Source: People’s Republic of China – State Council News
Bill Gates, co-chair of the Bill & Melinda Gates Foundation, receives an exclusive interview with Xinhua in Seattle, the United States, on Nov. 13, 2019. [Photo/Xinhua]
Bill Gates will donate “virtually all” of his wealth to the Gates Foundation, committing $200 billion over the next 20 years in what represents the largest philanthropic pledge in modern history.
The foundation, marking its 25th year, announced Thursday that Gates will channel his personal fortune through the organization to advance its global health and development mission. The commitment establishes 2045 as the date when the foundation will spend down its assets and cease operations.
“There are too many urgent problems to solve for me to hold onto resources that could be used to help people. That is why I have decided to give my money back to society much faster than I had originally planned,” wrote Gates. “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.”
The accelerated timeline was affirmed by the foundation’s board of directors with a change to the foundation’s charter, which had previously said the organization would sunset 20 years after Gates’ death. The $200 billion pledge exceeds the foundation’s current endowment, with the remainder to come from Gates’ personal fortune over time.
The Gates Foundation said the shift in its sunset date stems from both urgency and opportunity. The organization aims to build on the remarkable global health and development progress between 2000 and 2025, a period that saw child mortality decrease by half, deaths from deadly infectious diseases significantly reduced and hundreds of millions of people rise out of poverty.
“A few years ago, I began to rethink that timeline. More recently, with input from our board, I now believe we can achieve the foundation’s goals on a shorter timeline, especially if we double down on key investments and provide more certainty to our partners,” Gates wrote.
The foundation said its strategies will remain the same. It plans to work with partners over the next two decades on three main goals: help end preventable deaths of moms and babies; ensure the next generation grows up without having to suffer from deadly infectious diseases; lift millions of people out of poverty, putting them on a path to prosperity.
“The truth is, there have never been more opportunities to help people live healthier, more prosperous lives. Advances in technology are happening faster than ever, especially with artificial intelligence on the rise,” Gates wrote. “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.”
The foundation announced its largest budget ever earlier this year, aligning with its commitment to reach annual distributions of $9 billion by 2026.