With efforts to curb greenhouse gas emissions, Microsoft co-founder, Bill Gates, has launched a $1 billion fund to finance emerging clean energy technology.
The Breakthrough Energy Ventures Fund, will involve more than twenty of the most influential leaders, entrepreneurs and venture capitalists.
These will include, John Doerr, Chairman of venture firm Kleiner Perkins Caufield & Byers, Alibaba Founder Jack Ma, Khosla Ventures Founder Vinod Khosla, Laura and John Arnold Foundation Co-Chair and former Energy Hedge Fund Manager John Arnold, Amazon Founder and CEO Jeff Bezos, and SAP Co-Founder Hasso Plattner, Climate Action reported.
On Sunday, Gates said in a statement: “I am honoured to work along with these investors to build on the powerful foundation of public investment in basic research… Our goal is to build companies that will help deliver the next generation of reliable, affordable, and emissions-free energy to the world.”
Clean energy drive
The 2015-launched energy coalition was announced during the opening day of UN summit COP21 in Paris last year, at the same time as the Mission Innovation – a clean energy research and development initiative, Climate Action reported.
The increased research in energy technologies that will result from Mission Innovation will allow new companies to appear, and the Breakthrough Energy Ventures Fund will help the companies develop.
The investment approach of the new venture is meant to be both broad and scientific and it will last for 20 years, helping start-ups in the earliest stages of development as well as companies already at the commercialisation stage, across energy sectors including electricity generation and storage, transportation, industrial system use, agriculture, and energy system efficiency.