Bill Gates & Other Tech Industry Leaders launch $1 Billion Clean Energy Fund

IN BRIEF: World’s most successful industry leaders, entrepreneurs, and venture capitalists will invest up to $1 billion in an energy fund led by Microsoft co-founder Bill Gates. The energy fund will finance companies developing cutting-edge energy technologies to reduce greenhouse gas emissions to almost zero.

Tech Industry Leaders Backing $1 Billion Clean Energy Fund

Breakthrough Energy Ventures, the 20-year fund, is backed by tech luminaries and heavyweights from the energy industry. Illustrious investors include Jeff Bezos, founder and CEO of Amazon.com Inc., Jack Ma, the executive chairman of Alibaba Group Holding Ltd., Richard Branson, the founder of Virgin Group Ltd., Silicon Valley venture capitalists John Doerr and Vinod Khosla, Prince Alwaleed Bin Tala, the founder of Kingdom Holding, and John Arnold, a billionaire natural gas trader, LinkedIn co-founder Reid Hoffman and others.

bill-gates

The goal of Breakthrough Energy Ventures is to bet on risky, long-term energy technologies that could dramatically reduce greenhouse gas emissions to almost nothing. According to a document released on the official website, the investment will go into areas such as agriculture and transportation, electricity generation and storage, energy system efficiency, and industrial system use.

Bill Gates, who will serve as the fund’s chairman, said in a statement:

“I am honored 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.”

Challenging Trump & Climate Change Denialists

The announcement comes after President-elect Donald Trump picked Oklahoma attorney general Scott Pruitt to head the Environmental Protection Agency. In recent years, Pruitt along with other Republican attorneys have played a critical role in blocking Obama administration’s attempts to regulate climate change, deportations, and Wall Street.

The President-elect is also reportedly favoring ExxonMobil CEO Rex Tillerson’s nomination as the next secretary of state. The 64-year-old Tillerson has spent much of his career tapping massive deals with Russia’s oil-and-gas giants. In 2013, Vladimir Putin bestowed Tillerson the Order of Friendship, one of the highest honors Russia gives to foreign citizens.

The President-elect is scheduled to meet a small group of industry leaders in New York City later this week. Bezos has reportedly been invited, although, it’s not clear if other members of the Breakthrough Energy Ventures will be in attendance.

Breakthrough Energy Ventures Fund is a part of the Breakthrough Energy Coalition, which Bill Gates launched in December 2015. The BEC was launched alongside Mission Innovation, a clean energy research and development initiative on the opening day of the U.N. climate change summit in Paris. The countries participating in the initiative pledged to double their clean energy technology research and development budgets by 2020.

Bill Gates has spent much of the last year financing clean energy technologies. He maintains that the only way to curtail global warming in the relatively near-term is by finding an energy source that produces zero greenhouse emissions.

Anna Domanska
Anna Domanska is an Industry Leaders Magazine author possessing wide-range of knowledge for Business News. She is an avid reader and writer of Business and CEO Magazines and a rigorous follower of Business Leaders.

Recent Posts

Best Electric Bikes for Any Budget & Terrain (2022)

Best Electric Bikes for Any Budget & Terrain (2022)

Industry Leaders has curated details and insights on the five best electric bikes that will be available by 2022.
1 day ago
3 Invaluable Leadership Lessons from Jeff Bezos

3 Invaluable Leadership Lessons from Jeff Bezos

Jeff Bezos is an American entrepreneur with so much experience in leadership and business. We can learn a lot from the New Mexico-born billionaire.
1 day ago
Payhawk raises $112 million in round 2

Payhawk raises $112 million in round 2

Payhawk, the expenses and spend management startup with a focus on European customers, has raised a $112 million Series B round at a $570 million valuation.
2 days ago
US government seeking to lift a stay on workplace COVID-19 rules

US government seeking to lift a stay on workplace COVID-19 rules

The US government has asked a federal court to lift a stay on workplace COVID-19 rules to avoid any risks to public health.
2 days ago
Citadel Founder buys rare copy of US Constitution for $43 million outbidding crypto consortium

Citadel Founder buys rare copy of US Constitution for $43 million outbidding crypto consortium

Citadel Founder Ken Griffin bought a first print of the US Constitution for $43.2 million in a Sotheby auction, the broker house announced Friday.
3 days ago
SoftBank backed Fortress acquires Accordia Golf for $3.5 billion

SoftBank backed Fortress acquires Accordia Golf for $3.5 billion

SoftBank backed Fortress Investment Group is planning to acquire Accordia Golf, which operates around 170 golf courses in Japan, in a $3.5 billion deal.
4 days ago