Bill Gates, Jack Ma and 18 other tech giants worth $170 billion have launched a new fund to fight climate change through energy innovation

While our President-elect Donald Trump has been expressing his doubts about climate change, Bill Gates and 19 other high-profile investors created a new venture firm called the Breakthrough Energy Ventures (BEV) at the 2015 Paris Climate Change Conference. And according to the latest news, these tech giants have now vowed to give at least $1 billion to cleantech companies over the span of the next 20 years.

The firm cites its goal on its website:

“to provide everyone in the world with access to reliable, affordable power, food, goods, transportation, and services without contributing to greenhouse gas emissions.”

BEV has decided to invest in green technology ventures at any stage, from giving them seed money to commercialization. The website states that most of the deals will be focused on electricity, manufacturing, agriculture, buildings, and transportation.

 

Gates is heading the BEV, and published the following tweet on Sunday hinting towards an early discussion about the fund,

“People think you can just put $50 million in and wait two years and then you know what you got. In this energy space, that’s not true at all. Anything that leads to cheap, clean, reliable energy we’re open-minded to.”

Accompanying Bill Gates in the board members of BEV are Alibaba founder Jack Ma, and tech investors John Doerr and Vinod Khosla. BEV’s list of investors also includes Richard Branson(Virgin Group), Reid Hoffman (LinkedIn), Jeff Bezos (Amazon) and Masayoshi Son (Softbank) just to name a few.

With such an illustrious roster, BEV’s success is highly anticipated. And with its board having a collective worth of about $170 billion, it seems that the clean energy dream might become a reality after all.

Trump has been considering an Exxon veteran for a post in his administration, which threatens to hamper the progress on the green energy solution front. But it seems like Gates is savoring the upcoming challenge, as just days before Trump will meet with some of the biggest leaders in the world of technology and innovation, Gates said,

“The dialogue with the new administration as it comes in about how they see energy research will be important. The general idea that research is a good deal fortunately is not a partisan thing.”

What are your thoughts on the renewed efforts towards making green technology a reality?

Comment below!

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