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Bill Gates secures cash from Microsoft, BlackRock to fight climate change

Bill Gates at the Munich Security Council held in Munich, Germany on February 17, 2017.

Michael Gottschalk | Getty

Bill Gates has raised hundreds of millions of dollars from seven major US companies to develop clean technology that can play a key role in the fight against climate change.

Breakthrough Energy, a non-profit organization founded by Gates in 2016, Announced on Monday Secure investment from Microsoft, BlackRock, General Motors, American Airlines, Boston Consulting Group, Bank of America and ArcelorMittal.

The overall size of the investment has not been disclosed, Reportedly That’s over $ 1 billion. Breakthrough Energy did not immediately respond to CNBC’s request for comment.

The Washington-based company said the money will be used to fund a project, Breakthrough Energy Catalyst, launched earlier this year to finance, produce and buy new solutions that will help support the zero-carbon economy. Told.

Gates said in a statement that a “new industrial revolution” is needed if the world wants to avoid climate disasters.

“Half of the technology needed to achieve zero emissions doesn’t exist yet, or is too expensive for much of the world to get,” said Microsoft co-founder. “Catalyst is designed to change that and provide an effective way to invest in the future of clean technology.”

He added: “Working with this growing community of public-private partners, Catalyst will globally capture and fund projects with energy innovation prospects (major technologies, cutting-edge companies, funding partners, key policies). It has the greatest positive impact on our planet. “

The program will initially focus on direct air capture, green hydrogen, long-term energy storage, and sustainable aviation fuels.

BlackRock has promised $ 100 million over five years through charity, while Microsoft, American Airlines and ArcelorMittal have promised the same amount. Others did not reveal the size of their investment.

Corporate giants support climate change

BlackRock CEO and Chairman Larry Fink said in a statement that the transition to the Net Zero world is “a common responsibility of all citizens, businesses and governments”, and 50 for the global energy transition. He added that trillions of dollars would be needed.

So-called, despite what world leaders and CEOs say Energy conversion hasn’t really happened yet.. Global fossil fuel use is accelerating, exacerbating and exacerbating the risk of climate disasters.

“From a climate perspective, the transition is arguably too slow, but it’s primarily a matter of political will and economic choice,” said Carol Maffet, chief executive officer of the nonprofit center. It is important to recognize. ” He told CNBC in April because of international environmental law.

NS Long-awaited report In August, the United Nations Climate Commission said that limiting global warming to nearly 1.5 degrees Celsius and even 2 degrees Celsius from pre-industrial levels would not result in an immediate, rapid and massive reduction in greenhouse gases. Warned that it would be “unreachable” in the next 20 years. Outgassing.

“The partnership with the Catalyst program represents a five-year philanthropic effort to invest in cutting-edge science that helps advance critical clean energy solutions,” Fink said.

In a statement, Aditya Mittal, CEO of Arcelor Mitta, North America’s largest steel maker, said initiatives like Breakthrough Energy Catalyst are “important” to the company and the broader steel industry.

“The steel industry knows how to decarbonize. What is essentially lacking is the availability of clean energy at competitive prices, which provides the basis for us to really accelerate. “I will.”

Gates isn’t the only technology millionaire trying to combat climate change.Elsewhere, set by Amazon founder Jeff Bezos Increase the $ 10 Billion Bezos Earth Fund, Tesla CEO Elon Musk Promise to invest $ 100 million With new carbon capture technology.

Some argue that tech millionaires can do the least thing they can do. One of the main causes Of climate change.others Asked Whether they are focusing their climate change mitigation efforts on the right areas.

— Additional report by Sam Meredith on CNBC.

Bill Gates secures cash from Microsoft, BlackRock to fight climate change

Source link Bill Gates secures cash from Microsoft, BlackRock to fight climate change

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