Bill Gates leads $1 billion clean technology fund

Bill Gates leads $1 billion clean technology fund

Bill Gates and a group of nearly 25 of the world’s wealthiest business leaders and entrepreneurs have formed a consortium to invest up to US$1 billion in innovative clean energy firms.

The trust is part of Gates’ Breakthrough Energy Coalition initiative launched in 2015 which includes members of the super-wealthy such as Amazon’s Jeff Bezos, Virgin Group founder Richard Branson, LinkedIn co-founder Reid Hoffman and Alibaba executive chairman Jack Ma. Estimates suggest the total net worth of the fund’s directors is around $170 billion.

The investment in green energy will be made through Breakthrough Energy Ventures fund and will last 20 years. As well as focusing on low-emission electricity generation the fund will also get behind new technologies in transportation, industrial processes, agriculture and energy system efficiency.

Gates, who is leading the fund, said: “Our goal is to build companies that will help deliver the next generation of reliable, affordable, and emissions-free energy to the world.

“I am honoured to work along with these investors to build on the powerful foundation of public investment in basic research.”

Speaking to Quartz the Microsoft owner added: “Anything that leads to cheap, clean, reliable energy we’re open-minded to.”