If billionaires really want to benefit society, they should work to reduce their own power

advertisement advertisement advertisement Jeff Bezos, the world’s wealthiest person, announced on Instagram in November 2020 that he was giving 16 organizations a total of about US$800 million for a wide array of climate-protecting work. advertisement advertisement This money will help pay to restore and protect ecosystems in Colombia, Fiji, Madagascar, and Mexico, launch a satellite to detect methane pollution, build carbon-trading markets, speed up the replacement of the nation’s fossil-fueled commercial trucks with electric vehicles, and update the U.S. electrical grid so it can rely more heavily on renewable energy. It was just the first installment of the $10 billion the Amazon founder and CEO pledged in February 2020 that he would give to fight climate change. For now, that sum would constitute about 5% of his net worth of $203 billion. I teach a course called Business in Democracy: Advocacy, Lobbying and the Public Interest, which examines the ways that businesses and their leaders influence public policy for both good and ill. This kind of a gift is emblematic of the broader issue of money and the ways it clouds our society’s ability to address the fundamental challenges we face. The bigger issue Rather than gush over Bezos for… Read full this story

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