Regardless of Trump’s love for coal, many other billionaires are joining together to help combat climate change.
Bill Gates, the world’s richest man, has now revealed that he will be backing ‘Breakthrough Energy Ventures’ alongside many others including Sir Richard Branson, Amazon founder Jeff Bezos and Alibaba founder Jack Ma.
BEV is the formal, venture investing initiative of the Breakthrough Energy Coalition, a group announced at the 2015 Paris Climate Change Conference compromising of tech and finance all-stars.
The initiative plans to invest money over 20 years and take a long-term approach to backing cheap and reliable energy sources. This contrasts with many prior investments that have expected returns within just a few years.
The firm’s goal, according to its own website will be: “to provide everyone in the world with access to reliable, affordable power, food, goods, transportation, and services without contributing to greenhouse gas emissions.”
The backers of Breakthrough Energy Ventures are worth over $135bn together – making one of the richest collection of investors in history. The backers clubbed together to launch a coalition in support of clean energy at last year’s Paris climate talks and launched the fund today, marking the first significant investment from the group.
Bill Gates said “Our goal is to build companies that will help deliver the next generation of reliable, affordable and emissions-free energy to the world.”
“I am honoured to work along with these investors to build on the powerful foundation of public investment in basic research.”
Since stepping back from Microsoft he has already personally invested in numerous energy ventures. “Anything that leads to cheap, clean, reliable energy we’re open-minded to.” The fund is expected to invest in efficient transportation and storage as well as production.
Gas trader John Arnold, another investor in Breakthrough Energy Ventures, claims there is a lack of funding for green energy technology mainly due to prior investors seeing little return.
Emerging ideas and revolutionary energy solutions will never be able to reach commercialisation and benefit the masses without the necessary capital. John Arnold highlights that the lack of venture funding for clean energy technologies creates a “valley of death” for the industry.
“As an investor led effort, Breakthrough Energy Ventures is designed as a source of patient capital to spur innovation to meet the growing demand for low-cost, clean energy solutions.”
Great news for the future of innovative clean energy solutions as well as reducing fuel poverty all over the world. With long term financial investment from the richest influencers in the world, the venture is a serious movement in combatting climate change.