'It’s true that between our dollars, voice, and convening power, we have access and influence that many others do not,' the Gates Foundation CEO said.
The world’s largest foundation said it was “doubling down” to hand out more money than ever this year, while also responding to criticism that it wields too much power with little accountability.
The Bill & Melinda Gates Foundation plans to give away $8.3 billion in 2023, an estimated 15% increase over its 2022 payout, the foundation’s chief executive officer, Mark Suzman, said in an annual letter. Suzman took the opportunity to address some of those criticisms, writing, “One critique we hear a lot: ‘Why are a couple of unelected billionaires setting the agenda for global health and development?’”
Suzman also echoed a common argument about the value of philanthropy, saying that unlike private companies and elected officials, philanthropists have more flexibility to take risks. “And because our foundation doesn’t need to make a profit like corporations do or provide immediate results like governments do or raise funds like many NGOs do, we can make high-risk bets on novel solutions that may take a decade or more to pay off,” he wrote.
“It is so fundamentally misdirected and so obviously wrong, both in the moral sense and in the rational sense, that it is literally breathtaking,” Alex Molnar, director of the Commercialism in Education Research Unit at the National Education Policy Center, told the Associated Press. “This very wealthy, very narrow man can continually, continually torment schoolchildren while all the while pretending that somehow he’s making the world better.
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