Make bigger bets on high-risk, high-reward R&D projects.

The government plays a vital role in funding research and development, especially when it comes to taking risks on ideas that might not have an immediate payout or might fail. These projects are often too risky for private companies to tackle.

An example of a successful government-led research project is the Human Genome Project. The U.S. government, along with other countries, spent billions of dollars and took 13 years to complete the project, which mapped out the complete set of human genes. The results have helped lead to new tests and treatments for genetic conditions. In fact, a study found that for every dollar the government invested in the project, $141 billion was returned to the economy.

To fight climate change, governments need to invest in large scale clean energy technologies that can advance the science. These projects will require a long-term commitment, so researchers can be assured they will have a steady stream of support.

Gates, Bill. How to Avoid a Climate Disaster (p. 201). Penguin Books Ltd. Kindle Edition.