Business Hilights
Tracking Nigeria's Headline Business News Online

Gates leading global coalition with $1bn to deliver clean energy

Bill Gates Foundation (BGF) has started consultations with powerful investors with the aim of committing about $1bn to drive the delivery of clean energy innovations to push the fight against climate change.

The fund, Breakthrough Energy Ventures, includes Amazon founder Jeff Bezos, Virgin founder Richard Branson, philanthropist George Soros and Facebook’s Mark Zuckerberg.

A statement from the Bill and Melinda Gates Foundation made available to Business Hilights Tuesday said the venture “will finance emerging energy breakthroughs that can deliver affordable and reliable zero carbon emissions.”

It would be recalled that last year, Gates announced he would commit one billion dollars of his own fortune to developing clean energy alternatives.

However, it remained unclear how much the BEV fund would devote to the effort as its focus is broad, and will include transportation, electricity, manufacturing, buildings and agriculture.

The fund’s website, www.b-t.energy/ventures said “We will invest in technologies that have the potential to reduce greenhouse gas emissions by at least half a gigaton.”

 “We will invest in technologies with an existing scientific proof of concept that can be meaningfully advanced.”

Besides, in a video message posted online, Gates said “the modern lifestyles we lead depend on a huge amount of energy,” most of which is derived from polluting fossil fuels like coal, gasoline, natural gas which, when burned, heat up the atmosphere and changes the climate.