stock, Larson was tasked with finding “safe and boring” assets. Republic Services, built on the reality that the United States produces a constant stream of waste, fit the criteria perfectly.
While it is unclear if the late Republic chairman Wayne Huizenga personally pitched the investment to Larson during a visit to his Florida golf course, the firm became a cornerstone of the Gates investment strategy.
As Gates’ own awareness of climate change sharpened in the mid-2000s, his portfolio did not necessarily follow suit. Even after he began advocating for Breakthrough Energy and funding innovations to displace fossil fuels, his holdings in the landfill sector remained largely untouched.
Larson, who continues to manage Cascade Asset Management and has held a seat on the Republic board since 2009, previously told Fortune that Gates may not always be aware of the specific assets held in his name.
Republic Services Rebrands as Sustainability Leader
Republic Services has attempted to rebrand itself as a leader in sustainability, joining the Science Based Targets initiative in 2019 with a goal to reduce emissions by 35% by 2030. The firm has also actively lobbied against policies that would reduce the flow of organic waste into landfills—a key strategy for methane mitigation.
The internal tension at the company was summarized by former CEO Donald Slager during a 2017 investor call, where he stated, “There can be no sustainability without profitability.” This philosophy places the company in direct opposition to the climate goals that Gates promotes in his 2021 book, How to Avoid a Climate Disaster.
For now, the discrepancy between the climate advocate and the landfill giant remains a defining feature of the Gates legacy. As the climate nears critical tipping points, the impact of methane—which retains 80 times more heat than carbon dioxide in the short term—remains a focal point for scientists.
Whether Gates will use his 38% stake to influence Republic Services’ environmental practices remains unclear, as the company has faced criticism for methane leaks and for lobbying against policies that would reduce landfill waste.
