To avoid climate disaster we need philanthropic dollars

If we are to move towards carbon-free power generation by 2035 and net-zero emissions by 2050, we need all the philanthropic dollars we can get. From reforestation initiatives to recycling to clean energy solutions, as long as the money is going towards creating a cooler world, it is money well spent. But are the super-rich doing enough?

Jeff Bezos and climate change

Can Jeff Bezos, the world’s richest man, do more to combat global warming? The short answer is - absolutely. In February 2020, Bezos launched his impressive-sounding Earth Fund, pledging $10 billion to contribute towards climate science research and innovation. Some stakeholders argue that this amount is a mere drop in the ocean for a man of his exorbitant wealth and status.

Why could Bezos donate more to fight global warming?

  • Bezos’s net worth is a staggering $200 billion+ and growing.
  • The Amazon founder made a whopping $75 billion in 2020 alone.
  • His ostensible Earth-saving donation will also be spread out over a decade. This means he is, in essence, donating an average of $1 billion per year towards fighting climate change -- not much for someone this incredibly wealthy.

Many feel this is simply too little too late. With greenhouse gas emissions rising at a rapid rate of 1.5% a year since 2010, we need billionaires like Bezos to do more – and faster.

Elon Musk and climate change

When it comes to charitable giving, the SpaceX owner and Tesla CEO, Elon Musk appears to be doing his part:

  • By exploring the green economy through the development of green-energy Tesla vehicles and other innovations.
  • He is also funding a $100 million competition, called XPrize, that searches for innovative ways to remove carbon from the air or water.
  • He recently announced that Tesla will no longer accept Bitcoin as payment because of its high electricity usage. Tesla is freezing its own existing Bitcoin assets until the environmental costs of the currency can be significantly reduced.

Could he do more? Certainly. There is always more to be done. And SpaceX rocket fuel is hardly that environmentally friendly...

Bill Gates and climate change

While Bill Gates confesses to having an oversized carbon footprint (to match his oversized wallet), he is opening the latter to help in the fight against climate change. How? He:

  • Published: How to Avoid a Climate Disaster: The Solutions We Have and the Breakthroughs We Need in 2021. The book works to raise awareness around global warming and carbon emission issues and to effect change.
  • Founded TerraPower (next-generation nuclear power development and energy storage)
  • Created Breakthrough Energy (focused on innovation and climate change policy)
  • Purchases green aviation fuel to help offset his personal carbon footprint

Gates, however, still has commercial interests in many fossil fuel-run companies, which remains problematic. He’s a long way from perfect when it comes to walking the walk on effective climate change.

All in all, it looks as if America’s richest and most powerful need to give even more to help us avoid crucial tipping points when it comes to climate change.

Read this trending opinion piece on US philanthropy and climate change here.

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