Billionaire Bill Gates is tackling the issue of climate change the best way he knows how…….by investing a billion dollars of his own money into techies who are creating technologies aimed at combating climate change.
Billionaire philanthropist and technologist Bill Gatesis set to announce Monday the formation of a new fund with more than $1 billion to invest in technologies aimed at counteracting climate change.
The Breakthrough Energy Ventures fund “will finance emerging energy breakthroughs that can deliver affordable and reliable zero carbon emissions,” the investors said in a statement.
Gates announced intentions to form such a fund in late 2015, having already secured pledges from a variety of global investors.
“We need to be exploring many different paths — and that means we also need to invent new approaches,” Gates wrote in a blog post at the time. “Private companies will ultimately develop these energy breakthroughs, but their work will rely on the kind of basic research that only governments can fund. Both have a role to play.”
Investors include Amazon founder and CEO Jeff Bezos, Alibaba executive chairman Jack Ma, Virgin Group founder Richard Branson, Kleiner Perkins venture capitalist John Doerr, LinkedIn co-founder Reid Hoffman and SoftBank founder and CEO Masayoshi Son.
The fund is connected to the Breakthrough Energy Coalition, whose five-pronged approach to funding climate-change mitigation efforts focuses on electricity, transportation, agriculture, manufacturing and buildings.