Govts will have to help create markets to hit goal of zero emissions: Bill Gates

Billionaire philanthropist Bill Gates on Saturday said governments across the world will have to help create markets to hit the goal of zero emissions down from 51 billion tons of greenhouse gases.

Gates said countries like India, which are closer to the equator, might face more repercussions of climate change.

Speaking at the India Today Conclave 2021, he said governments will have to help create markets to hit the goal of zero emissions down from 51 billion tons of greenhouse gases.

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"...so that even when the electric cars are a little more expensive, purchasing that volume will drive the price down. So eventually, the extra cost, what I call the green premium will be zero. That's the idea we need to do across all these areas for electricity," he said.

"The solar panels, at least during the day, that electricity, is actually cheaper than running a coal plant. So we have some good examples where we've gotten there, but I put the government at the top of the list because building this new grid and shifting that physical economy, their policies have to accelerate this at almost an unnatural speed in order for it to happen."

"So you know, policy is on top. But without innovation, the cost, the sacrifice, that we'd be asking people to make is just far too large," he said.

He said only through massive innovation can the world achieve the target of zero emissions.

"Yes, but only through massive innovation, are we going to be able to achieve it that will grow. And you know we have about 10 years to invent everything and then about 20 years to roll it all out to hit that goal of zero down from 51 billion," he added.

He said rich countries have a particular obligation to exercise their investment in innovation.