"Capital in Difficult Places

credit: IDEA

"We are moving from the era of Wealth 1.0, led by a generation driven by wealth creation and preservation, to the age of Wealth 2.0.

This younger generation of wealth owners has a strong desire to direct wealth for good and seeks to shape change that is meaningful and has impact."

That's what Bill Gates said Wednesday at the World Economic Forum in Davos, Switzerland, calling for a "new age of philanthropy" in which "philanthropy alone is not enough; we also want this to be catalytic."

catalytic, as in the concept of a "good, strong chemical catalyst."

Gates spoke of the need to address climate change, which he said is "the fundamental challenge of our times" and which will have "far-reaching implications for future well-being and indeed, survival."

The world needs to invest nearly $9 trillion over the next 30 years to meet that goal, but only about $5.3 trillion has been invested so far, according to a report by consulting firm McKinsey & Company cited by the BBC.

Gates said the world needs to act now to avoid the worst of the effects of climate change, and he called on philanthropists to do their part.

"Climate change is the fundamental challenge of our times, and the decisions and actions we take today will

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