By
Kerry-anne Mendoza

The man who has benefited most from capitalist economics has come clean about its inability to deal with the most pressing issue of our time: climate change. In an interview with Atlantic, the Microsoft magnate argued: ’the private sector is in general inept’ as a tool to manage catastrophic changes to our climate that would threaten life on earth.
Gates argues that governments have
the key role to play in developing technologies for a sustainable world,
chiefly by a heavy investment in research and development. He argues that it
should then be the role of private companies to pay the costs of rolling out
those technologies – pledging $2bn of his own $79.2bn net worth to do just
that.
So, why can’t we trust the private
sector to invest in the right things at the right time? Gates argues:
“Well, there’s no fortune to be made.”“Yes, the government will be somewhat inept,”“But the private sector is in general inept. How many companies do venture capitalists invest in that go poorly? By far most of them.”




