Jeff Bezos commits $10 billion to fight climate change, but we have questions

Amazon CEO Jeff Bezos, the world’s richest man, has been frequently criticised for not paying enough taxes and for not giving away enough money. He appears to be trying to do better by announcing a $10 billion commitment to fight climate change through a fund called Bezos Earth Fund.

Through a post on Instagram, Bezos said the money will go to "scientists, activists, NGOs" and any effort that "offers a real possibility to help preserve and protect the natural world". Multiple reports have clarified that Bezos is focused on charitable giving and the first grants will be issued this summer. It's unclear how one would apply. It's also unclear how fast the money will be spent.

Other than what Bezos shared on Instagram, little is known. 

 

 

 

 

 

View this post on Instagram

 

 

 

 

 

 

 

 

 

Today, I’m thrilled to announce I am launching the Bezos Earth Fund.⁣⁣⁣ ⁣⁣⁣ Climate change is the biggest threat to our planet. I want to work alongside others both to amplify known ways and to explore new ways of fighting the devastating impact of climate change on this planet we all share. This global initiative will fund scientists, activists, NGOs — any effort that offers a real possibility to help preserve and protect the natural world. We can save Earth. It’s going to take collective action from big companies, small companies, nation states, global organizations, and individuals. ⁣⁣⁣ ⁣⁣⁣ I’m committing $10 billion to start and will begin issuing grants this summer. Earth is the one thing we all have in common — let’s protect it, together.⁣⁣⁣ ⁣⁣⁣ - Jeff

A post shared by Jeff Bezos (@jeffbezos) on Feb 17, 2020 at 10:00am PST

It's important to keep in mind Bezos' net worth is reportedly about $130 billion, and there has been a lot of talk during the 2020 US election cycle about making the multi-billionaire pay his fair share of taxes. As CNBC noted, Bezos would pay $6 billion a year in taxes under Senator Elizabeth Warren's tax plan. Conversely, under Senator Bernie Sanders' plan, he would pay $9 billion a year in taxes.

So, if one of these proposals were adopted, the amount Bezos would pay in wealth taxes in one or two years could equal the entire Earth Fund.

Both these senators are running for the Democratic party nomination and are just two of many politicians beginning to discuss whether addressing large-scale problems such as climate change, health care, student debt, and the cost of education could be made possible simply by taxing the wealthy.

Perhaps Bezos' recent interest in giving is a way for him to stem such talk.

Either way, $10 billion is certainly nothing to sneeze at, and we're hopeful it'll be spent quickly and help solve the climate change crisis.

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