The Gates Foundation says it will spend $200 billion over the next 20 years to accelerate its mission to help all people live healthy and productive lives.
The decision marks a major acceleration in the foundation’s work and sets a new date of 2045 to sunset its operations.
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The historic announcement, which represents the largest philanthropic commitment in modern history, was shared on Thursday by the foundation’s chair, Bill Gates, in celebration of the foundation’s 25th anniversary.
Mr Gates said, “There are too many urgent problems to solve for me to hold onto resources that could be used to help people.
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“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.”
The accelerated timeline was affirmed by the foundation’s board of directors with a change to the foundation’s charter, which had said the organisation would sunset 20 years after Mr Gates’ death.
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The funding pledged exceeds the foundation’s current endowment, with the balance coming over time from Mr Gates’ personal fortune.
“A few years ago, I began to rethink that timeline.
“More recently, with the 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,” said Mr Gates.
While the foundation’s strategies are not changing, over the next two decades, the foundation will work together with its partners to make as much progress as possible towards three primary goals.
The goals are to help end preventable deaths of moms and babies and ensure the next generation grows up without having to suffer from deadly infectious diseases.
The goal would also lift millions of people out of poverty, putting them on a path to prosperity
“During the first 25 years of the Gates Foundation—powered in part by the generosity of Warren Buffett—we gave away more than $100 billion.
“Over the next two decades, we will double our giving.
“The exact amount will depend on the markets and inflation, but I expect the foundation will spend more than $200 billion between now and 2045.
“This figure includes the balance of the endowment and my future contributions,” Mr Gates said.
The shift in the sunset date is driven by urgency and opportunity.
Mark Suzman, CEO and Board Member of the Gates Foundation, said, “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.
“That’s why, in the next two decades, working in close collaboration with our partners, we’ll deploy these new innovations and apply 25 years of learnings and progress to making an even bigger difference.”
READ ALSO:UPDATED: I will give away all my wealth in next 20 years Bill Gates
Since 2000, the Gates Foundation has contributed to saving 82 million lives through its support of Gavi, the Vaccine Alliance and the Global Fund to Fight AIDS, Tuberculosis and Malaria.
Together with its partners, the foundation also helped develop more than 100 innovations, including vaccines, diagnostic tools, and treatments designed to meet the needs of people living in low- and middle- income countries.
(NAN)
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