Bill Gates founder of Microsoft has just announced a multi-billion dollar clean energy fund to invest in technologies to replace fossil fuels with cheap, sustainable energy production.
The multi-billion dollar clean energy fund called “Breakthrough Energy Coalition” backed by the likes of Facebook’s Mark Zuckerberg, Virgin’s Richard Branson and Alibaba’s Jack Ma mission is set to take clean energy ideas out of the lab and into the marketplace to cut the cost of sustainable energy once and for all.
The announcement during the 2015 United Nations Climate Change Conference in Paris isn’t just about attracting billions in investments just to mitigate the effects of climate change, Gates says the primary goal of the Coalition is accelerate progress on clean energy to make a profit.
The multi-billion dollar clean energy fund will be invested in the most promising innovations from research institutions, governments and entrepreneurs around the world that can show signifiant gains on current efficiency levels in solar, wind, hydro, and biofuel technologies.
Gates say’s “researchers have done a great job up till this point, but in order to make these technologies seriously competitive with carbon-based energy production, they need some serious cash”.
The announcement coincides with another initiative announced by Gates and President Barack Obama called Mission Innovation which will see over 19 Countries (including Australia) doubling their public investment on clean energy research by 2020.
The Breakthrough Energy Coalition and Mission Innovation while separate programs, but will work closely together in countries that have the commitment to reduce carbon emissions.
On its website, the multi-billion dollar clean energy fund explains that its goal is to cover gaps in the public funding by commercialising the most promising and scalable ideas. funding in several sectors, including electricity generation and storage, transportation, industrial use, agriculture, and energy system efficiency.
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