The Gates Foundation’s focal areas of global health, educational access, and agriculture were significantly bolstered by Bill Gates’ announcement last week that he would donate 99% of his wealth to the organization. However, it appeared to be an insult to certain advocates of climate action.
The co-founder of Microsoft has been advocating for climate change in the public sphere for the past ten years. He published the book “How to Prevent a Climate Disaster.” Breakthrough Energy Ventures, a climate tech investment fund that garnered support from ultra-wealthy investors worldwide, was established under his leadership. The Seattle-based Breakthrough Energy umbrella organization, which has hosted two climate conferences featuring global leaders, most recently in London last year, was the result of that effort.
Gates prioritized global warming, which fueled enthusiasm and piqued interest in the planet’s existential crisis as carbon emissions and temperatures continue to increase.
More recently, it appears that his enthusiasm has diminished slightly.
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As The New York Times reported in March, Breakthrough Energy eliminated its U.S. climate policy team, its European team, and employees who collaborated with other climate organizations earlier this year. Gates announced a week ago that the Gates Foundation, which will expire in 2045, would receive nearly all of his wealth, which amounts to approximately $112 billion, over the course of the next two decades.
Susan Su, a climate investment associate at Toba Capital in Seattle, stated, “There is no other interpretation of this than as negative.”
The deployment of low-carbon technologies has been expedited in the United States and other countries over the past three years, with a focus on power production, transportation, infrastructure, and other sectors of the economy. Investors contributed billions of dollars to the development of new technologies, and the Biden administration’s initiatives stimulated innovation and employment opportunities in the renewable energy sector.
Upon President Trump’s inauguration in January, his team promptly initiated the dismantling of those initiatives and the termination of long-standing programs for the monitoring, prevention, or response to climate change. Overall progress on climate is significantly more challenging due to the nearly complete cessation of U.S. government support.
And although it may be unrealistic to anticipate that Gates will serve as a prominent catalyst for both global health and climate, his apparent retreat nonetheless leaves a significant leadership void. Su observes that the transition is especially challenging because he has not offered a public justification for the reduction of his climate initiatives.
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“Important, impactful climate work is definitely still occurring,” Su stated. However, the perception that Gates is less engaged “really harms the ecosystem.”
Anay Shah, the co-founder and general partner of Stepchange, a climate investment firm, is still open to Gates’ climate engagement, despite acknowledging the foundation’s news being significant.
Shah stated in an email that it is less probable that a significant increase in climate funding will occur in the near future if the [Gates] Foundation serves as his primary vehicle.
“The counterargument,” he continued, “is that climate impacts all aspects of life; therefore, he will continue to address these issues indirectly.”
In March, a spokesperson for Breakthrough Energy informed GeekWire that Gates’ research on climate change will persist.
“Bill Gates is as dedicated as ever to the advancement of clean energy innovations that are essential for mitigating climate change,” stated the spokesperson via email today.
“He will continue to work in this field, with a particular emphasis on promoting clean, affordable, and dependable energy solutions that will empower individuals worldwide to prosper,” she said.
In July, Breakthrough Energy Ventures disclosed that it was soliciting a $839 million fund in an SEC filing. A spokesperson affirmed that a third fund was in progress at the time, but they did not provide information regarding the total capital raised or the timing. Gates is also a primary investor in TerraPower, a Seattle-area company that is currently constructing its first next-generation nuclear reactor in Wyoming and has plans to deploy the devices internationally.
In the Gates Foundation announcement from last week, CEO Mark Suzman responded to inquiries regarding the organization’s involvement in climate-related initiatives.
“Our primary focus has always been on the intersections of issues, such as climate, where we believe that philanthropic capital can have the most significant impact,” Suzman stated.
Over the years, the foundation has provided support for innovation that enables subsistence farmers in Africa and Asia to survive on a daily income of $2.25 or less. These farmers are currently experiencing floods, droughts, and other calamities that are exacerbated by global warming. Suzman also stated that the philanthropy is monitoring the climate-driven transmission of diseases, including malaria.
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Nevertheless, the focus of these strategies is on adapting and responding to climate change, rather than preventing it.
Gates remains vocal about climate change, urging wealthy nations to achieve net-zero carbon emissions. Gates emphasized the necessity of action and expressed his unwavering commitment to climate innovation during a fireside conversation with Ravi Menon, Singapore’s Ambassador for Climate Action, earlier this month.
Gates explicitly stated in a 2021 interview with GeekWire to promote his book that he believed that government support was indispensable for achieving progress.
“In the case of climate change, even the money that I have, if it were all applied in this direction — I have already invested $2 billion and will invest an additional $2 billion over the next five years — is insufficient to address the issue,” he stated. “The role of high-risk investing and philanthropy, as well as the establishment of programs such as [Breakthrough Energy’s] Fellows, Ventures, and Catalyst, is to initiate the process; however, it is ultimately government policy that must be the driving force behind this.”
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