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Tuesday, December 7, 2021

Climate change billionaires are part of a long tradition

If governments don’t act fast enough on climate change, who will?

Enter the next generation of billionaire philanthropists (mostly young ones). Their goal is to use their influence and money to push the boundaries of science and technology for the benefit of society.

One example is Mike Cannon-Brooks, billionaire co-founder of software company Atlassian, and his partner Annie Cannon-Brook, who pledged A $ 1.5 billion this month in climate projects by 2030.

$ 1 billion will go to financial investments and $ 500 million to charity and advocacy to keep global warming at 1.5 degrees. He wants other leaders to follow his example.

In the United States, the world’s largest fund manager Blackrock has invested in billionaire Bill Gates’ Breakthrough Energy, which uses charitable money to accelerate investments in new technologies.

Breakthrough reportedly raised $ 1 billion in investments from Microsoft, General Motors, American Airlines, Boston Consulting Group, Bank of America and ArcelorMittal.

India, Denmark, Australia

In India, the country’s richest citizen, Mukesh Ambani, has pledged to take his energy giant off the ground by 2035, and he will fulfill that commitment by switching to renewables and converting carbon emissions into useful foods and chemicals.

Australia’s Andrew Forrest founded Fortescue Future Industries as part of Fortescue Metals with a mandate to invest billions in Green Hydrogen projects in Queensland and New South Wales and make the entire group carbon neutral by 2030.

Read More: AFR 2021 Rich List Shows We’re Not All Together

Elsewhere, Danish carbon pricing skeptic Björn Lomborg argued for energy research innovation in energy research as a way to limit carbon emissions, citing a parallel from the 1860s when whales were hunted to near extinction due to oil , which was used to illuminate houses. …

The solution, he says, was not to tax whales, but the invention of kerosene, which lowered the cost of whale oil.

What Happens Is Not New

In 1919, businessman Raymond Orteig offered $ 25,000 for the first person to fly nonstop from New York to Paris.

The prize was won by an unknown 25-year-old U.S. Army reserve officer, Charles Lindbergh, which has contributed to tremendous aviation success.

Le Journals reports on Charles A. Lindbergh’s 33-hour flight from New York to Paris, which earned him $ 25,000 in prize money.

Today, the X Prize Foundation and the Musk Foundation are offering the $ 100 Million X Prize for Carbon Removal, funded by billionaire Elon Musk.

The prize will go to a team from anywhere in the world that can invent a machine that extracts carbon dioxide from the atmosphere or oceans on a gigaton scale.

Previous X Prizes have been awarded for using artificial intelligence to solve global problems, turning carbon dioxide into useful products, developing cheaper mass testing methods for COVID, and creating water from thin air.

Horses for courses

There is a strong argument that governments, not individuals, should be responsible for important promises and projects.

Billionaires often get their way by acting in their own interests, so it is unreasonable to expect them to act in the best interests of the whole society.

Read more: Bill and Melinda Gates: Charity Fought at the Crossroads of Society’s Obsession with Celebrities

On the other hand, some issues are too important and time-dependent to be left to the discretion of governments that cannot act quickly.

If a person loses his money, this is his loss. If the government loses money, it is the taxpayer’s loss. Therefore, governments should be careful.

It probably isn’t about one or the other. Governments must not abandon their responsibility to act in the public interest. On the other hand, wealthy philanthropists throughout history have been willing to help.

This article is republished from – The Conversation – Read the – original article.

World Nation News Deskhttps://www.worldnationnews.com
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