Bill Gates Thinks It’s Time to Fix Capitalism

On Friday, the United Nations released a survey of the plans laid out by more than 100 countries to fight climate change. Its report uncovered some interesting trends, including that most countries are planning to invest in renewable energy and that global adaptation efforts focus first and foremost on protecting the food and water supply. 

But the survey also affirmed that all this collective global action doesn’t add up to keeping global warming below 2 degrees Celsius (3.6 degrees Fahrenheit), the internationally agreed-upon goal. That brought to mind the great interview with Bill Gates that The Atlantic, one of our Climate Desk partners, recently released. In the above video, Gates points out another key flaw in the international negotiating process: Most countries’ goals focus on the progress to be made by 2030—phase one of the global push to slash greenhouse gas emissions. The United States’ goal, for example, calls for cutting emissions by about a third by that time. 

If we’re really serious about keeping global warming in check, Gates argues, we need to start thinking more concretely about what comes after 2030. The Obama administration has promised that the short-term goal will get us on track to cut emissions 80 percent by 2050. But Gates cautions that that second phase will much more difficult to achieve than the first.

“Let’s be realistic about how we’re going to get to the 2050 goal,” Gates says. “There are things that have such long lead times—including innovation itself—that if they’re a part of your 2050 solution, you need to get started now. The rate of innovation should be doubled.”

To that end, Gates has pledged $2 billion out of his own pocket to invest in sustainable-energy projects. He thinks research and development funding by the United States and China needs to grow massively, since “the climate problem has to be solved in the rich countries.” In the extended interview between Gates and Atlantic editor James Bennet, he also makes a case for a “significant” global tax on carbon emissions. That’s the only way to fix the market failure that lets companies get away with the pollution caused by fossil fuels—and, he says, the only way to encourage the private sector to switch to clean energy.

“Yes, the government will be somewhat inept,” he said. “But the private sector is in general inept.”

More Mother Jones reporting on Climate Desk

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“This could be the first time a corporation would be held criminally liable for forced labor in their own supply chains,” according to a retired special agent we talked to.

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About that: It’s unfathomably hard in the news business right now, and we came up about $28,000 short during our recent fall fundraising campaign. We simply have to make that up soon to avoid falling further behind than can be made up for, or needing to somehow trim $1 million from our budget, like happened last year.

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WHO DOESN’T LOVE A POSITIVE STORY—OR TWO?

“Great journalism really does make a difference in this world: it can even save kids.”

That’s what a civil rights lawyer wrote to Julia Lurie, the day after her major investigation into a psychiatric hospital chain that uses foster children as “cash cows” published, letting her know he was using her findings that same day in a hearing to keep a child out of one of the facilities we investigated.

That’s awesome. As is the fact that Julia, who spent a full year reporting this challenging story, promptly heard from a Senate committee that will use her work in their own investigation of Universal Health Services. There’s no doubt her revelations will continue to have a big impact in the months and years to come.

Like another story about Mother Jones’ real-world impact.

This one, a multiyear investigation, published in 2021, exposed conditions in sugar work camps in the Dominican Republic owned by Central Romana—the conglomerate behind brands like C&H and Domino, whose product ends up in our Hershey bars and other sweets. A year ago, the Biden administration banned sugar imports from Central Romana. And just recently, we learned of a previously undisclosed investigation from the Department of Homeland Security, looking into working conditions at Central Romana. How big of a deal is this?

“This could be the first time a corporation would be held criminally liable for forced labor in their own supply chains,” according to a retired special agent we talked to.

Wow.

And it is only because Mother Jones is funded primarily by donations from readers that we can mount ambitious, yearlong—or more—investigations like these two stories that are making waves.

About that: It’s unfathomably hard in the news business right now, and we came up about $28,000 short during our recent fall fundraising campaign. We simply have to make that up soon to avoid falling further behind than can be made up for, or needing to somehow trim $1 million from our budget, like happened last year.

If you can, please support the reporting you get from Mother Jones—that exists to make a difference, not a profit—with a donation of any amount today. We need more donations than normal to come in from this specific blurb to help close our funding gap before it gets any bigger.

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