scale of the challenge, we need to be exploring many different paths – and that means we also need to invent new approaches,” Gates wrote in a statement.
Gates believes that he and his group of billionaire investors will not only see a financial gain on their investments, but that these investments will reduce our heavy dependence on fossil fuels. Gates wrote that zero-carbon energy “will make most countries energy-independent, stabilize prices, and provide low- and middle-income countries the resources they need to develop their economies and help more people escape poverty—all while keeping global temperatures from rising more than 2 degrees.”
The debut of the Breakthrough Energy Coalition came at the same time as a major announcement from nineteen governments, including China and the U.S., which have pledged to double spending on carbon-free energy development over the next five years in a program called “Mission Innovation.”
Together, both programs could ensure more than $7 billion in additional funding for energy innovations.
The new Gates initiative is not without its critics. Fortune Magazine saw the announcement as premature because none of the key details have been hammered out. The Coalition has not yet
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