Bill Gates on Wednesday vowed to give away "virtually all" his wealth as the Gates Foundation made a new commitment to accelerate charitable spending by $200 billion over the next 20 years.
The decision amounts to a doubling of the foundation’s spending over its first 25 years, and sets 2045 as its closing date. It comes on the foundation’s 25th anniversary.
The move changes the foundation’s charter, which had said the organisation would close operations 20 years after Bill Gates’ death. “There are too many urgent problems to solve for me to hold on to resources that could be used to help people,” Mr Gates said.
“That is why I have decided to give my money back to society much faster than I had originally planned. I will give away virtually all my wealth through the Gates Foundation over the next 20 years to the cause of saving and improving lives around the world.”
What does the foundation hope to achieve?
Mr Gates explained that he now believes the foundation’s goals can be achieved on a shorter timeline than had been previously thought.
The foundation’s priorities are fixed on:
- Helping end the preventable deaths of mothers and babies
- Fighting deadly infectious diseases
- Lifting as many as possible out of poverty
The foundation claims it has contributed to saving 82 million lives since it was set up in 2000, through its support of Gavi, the Vaccine Alliance and the Global Fund to Fight Aids, Tuberculosis and Malaria.
“The needs at this time are greater than any we’ve seen in the lifetime of the foundation, but the achievements of the past 25 years have shown the tremendous progress that is still possible,” said Mark Suzman, chief executive and board member of the Gates Foundation.
The announcement comes as scientific breakthroughs and technological innovations create more opportunities to save lives.
“The truth is, there have never been more opportunities to help people live healthier, more prosperous lives,” Mr Gates added. Advances in technology are happening faster than ever, especially with artificial intelligence on the rise. Even with all the challenges that the world faces, I’m optimistic about our ability to make progress – because each breakthrough is yet another chance to make someone’s life better.”
What is the UAE doing?
Last month, the UAE announced the launch of a major humanitarian project aimed at preventing 300,000 deaths in childbirth in sub-Saharan Africa over the next five years as part of a $600 million healthcare strategy partly funded by the Gates Foundation.
The Beginnings Fund is the first flagship project unveiled by the Mohamed bin Zayed Foundation for Humanity, a philanthropic organisation established in March to deliver a crucial lifeline to needy communities.
The fund will work in partnership with African governments, national organisations and experts to provide access to quality care for 34 million mothers and babies by 2030. It will operate in 10 African countries – Ethiopia, Ghana, Kenya, Malawi, Lesotho, Nigeria, Rwanda, Tanzania, Uganda and Zimbabwe – to help improve maternal and newborn survival rates.
