On Monday, founders of Microsoft, The Virgin Group and Facebook, launched a new global clean energy research project at the UN climate summit in Paris.
Bill Gates, Sir Richard Branson and Mark Zuckerberg announced the Breakthrough Energy Coalition at COP21, which has attracted 28 investors from over 10 countries, Climate Action reported.
UN climate summit unveils new projects
According to renowned computer programmer, Gates, the objective of the new initiative is to research and develop artificial photosythenthesis, using sunlight to produce liquid hydrocarbons that could replace fossil fuels.
“If it works it would be magical… Because with liquids you don’t have the intermittency problem of batteries. You can put the liquid into a big tank and burn it whenever you want… There are dozens of things like that that are high risk but huge impact if they are successful,” Gates explained.
Branson said: “We must produce an abundance of clean, renewable energy and drive further innovation to make the next generation of energy more efficient. It will benefit the environment, our society and the economy.”
According to Climate Action, the research project “will direct seed financing into innovative ideas that have been rejected by the energy sector.”
Gates added that it could take up to ten-years to develop up to three breakthrough technologies, and an additional 20-years before the innovative technologies become commercially viable.
Gates told reporters that: “If we are to avoid the levels of [global] warming that are dangerous we need to move at full speed.”
The founder of Microsoft has boosted his energy investments to $2 billion, in addition to bringing on board 20 governments, encouraging them to commit to doubling their own research and development investments by 2020, Climate Action reported.