Technology Billionaire Bill Gates to Double Investment in Clean Energy Projects Over Five Years
Friday, June 26, 2015
Technology billionaire Bill Gates says he’ll plow $2 billion of his own money into breakthrough energy projects that reduce emissions and eschew fossil fuels. The planned investment doubles what Gates already has spent on early-stage energy companies geared to fight climate change, the Financial Times reported Thursday.
Gates argued that existing clean energy technologies could only curb global greenhouse gas emissions at a “beyond astronomical” economic cost, he told the newspaper in an exclusive interview. “The only way you can get to the very positive scenario is by great innovation,” he added. “Innovation really does bend the curve.”
Gates, who is listed by Forbes as the world’s richest person, has a net worth of almost $80 billion. So far, the philanthropist has invested $1 billion across 15 companies directly and around 30 companies indirectly through venture capital investments. “Over the next five years, there’s a good chance that will double,” he told the Financial Times.
Across the globe, renewable energy is expected to draw $8 trillion in investment over the next 25 years, including $3.7 trillion for solar energy in particular, Bloomberg New Energy Finance said Tuesday. The figures suggest fossil fuels and nuclear — which will draw $4.1 trillion — will no longer dominate the global electricity sector as lower-carbon sources become increasingly cheaper and reliable.