Bill gates launches initiative to help the global climate. In a statement, the White House said 20 countries are committing to doubling their investment over five years, including the five most populous nations: China, India, the United States, Indonesia and Brazil.
Advertisement
Branson said: “We must produce an abundance of clean, renewable energy and drive further innovation to make the next generation of energy more efficient”.
“We need to be exploring many different paths – and that means we also need to invent new approaches”, Gates wrote in a blog post announcing the project.
President Obama called the Gates effort a “groundbreaking new public-private initiative”.
“This unprecedented partnership will unleash significant funds for clean tech, and prompt innovation to deliver clean, affordable energy to billions of people”, Steer said. Other investors include Nigerian Aliko Dangote (who the story says is Africa’s richest man), Jack Ma of Alibaba Group Holding Ltd. and Hewlett Packard CEO Meg Whitman.
“I am optimistic that we can invent the tools we need to generate clean, affordable, reliable energy that will help the poorest improve their lives and also stop climate change”, Gates says. Around half of the total investment in Mission Innovation will come from the US.
There is no fund raising goal for private investors in the Gates initiative.
The project will direct seed financing into innovative ideas that have been rejected by the energy sector.
The announcement comes as world leaders converge in Paris for an historic two-week summit on climate change that is focused on creating an worldwide pact to reduce greenhouse gas emission. Together, all 20 countries represent over 80% of global clean energy research and development budgets. At the onset, these private investors will look into issues such as electricity production, transport, industrial use, agriculture and energy efficiency.
Advertisement
Reducing global reliance on fossil fuels also holds the potential for massive economic benefits, Gates added.
