by Staff Writers
Miami (AFP) Dec 12, 2016
Bill Gates is leading a coalition of powerful investors committing more than one billion dollars to clean energy innovations in the fight against climate change, his foundation announced Monday.
The fund, Breakthrough Energy Ventures, includes Amazon founder Jeff Bezos, Virgin founder Richard Branson, philanthropist George Soros and Facebook's Mark Zuckerberg.
The venture "will finance emerging energy breakthroughs that can deliver affordable and reliable zero carbon emissions," said a statement from the Bill and Melinda Gates Foundation.
More details are expected in a teleconference Monday at 1930 GMT.
Last year, Gates announced he would commit one billion dollars of his own fortune to developing clean energy alternatives.
It remained unclear how much the BEV fund would devote to the effort.
Its focus is broad, and will include transportation, electricity, manufacturing, buildings and agriculture.
"We will invest in technologies that have the potential to reduce greenhouse gas emissions by at least half a gigaton," said the fund's website, www.b-t.energy/ventures.
"We will invest in technologies with an existing scientific proof of concept that can be meaningfully advanced."
In a video message posted online, Gates said "the modern lifestyles we lead depend on a huge amount of energy," most of which is derived from polluting fossil fuels like coal, gasoline, natural gas which, when burned, heat up the atmosphere and changes the climate.
Government investment is important, he said, but it is not enough to drive an energy revolution.
"What we need to do is fund the researchers who are looking at the early stages of these problems," he said.
Having people willing to fund high risk ventures could change the equation, he said.
"I am optimistic. I think we will get the increased investment if we come together, really realize what solves the problem, then we will make the breakthroughs."
Powering The World in the 21st Century at Energy-Daily.com
|The content herein, unless otherwise known to be public domain, are Copyright 1995-2017 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. Privacy Statement|