A day after U.S President Donald trump expressed his doubts about the climate change and raised fears at a possible withdrawal from Paris agreement made a year ago ,Bill gates along with other tech giants announced $1 billion funds dedicated towards clean energy innovation.
Bill gates took to twitter and hinted an early discussion of the fund is likely.an official announcement from the Break through Energy Ventures (Bev) is awaited.
"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," Gates told Quartz. "Anything that leads to cheap, clean, reliable energy we’re open-minded.
The Bev fund which comes with a duration of 20 years and plans to invest in commercialization of new technologies that reduce emission of Greenhouse gases in areas like transportation ,electricity generation and storage industrial processes agriculture and energy system efficiency.
The Directors of Bev is a star studded line up that include tech giants like Jack Ma founder of Alibaba renowned tech investors john Doerr and Vinod Khosla , Amazon founder and CEO jeff Benzos, Masayoshi son of Softbank to name a few.
According to report the collective worth of investors is about $170 billion,although only a fraction of energy will be invested towards clean energy project.
Bill gates pitches for long-term investments as according to him, results cannot be expected in short span of time as happens usually in information technology.He also invested extensively in energy technology companies including Nuclear energy start up Terra power ,where he serves as chairman.
The directors are currently in the process of recruitment of management team for the fund.It won't charge investors for any management fees apart from operating costs and likely to begin with a temporary office US venture capital industry on Sand Hill Road in Menlo Park, California
Source:Quartz
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