Bill Gates said on Tuesday that the energy crisis stemming from the Russian invasion of Ukraine will be “good for the long run” as nations pivot toward renewable energy solutions.
The billionaire and Microsoft co-founder explained during an interview with CNBC that although global economies cannot immediately discard oil and gas, current shortages in the European energy market will prompt a faster transition away from fossil fuels.
“Now, without the Russian natural gas being available in Europe, it’s a setback. We need to find non-Russian hydrocarbon sources to substitute for those,” Gates explained. “Keeping those economies in decent shape is a priority. Now on the other hand, it’s good for the long run, because people won’t want to be dependent on Russian natural gas, so they’ll move to these new approaches more rapidly.”