Bill Gates explains why the climate crisis will not be solved by the free market.
In a recent interview with The Atlantic, billionaire tech magnate Bill Gates announced his game plan to spend $2 billion of his own wealth on green energy investments, and called on his fellow private sector billionaires to help make the U.S. fossil-free by 2050. But in doing so, Gates admitted that the private sector is too selfish and inefficient to do the work on its own, and that mitigating climate change would be impossible without the help of government research and development.
“There’s no fortune to be made. Even if you have a new energy source that costs the same as today’s and emits no CO2, it will be uncertain compared with what’s tried-and-true and already operating at unbelievable scale and has gotten through all the regulatory problems,” Gates said. “Without a substantial carbon tax, there’s no incentive for innovators or plant buyers to switch.”
Gates even tacked to the left and uttered words that few other billionaire investors would dare to say: government R&D is far more effective and efficient than anything the private sector could do.
“Since World War II, U.S.-government R&D has defined the state of the art in almost every area,” Gates said. “The private sector is in general inept.”
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