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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Future bleak without innovation: Bill Gates AFP - Tuesday, January 26 Send IM Story Print Former Chairman of Microsoft and co-founder of the Bill and Melinda Gates Foundation Bill Gates seen here in 2009. Gates said Monday that innovation can turn the world's foreboding future bright. Slideshow: Full Photo Coverage: Internet Portals & Search Engines SAN FRANCISCO (AFP) - – Innovation can turn the world's foreboding future bright, Microsoft co-founder Bill Gates said Monday in an annual letter from a charity foundation he runs with his wife and father. "If we project what the world will be like 10 years from now without innovation in health, education, energy, or food, the picture is quite bleak," said Gates. "Society under invests in innovation in general." Important areas where such investment is lacking are innovations that benefit poor people, education, and preventative health care, according to Gates, who retired from Microsoft in 2008. The world struggled with a fierce financial crisis during his first year working full time at the Bill and Melinda Gates Foundation he and his wife established in 1994. "The neediest suffer most in a downturn," said Gates, who noted that he consulted powerhouse billionaire investor Warren Buffet while assessing the economic landscape. "Although the acute financial crisis is over, the economy is still weak, and the world will spend a lot of years undoing the damage." Gates Foundation has allocated billions of dollars in grant money for vaccine research, drought-resistant corn, low-cost mobile bank accounts, systems to evaluate abilities of school teachers, and more. "We are backing innovations in education, food, and health as well as some related areas like savings for the poor," Gates said. "Despite the tough economy, I am still very optimistic about the progress we can make in the years ahead." Without innovation, health care and energy costs will spiral upward, Gates predicted. Gates added that a key goal must be to find a greenhouse gas-free way to produce electricity that is cheaper than burning coal to generate power. "There will be a huge market for this, and governments should supply large amounts of funding for based research and development," Gates said. The Gates Foundation has yet to back research into clean sources of electricity, but Internet giant Google has been investing and offering grants for research in such technologies. "The most important innovation required to avoid climate change will be a way of producing electricity that is cheaper than coal and that emits no greenhouse gases," Gates wrote. Gates revealed that he will keep an online journal of sorts, logging muses about trips, books, meetings and other matters he finds interesting at a gatesnotes.com website. Recommend Send IM Story Print Related Articles Apple record profits set stage for "latest creation" AFP - Tuesday, January 26 Twitter to hold 'Chirp,' first conference for developers AFP - Tuesday, January 26 US will not back away from Internet freedom push AFP - Tuesday, January 26 U.S. trade body starts Apple probe on patents Reuters - Tuesday, January 26 Droid to help Verizon narrow gap with AT&T Reuters - Tuesday, January 26 News Search Top Stories Britain set for exit from record recession Obama to call for partial budget freeze Obama seeks freeze on discretionary spending US existing-home sales dive in December Haitian police shoot scavengers indiscriminately More Top Stories » Related Full Coverage Internet Portals & Search EnginesLatest development in the online world All Full Coverage » ADVERTISEMENT Most Popular Most Viewed Most Recommended New York woman falls, rips Picasso painting Ericsson to cut 1,500 more jobs, profit plunges Haitian police shoot scavengers indiscriminately Ericsson cuts 1,500 more jobs, profit plunges US existing-home sales dive in December More Most Viewed » Woman who saved Anne Frank's diary dead at 100 Scientists praise Obama as Doomsday clock reset More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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