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Why Bill Gates thinks it's time to end wind and solar power subsidies




It's time for wind and solar to give their subsidies to new technologies that need them more, says Microsoft Corp. founder Bill Gates.

After decades of government incentives, wind and solar have been widely distributed to producers and developers to become more efficient and reduce costs. Now they can probably survive without them, Gates said in an interview with Bloomberg Television.

"The tax benefits there should be shifted to things that are more limiting, such as energy storage, offshore wind – which still have a tremendous premium price," said Gates, who was the leader of a global group of business leaders, political and scientific leaders who became formed in 201[ads1]8 to push for investment to help the world adapt to climate change.

US states including New York, New Jersey and Massachusetts view proposed Atlantic Ocean wind farms as key ingredients to phase out fossil fuels and fight climate change But the cost of building offshore wind farms is still almost twice as high as onshore, meanwhile, energy storage is the key to allowing wind and solar systems to send power even when the sun goes down and the breeze gets slack, but large batteries still expensive.

"Progress in the sun and wind is very useful," Gates said. "But the sun doesn't shine 24 hours a day."

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— Listen to our audio information, Fortune 500 Daily
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