Bill Gates got seven large companies to invest about $ 1 billion in clean energy to fight climate change

This Monday, the non-profit organization Breakthrough Energy , created by Bill Gates in 2016, announced that it managed to raise nearly $ 1 billion to develop clean energy that will be key to fighting climate change . Among the seven investment corporations are large companies such as American Airlines , Bank of America and General Motors .

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The Microsoft co-founder enlisted the support of seven US giants to finance the Breakthrough Energy Catalyst project, whose goal is to build a zero-carbon economy by 2050, according to CNBC .

In addition to Microsoft itself and the aforementioned American Airlines , Bank of America and General Motors , investment manager BlackRock , finance company Boston Consulting Group and ArcelorMittal , the world’s largest steel producer, also joined Bill Gates’s plan.

The total amount raised was not disclosed by the organization of Gates, but CNBC estimates the figure could exceed 1,000 million.

“Preventing a climate disaster will require a new industrial revolution. Half of the technology needed to reach zero emissions either does not exist yet or is too expensive for much of the world to pay for it, ” said Bill Gates in a statement .

“Catalyst is designed to change that and provide an effective way to invest in our cleantech future,” added the philanthropist.

What is the Breakthrough Energy Catalyst project?

Launched in early 2021, the program aims to produce and acquire new climate-smart technologies . These solutions will drive the transition to a zero-carbon economy , something it aims to achieve by 2050 .

Gates reported that the Catalyst program provides “a new model of public-private partnership to help build the foundation for the zero-emissions economy ,” bringing together businesses, governments, philanthropic organizations and individuals to invest in climate technologies. key.

Initially, the project will focus on four areas: direct air capture , green hydrogen , long-life energy storage, and sustainable aviation fuel .

The Gates organization and its partners will help reduce the costs of clean energy technologies through direct investments. With this they aim to be competitive to replace energy sources that emit greenhouse gases.

“Catalyst is designed to change that (by) taking a global view of the energy innovation landscape: key technologies, leading-edge companies, critical financial and policy partners, and financing projects that have the greatest benefits for our planet.” detailed the co-founder of Microsoft.

When the Catalyst project was unveiled earlier this year they announced partnerships with the European Commission, the European Investment Bank and the US Department of Energy.

This article is from Entrepreneur.