Short Bytes: Bill Gates and Mark Zuckerberg, along with the other most powerful figures in tech world, have come together to launch the Breakthrough Energy Coalition to invest in new clean energy technologies. “We need to move to sources of energy that are affordable and reliable, and don’t produce any carbon,” Gates wrote on his website, announcing the initiative.
The Breakthrough Energy Coalition comprises of Bill Gates, Facebook founder Mark Zuckerberg, Amazon CEO Jeff Bezos, Alibaba chief Jack Ma, Virgin Group founder Richard Branson, and others. These tech giants will work with the countries that are developing new technologies for zero-emission energy solutions.
Earlier this year, Bill Gates announced plans to invest about $1 billion in clean energy tech over the next 5 years. On his website, he mentioned that when we are willing to fight a global war, this investment will matter less.
Bill Gates and the tech leaders has also announced an initiative called Mission Innovation that involves commitment by 20 countries including USA, China, India, Japan, France, Brazil, and many others. The countries have pledged to double their investment in the clean energy research and development.
The group will consider early stage investment in the basic sectors like electricity generation, agriculture, transportation and energy system efficiency.
Stressing on the need of partnership with government, the coalition says that a transparent and workable structure will make things possible.
It should be noted that most venture capitalists are unwilling to invest in these transformative technologies that as they give returns after a longer period of time. This joint initiative also wishes to link the promising clean energy projects with investors who are ready to enter a long-time commitment.
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