Jack Ma to Spend Some of Alibaba Windfall on China’s Environment

Chinese e-commerce mogul Jack Ma said Tuesday that people with immense wealth have a “responsibility” to spend their fortunes wisely and indicated he will use his to tackle environmental problems in his home country, according to Quartz.

In an onstage discussion with Chelsea Clinton at the Clinton Global Initiative, the Alibaba founder discussed his plans for spending the windfall from his firm’s record-breaking stock offering, which swelled the value of the charitable trust he set up earlier this year to $3-billion.

“The polluted water, the airs, unsafe food … 10 years later, millions and millions of people in China will have health problems. So we should invest money on that,” Mr. Ma said. “If we don’t give up, in 15 years China will have a change. We will have blue air, blue skies, clean water.”