Gates heads $1bn global clean energy initiative
Microsoft founder is one of 20 high-profile investors in Breakthrough Energy Ventures, which will look to provide global access to cleantech
Despite climate-change sceptic Donald Trump winning the presidential election, a number of US CEOs (and other global counterparts) have taken the matter into their own hands with the launch of Breakthrough Energy Ventures.
Spearheaded by Microsoft founder Bill Gates, he and a number of other investors, including Amazon's Jeff Bezos and SAP SE co-founder Hasso Plattner, have formed a new venture firm that according to its website will "provide everyone in the world with access to reliable, affordable power, food, goods, transportation and services, without contributing to greenhouse gas emissions."
Breakthrough Energy Ventures' site explains that it will collaborate with other investors, governments, research institutions and corporate partners, and plans to build companies, engage in traditional venture investment and invest for growth as innovations mature.
Writing in his blog, Gates said: "By the middle of this century, the world will use twice as much energy as we use today. There's good news in this: more energy means better lives and stronger economies. But it also means the world needs a new energy supply - one that doesn't contribute to climate change.
"We need affordable and reliable energy that doesn't emit greenhouse gas to power the future - and to get it, we need a different model for investing in good ideas and moving them from the lab to the market...an investment in a true energy transformation requires governments, research institutions, businesses, and private investors to work together. And it's hard to overstate how important this public commitment is.
"With patience, flexibility, collaboration, and a clear vision backed by meaningful investment, we, the fund's investors, are confident the world can meet its energy needs in a way that is fair, safe, and sustainable. And we're excited about the role that Breakthrough Energy Ventures will play in that effort."
Other investors were also positive about the launch.
Jack Ma, executive chairman of Alibaba Group, said: "Too often we let what we think we know limit what is possible. When it comes to energy, people say you cannot make money, meet demand and also benefit the environment. But we can, and we will. This effort will combine technological innovation and scientific knowledge with the investment expertise needed to transform energy markets."
SAP SE's Plattner added: "We need to create new companies to push the boundaries of innovation. The businesses that Breakthrough Energy Ventures will fund and grow are going to develop the disruptive technology to help satisfy the world's energy needs while also limiting the impact on our environment."