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Bill Gates Finds a Reason to Celebrate

The co-founder of Microsoft seems to be smiling again a month after expressing his sadness about the state of the world.
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Bill Gates is smiling again and doesn't hide it. 

The billionaire and co-founder of software giant Microsoft  (MSFT)  seems to have regained his good nature a few weeks after lamenting the state of the world. 

Last month, the former world's richest man turned philanthropist lamented what he sees as setbacks in our society after years of leaps forward.

"Several huge global setbacks over the past few years have left many people discouraged and wondering whether the world is destined to get worse," Gates, 66, wrote on Twitter on July 13.

He then proceeded to enumerate these setbacks.

"The pandemic is one of the biggest setbacks in history. The war on Ukraine is a gigantic tragedy for the entire world. The damage from climate change is already worse than most models predicted. The U.S. has taken a huge step backwards for gender equality and women’s health."

$20 Billion for the Gates Foundation

But for all that, the one who devoted his energy and his efforts with his ex-wife Melinda French Gates through their foundation to fight against poverty and public health issues globally, had not completely given up. He said he was optimistic that the machine of progress would resume its march forward.

"But I’m still optimistic," Gates said at the time. "These setbacks are happening in the context of two decades’ worth of historic progress and I believe it is possible to mitigate the damage and get back to the progress the world was making."

Even if he has nothing to prove, the billionaire then announced that he would immediately transfer $20 billion of his personal wealth to the Gates Foundation to continue to support the latter's fights.

'Nothing Short of Extraordinary'

A little less than a month later, Gates seems to have found something to celebrate. The philanthropist has just rejoiced on Twitter at the adoption of the Inflation Reduction Act of 2022, dubbed IRA. 

With their slim majority, the Democratic-controlled House of Representatives voted, on Aug. 12, the final adoption of the vast investment plan of President Joe Biden, on the climate and health, following a similar vote in Senate a few days ago.

The bill, which should put the country on the right path to achieve its greenhouse gas reduction targets, will be signed into law by Biden next week.

"The Inflation Reduction Act’s passage through Congress is nothing short of extraordinary," a jubilant gates reacted on Twitter. "The United States is taking a historic step towards the clean energy economy we need to meet our climate goals."

He then praised the merits of this legislation and what it would achieve and above all its importance for the fight against climate change at a time when the Northern Hemisphere is experiencing an unprecedented heat wave.

"This $369 billion investment will spark innovation, drive job creation, and reduce energy prices and emissions. It sets a clear example of what serious climate action looks like," praised the entrepreneur.

'I'm More Optimistic Than Ever'

Welcomed by the majority of associations fighting against climate change, this bill of more than $430 billion, includes $370 billion for the environment and $64 billion for health.

It is the largest investment ever made in the U.S. for the climate. It must make it possible to reduce greenhouse gas emissions by 40% by 2030. The goal set by president Biden is a reduction of at least 50% by this date, but other measures, in particular regulatory could partly fill the gap, according to experts.

Each individual will receive up to $7,500 in tax credits for the purchase of an electric car. The installation of solar panels on its roof will be covered at 30%. Investments are also planned for the development of CO2 capture, the resilience of forests to fires, and the renovation of housing for the most modest households.

Several billion dollars in tax credits will also be offered to the most polluting industries to help them in their energy transition – a measure strongly criticized by the left wing of the party.

"This bill is a game changer and reason for hope," praised Johanna Chao Kreilick, the president of the Union of Concerned Scientists (UCS) in a press release. "The U.S. emission reductions, along with other global action that this legislation should help spur, may give us a fighting chance of avoiding devastating levels of warming."

Gates seems to share this optimism despite the fact that elected Republicans have opposed this bill.

"While our fight against climate change is far from over, I’m more optimistic than ever that by working together, we can make a net-zero future of abundant, affordable, and clean energy a reality to people everywhere."