He's probably right that there are much more effective ways to focus resources & energy, but you'd have to believe that markets and elasticity don't exist to be

He's probably right that there are much more effective ways to focus resources & energy, but you'd have to believe that markets and elasticity don't exist to believe the impact is zero. If you reduce the pool of investors, the cost of access capital goes up. This means companies that would start a new fossil fuel project will have to give up more money to get investment or loans. Most projects will be unaffected, but this will be the difference between some marginal projects happening and not happening. This is pretty basic economics, though perhaps Gates has a reason in mind not to believe this will apply.