Bill Gates launches multi-billion dollar clean energy fund

The coalition parallels a new government-backed investment program for clean-energy research and development, called Mission Innovation, that was announced by President Obama and French president Francois Hollande in Paris this week.

Lowering the cost of clean energy to make it competitive with fossil fuels is the best way to get poor countries to make the switch without sacrificing economic growth, Gates said. Rubbing shoulders with the world leaders at COP21 in Paris, some high-tech gurus are adding their weight to the battle to contain climate change.

“If we are to avoid the levels of warming that are risky we need to move at full speed”, he told Reuters.

Working with the countries participating in Mission Innovation, the Breakthrough Energy Coalition will focus its funds on “early stage companies that have the potential of an energy future that produces near zero carbon emissions and provides everyone with affordable, reliable energy”, according to its website.

The U.S. government now invests around $5 billion in clean energy R&D.

Among those who have signed up are Mark Zuckerberg, Jeff Bezos, Jack Ma, Richard Branson and George Soros.

Gates said it would take a decade to develop up to three breakthrough technologies, and a further 20 years before the technologies become commercialized and produced for the energy market.

Facebook founder Mark Zuckerberg and Microsoft founder Bill Gates, business magnates famous for their philanthropy, recently announced a new global initiative, the Breakthrough Energy Coalition, which is aimed at promoting private sector investment in new clean energy technologies. Gates will be joining US President Barack Obama in launching the separate group on Monday in Paris. But the fund represents billions in money to seed promising ideas in large-scale clean energy production.

Gates also said it was impressive that now, the Chinese government and all of society attached importance to environmental protection.

The coalition has not publicly discussed the dollar amount its members plan to invest in clean energy, the planned duration of their investments, or any specific areas or projects that might be prioritized. “And it would stabilize energy prices, which will have an even bigger impact on the global economy as more people come to rely on energy in their daily lives”.