Bill Gates explains why the climate crisis will not be solved by the free market. “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.”
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.