Microsoft founder Bill Gates announced he will head the Breakthrough Energy Ventures Fund, a more than $1 billion fund focused on fighting climate change. Joining him are some of the world's most successful business leaders, entrepreneurs, and venture capitalists, including John Doerr, chairman of venture firm Kleiner Perkins Caufield & Byers, Alibaba founder Jack Ma, Khosla Ventures founder Vinod Khosla, Laura and John Arnold Foundation co-chair and former energy hedge fund manager John Arnold, Amazon founder and CEO Jeff Bezos, and SAP co-founder Hasso Plattner. They hope that the BEV will become an instrumental force in the quest to reduce greenhouse gas emissions to zero.
To do so, the BEV will invest in the commercialization of technologies that already aim to reduce greenhouse gas emissions in areas such as electricity generation and storage, transportation, agriculture, and energy system efficiency. The 20-year fund will invest money in startups at their earliest stages and continue all the way to companies that have reached commercialization. Additionally, BEV will collaborate with investors, governments, research institutions, and corporate partners to foster a fund of internal scientific expertise.