Bill Gates is a proponent of fighting climate change, so it’s no surprise He has been a strong advocate for the Inflation Reduction Act of 2022enacted by the President Joe Biden on August 16th.

What happened: The billionaire addressed several aspects of climate change on Bloomberg’s “Zero” podcast recorded before legislation.

At the request of the host Akshat Rathi As for why he hasn’t spent all his money on innovation that can fight climate change, Gates said innovation isn’t a “check-writing process.”

“The cost is way more than what anyone could fund,” added the Microsoft co-founder.

According to Gates, it’s not just a purely financial matter — it’s about finding the right people to support, enlisting the help of other funders, and leveraging markets and government R&D budgets.

Striving for Zero Green Premium: For collective action involving both rich and middle-income countries, the green bounty should be reduced to zero, said the tech entrepreneur-turned-philanthropist. Green Premium is the difference between the cost of producing something with and without climate-damaging emissions.

See also: Bill Gates says “I can’t wait to see” what Trevor Noah does next after the comedian announced his departure from The Daily Show

Gates also called for a higher economy-wide carbon tax, adding that over the long term it should match the direct cost of air capture. Direct Air Capture is a technology that can remove carbon dioxide directly from the air. Gates noted that the retail price per ton of direct air capture is currently around $500.

Innovations in the agricultural sector were stunning, Gates said. He found that there are ways to improve photosynthesis and make it twice as effective.

Degrowth and climate concerns: When asked about degrowth, which some people argue for, Gates said he doesn’t think it’s realistic to say that people are…