Bill Gates Urges US Government to Triple Funds for Green Energy

Microsoft chairman thinks the development of renewables should be a top priority when it comes to governmental support. Bill Gates says that boosting alternative sources of power is currently the only available option America has to exceed the efforts of eco-conscious nations already bragging about their progress in implementing green technologies, like China, France and Canada.

Gates states that appropriate financial support is the key element in raising America's competitiveness. The price for this action is quite substantial, as such a movement will have to rely on $16bn (€11.96 billion) every year, in order to triple the current investment in renewable sources of power, reports Business Green.

Moreover,the Microsoft chairman affirms that it is absolutely necessary that America increases its financial support, to fill in the gaps generated by insufficient funds within the last three decades.

America is already far behind, as it experiences difficulties in following the earth-friendly path of low-carbon options. China has been consolidating its position as a top supplier of solar technologies for years and now the trend is shifting, as it plans on becoming a leader installer, also.

If the government is keen on improving the nation's eco-conscious attitude while fighting the fossil-fuel dependency, it would have to provide more than what it is used to offer, currently only $5 billion (€3.73 billion). The situation is quite worrying not only in comparison with the progress of other nations.

The intense usage of fossil fuels is accelerating climate change and it is also a highly unstable resource, prone to dangerous price fluctuations.

Money is definitely a problem, yet Gates draws out several potential strategies of obtaining it. Establishing a carbon price, decreasing or wiping out subsidies for the already mature energy industries and diverting private sector taxes from household energy production represent risk-free options of obtaining funds necessary for the development of renewables, according to Gates.

In times when America is still thirsty for foreign oil and willing to pay up to $1bn every year to satisfy its inhabitants' needs, the green example provided by Germany, China, Korea and Japan should definitely be taken into consideration.

"The creation of new energy products, services and jobs is a good thing wherever it occurs, but it would be a serious miscalculation if America missed out on this singular opportunity," concludes Gates.