Bill Gates complied vs climate change. It’s up to the companies

In the middle of the Breakthrough Energy Summit (BES) organized by Breakthrough Energy Ventures, the business financing organization of philanthropist and entrepreneur Bill Gates, which works to help companies scale solutions to accelerate the transition to decarbonization. In accordance with green bizGates said he is doing his part for the climate and now is the time for companies to do the same.

So, did Bill Gates deliver vs. climate change? According to his statements, betting on technological innovation —something in which he has been investing for years— in itself is not enough, because it must be affordable so that it can be implemented in an equitable manner, not only by countries developed.

Gates and his commitment to technological innovation against global warming

Gates, who was recently questioned for hesitating to donate your fortune to the environmental fight—at a time when other personalities were announcing ostentatious contributions to their own favorite causes—he replied that instead of giving money to charities and hoping for the best, he has decided to invest “billions of dollars” in his own sustainable energy company, Breakthrough Energy Ventures.

The above in order to help companies find “much safer, cheaper and low-waste solutions” to climate change.

For Gates, however, efforts like his are simply not enough for the mass adoption of climate mitigation technology, as it is prohibitively expensive. And he gives an example of the additional cost, known as the “green premium”, of choosing a clean technology over another that emits more Greenhouse Gases (GHG).

“Right now, clean solutions are often more expensive than high-emitting ones, in part because we don’t factor the true economic and environmental costs of existing options, like fossil fuels, into the price we pay for them.”

Breakthrough Energy.

Reduce the so-called “green premium”, what exactly is it about?

Breakthrough Energy Ventures uses the “green premium” metric as a guiding principle for areas most in need of innovation. The higher the premium, the more innovation is needed to reduce the cost. So dissecting the huge energy economy to net zero solutions will cost, but with the right policies and approach it is possible to reduce the Green Premium.

Ultimately, according to Gates’ funding body, the world requires that premium to be so low that everyone, everywhere can choose the clean alternative, but it’s crucial to understand that getting there will come at a high cost, at least in a beginning.

Furthermore, while it may be tempting for organizations to invest in competitive technologies that lead to rapid emissions reductions, such as wind, solar and electric vehicles, ignoring hard-to-decarbonize sectors does not pave the way to meeting climate goals, according to the report. philanthropist and businessman.

“In any case, we must first work on the hard technologies [aquellas que consisten en producción, desarrollo o fabricación de productos tangibles] and put more capital into them because the deadline is 2050.”

Bill Gates.

Major economies must close the gap in access to clean technologies: Bill Gates

Gates’ North Star is making technologies cheap enough that middle-income countries can afford to adopt them. These countries, like China and India, comprise about 70% of the world’s population and two-thirds of global emissions. They simply can’t afford their way to net-zero emissions, Gates noted.

«[Corresponde a] the rich countries that have most of the power of innovation, the science of venture capital, that not only reduce their emissions to zero as an example, but use them to create technologies that, as they increase, provide this premium zero green.

Bill Gates.

So, did Bill Gates deliver vs. climate change?

The businessman points out that he has dedicated much of his power and influence to doing what he does best: driving innovation and business. But the next step requires corporations to do their part to scale up clean technologies—those that don’t upset the environmental balance.

That means commitment and stubborn work to incorporate, as soon as possible, cleaner materials and processes throughout the value chain. Even if it is difficult to do or costs more. For example, the initiative First Mover Coalition, is harnessing the purchasing power of its member companies to decarbonize seven “hard-to-reduce” industry sectors: aluminum, aviation, chemicals, concrete, shipping, steel, and trucks; along with innovative carbon removal technologies.

Bill Gates points out that he pays $9 million a year to offset his carbon footprint. he pays to carbfix, a CO2 capture company, in addition to acquiring clean fuels. And while these efforts add up, the main paradigm for Gates is that big business must take responsibility for closing the technological innovation gap to achieve the phase-out of fossil fuels.

In conclusion, it could be said that Bill Gates fulfilled vs. climate change, but you can’t scale innovation solutions without corporate leadership. This is the time when corporations can demonstrate their corporate social responsibility in building a sustainable future for all people.

«TED2010 Bill Gates ©Suzie Katz #9064_R» by Suzie Katz is licensed under CC BY-NC-ND 2.0.

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Bill Gates complied vs climate change. It’s up to the companies