Wealthy Investors Target Dramatic Increase in Clean-Energy Funding

Gates says the primary goal of the Coalition is as much to accelerate progress on clean energy as it is to make a profit.

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. While the leaders in attendance are grappling with a number of burning question, one among them stands out: Can clean energy technology be created fast enough to help reduce global temperatures?

Announced at the same time is a second new initiative: Mission Innovation, a commitment by 19 countries, including the US, China, and India to invest more in research on clean energy.

Gates, Zuckerberg, and Zuckerberg’s wife, Priscilla Chan, are launching the Breakthrough Energy Coalition along with Virgin founder Richard Branson, Amazon CEO Jeff Bezos, and Alibaba executive chairman Jack Ma.

The day India’s Prime Minister Narendra Modi pitched for having carbon space for poor and developing nations to grow economically, the software giant Microsoft’s founder Bill Gates on Monday too aligned himself with such concerns and told TOI in an exclusive interview that as long as the clean energy cost more than the fossil fuel-based energy, it would be very hard for countries like India to shift to the low or zero carbon growth path just for green reason.

President Obama called the Gates effort a “groundbreaking new public-private initiative”.

Gates added that it could take up to ten-years to develop up to three breakthrough technologies, and an additional 20-years before the innovative technologies become commercially viable.

Research and development for new sources of energy has lagged for years, but it appears that’s about to change.

The funds will be invested in the most promising innovations from research institutions around the globe that can show signifiant gains on current efficiency levels in solar, wind, hydro, and biofuel technologies.

According to government data, the USA spent about $5 billion on energy R&D in 2013, compared to $31 billion on health care research and almost $70 billion on defense research.

The fund says it will invest broadly and focus on five key areas: electricity generation and storage, transportation, industrial uses, agriculture and projects that make energy systems more efficient. “By working together, we will deliver real benefits for our environment while also strengthening our economy, including through the creation of more middle class jobs”.