A consortium of tech magnates led by Bill Gates is investing $1 billion (800 million) in a venture capital fund backing green energy sources, in order to stave off global warming.
Breakthrough Energy Ventures is also supported by Sir Richard Branson, Amazon founder Jeff Bezos and Alibaba boss Jack Ma, and will focus on long-term investments rather than short-term profits. The group's capital will reportedly be invested over the next 20 years.
The group will look at four criteria when examining potential investments: whether they can attract additional sources of capital, whether they have an existing scientific proof-of-concept, whether they need the firm's expertise, and whether they have the capacity to reduce emissions by at least half a gigaton.
The fund's investors have a collected wealth of 135 billion, and many have previously invested in, or donated to, environmentally-friendly projects. Gates in particular has been famed for his charitable efforts since ceding control of Microsoft in 2000.
"Our goal is to build companies that will help deliver the next generation of reliable, affordable, and emissions-free energy to the world," he said. "I am honored to work along with these investors to build on the powerful foundation of public investment in basic research."
The new initiative marks the first official act of the Breakthrough Energy Coalition, a group of 28 environmentally-conscious investors formed at last year's Paris climate talks.
Notably missing from the group is Tesla CEO Elon Musk. In addition to the electric car company, Musk also heads up renewable energy company Solar City and is one of the most prominent and active environmentalists in Silicon Valley.\
Picture courtesy of The Henry Ford/Michelle Andonian
-
Cleo attack victim list grows as Hertz confirms customer data stolenNews Hertz has confirmed it suffered a data breach as a result of the Cleo zero-day vulnerability in late 2024, with the car rental giant warning that customer data was stolen.
-
Lateral moves in tech: Why leaders should support employee mobilityIn-depth Encouraging staff to switch roles can have long-term benefits for skills in the tech sector
-
Beyond the upgrade: How to maximize IT investments and minimize wasteHow to maintain optimal performance and productivity with your fleet of hardware and stave off the next upgrade cycle for a bit longer
-
Energy efficiency and sustainability demands are transforming IT strategywhitepaper How Dell Technologies innovations are leading the way in energy effiency and sustainability
-
Energy efficiency and sustainability demands are transforming IT strategy
whitepaper How Dell Technologies innovations are leading the way in energy effiency and sustainability
-
Your guide to smarter printing: 2024 editionWhitepaper Making smarter printing simple for all businesses
-
How to empower employees to accelerate emissions reductionin depth With ICT accounting for as much as 3% of global carbon emissions, the same as aviation, the industry needs to increase emissions reduction
-
How much say does IT really have in sustainability initiatives?ITPro Network Vendors are ready to proclaim their green credentials, but as members of the ITPro Network explain, making changes on the ground can be complex
-
Why managing shareholders is key to innovationIn-depth Seeking out investment for new technologies and seeing your ideas through requires continuous and measured trust-building
-
ESG: Designing the ideal digital work experience for the next generation of innovatorsWhitepaper What users want, why it's critical to give it to them, and how the whole organization can benefit
