Bill Gates is launching a $1 billion Breakthrough Energy Ventures Fund, to invest in new forms of clean energy. Forbes reports that Gates has put together a group of like-minded investors, including Silicon Valley venture capitalists John Doerr and Vinod Khosla and former hedge manager John Arnold to actualize the fund.
In a post on his Gates Notes blog, Gates said the fund will invest in “scientific breakthroughs that have the potential to deliver cheap and reliable clean energy to the world.”
“We need affordable and reliable energy that doesn’t emit greenhouse gas to power the future—and to get it, we need a different model for investing in good ideas and moving them from the lab to the market,” Gates said in his post.
The announcement of the fund comes a year after the United Nations climate change talks in Paris, where Gates unveiled the Breakthrough Energy Coalition – a group of some 20 billionaire business leaders including Mark Zukerberg who committed to investing in new forms of energy. The coalition partnered with Mission Innovation, a group of 20 countries and the European Union that pledged to double their investment in clean energy research over five years. Gates states that the Breakthrough Energy Ventures fund announced Monday is the next step to the coalition formed in December 2015.
The group has spelled out five “grand challenges” which it says are the biggest contributors to greenhouse gas emissions around the world: electricity, buildings, manufacturing, transportation and food.
Gates, Doerr and Khosla have been investing in various forms of new energy over the years.