Microsoft co-founder and billionaire philanthropist Bill Gates has said that wealthy countries owe it to the world to reduce their emissions to net-zero.
Speaking at the opening dinner of the Ecosperity Conference in Singapore — a major sustainability event organized by government-owned investment firm Temasek — Gates emphasized the responsibility of rich nations.
In a conversation with Singapore’s Climate Ambassador Ravi Menon, Gates said wealthy nations should reach net-zero regardless of whether the whole world does.
“There are emission levels low enough that they don’t actually contribute to dangerous temperature rise,” Gates explained.
He added that not all countries need to achieve absolute zero, but rich nations must do so to demonstrate that solutions to climate change are viable.
The United Nations defines net-zero as reducing carbon emissions to a level that can be naturally absorbed and sustainably stored by the environment, along with additional carbon removal measures.
Gates also called for bolder innovation investment to fight climate change, warning that while he firmly believes in innovation, the idea that the entire world will hit net-zero by 2050 is currently unrealistic.
The UN has stated that to stay below the 1.5°C warming limit of the Paris Agreement, emissions must be cut by 45% by 2030 and reach net-zero by 2050.
“The sooner we get there, the better,” Gates said. “But we need examples,” noting that a major obstacle is securing venture capital to fund breakthrough solutions.
During his meeting with Singapore’s Prime Minister Lawrence Wong, it was also announced that the Gates Foundation will open an office in Singapore.