Bill Gates, Mark Zuckerberg And More Invest In Clean Energy Fund

He said accelerating government funding for clean energy research and development is crucial to attracting private investment.

Australia has joined 19 other countries in a global clean energy initiative called Mission Innovation at the Paris climate summit.

The Coalition is a distributed VC fund – “a network of private capital committed to building a structure that will allow informed decisions to help accelerate the change to the advanced energy future our planet needs”, says its web-site.

The announcement came on the heels of Gates and Facebook founder Mark Zuckerberg unveiling their Breakthrough Energy Coalition, an investment team that includes some major heavyweights like Amazon CEO Jeff Bezos, Virgin’s Richard Branson, Salesforce.com founder and CEO Marc Benioff, and Alibaba CEO Jack Ma.

As far as implementation, the joint statement calls for participating countries to work with existing worldwide institutions, as well as cooperate and collaborate to help governments, private investors and technology innovators make available data, technology expertise and analysis in order to promote commercialization and dissemination of clean energy technologies so they reach global market penetration.

Our climate imperatives, coupled with the world’s need for energy and electricity, mean that we don’t have the luxury of decades to develop and deploy new technologies.

The coalition is expected to muster billions of dollars in investment, but no specific figures were announced Monday. He has lobbied for more federal spending on energy research and has invested some of his own fortune in startup energy companies.

Each nation has vowed to double its budget over the next five years.

“Burning coal in most places is still cheaper than renewables and we need breakthroughs so that cost goes down”, Mr Gates said. “We need it to be not only clean, but also reliable”, said the Microsoft founder.

Global investment in clean energy increased to 0 billion last year, the first significant increase after a three-year lull in investment.

According to the news outlet, The Next Web, Gates, Zuckerberg and the rest of the businessmen who have joined the organization will work with different countries who have submitted themselves to commit with the development of this zero-emissions technology. “The Breakthrough Energy Coalition is working together with a growing group of visionary countries who are significantly increasing their public research pipeline through the Mission Innovation initiative to make that future a reality”, it added.

Among the voices calling for action on climate change, Microsoft co-founder and philanthropist Bill Gates.

“We live in a global climate system”, Steel said.

The President argued that it “makes good business sense”.

Prime Minister Narendra Modi yesterday warned developed nations at the 12-day UN conference that it would be “morally wrong” if they shift the burden of reducing emissions on developing countries like India, asserting that poor nations had a right to burn carbon to grow their economies.

The aim is to not only boost technology, but also change the entire way we all use and produce energy.