Bill Gates Raises Over $1 Billion For Clean Energy

Bill Gates Raises Over $1 Billion For Clean Energy

Bill Gates's nonprofit group Breakthrough Energyraised more than $1 billion for clean energy

New York:

Bill Gates's nonprofit group Breakthrough Energy announced Monday that it has raised more than $1 billion from seven major companies, including ArcelorMittal and General Motors, to fund clean energy development.

Early participants in the initiative, dubbed "Catalyst," also include American Airlines, Bank of America, BlackRock, Boston Consulting Group and Microsoft.

The amount raised so far tops $1 billion and has been given in the form of grants, shares and commitments to acquire the technologies developed, a spokesman for the organization told AFP.

Launched in June, Catalyst has already forged partnerships with the European Commission, the European Investment Bank, and the US Department of Energy.

The idea is to support the development of new energy solutions to combat climate change by bringing together the public and private sectors and funding the steps to commercialization. Other companies are expected to join the initiative.

The project will initially focus on accelerating the deployment of four technologies: direct carbon capture, green hydrogen, long-term energy storage and sustainable aviation fuels.

But it also plans to look at other innovations, to reduce the carbon impact of steel and cement, for example.

"Avoiding a climate disaster will require a new industrial revolution. Half the technology needed to get to zero emissions either doesn't exist yet or is too expensive for much of the world to afford," Gates said in a statement.

"Catalyst is designed to change that and provide an effective way to invest in our clean technology future," added the Microsoft founder-turned-philanthropist.

Several of the companies involved specified in separate releases the amounts contributed. The foundation of the investment company BlackRock and Microsoft have each donated $100 million.

American Airlines has pledged $100 million to the program, while ArcelorMittal has committed $100 million over the next five years through its XCarb Innovation Fund.

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

NDTV News

NDTV.com provides latest news from India and the world. Get today’s news headlines from Business, Technology, Bollywood, Cricket, videos, photos, live news coverage and exclusive breaking news from India.

https://www.ndtv.com/

Related news

Russia Tops 1,000 Covid Deaths In A Day For First Time.

Russia on Saturday topped 1,000 deaths over 24 hours for the first time since the start of the coronavirus pandemic, with the country's jab drive at a standstill and few restrictions in place.

NDTV News

J.D. Vance: Attorney General Garland should resign over this

J.D. Vance: Attorney General Garland should resign over this

The Ohio Senate candidate and author discusses the DOJ tapping the FBI to probe threats against school staff and how he plans to run his campaign. Subscribe to Fox News! Watch more Fox News Video: Watch Fox News Channel Live: FOX News Channel (FNC...

Retirees at Virginia Senior Homes Help Immigrant Staff Gain US Citizenship.

Retirees at Virginia Senior Homes Help Immigrant Staff Gain US Citizenship.

The immigrant workers at the Goodwin House retirement homes in Northern Virginia come from 68 different countries. When residents learned that the $725 fee to file for citizenship was a deterrent for many staff, they decided to help the immigrant ...

How did COVID change tourism? - COVID-19 Special

How did COVID change tourism? - COVID-19 Special

The pandemic was a respite for overrun cities and villages. But it also caused huge economic problems for those depending on tourism. Is there a middle way? How to balance sustainable and profitable tourism? For example Croatia, a beach destinatio...

La Palma lava flow captured in drone footage

La Palma lava flow captured in drone footage

The full extent of one of the streams of lava flowing from La Palma’s Cumbre Vieja volcano was captured on Wednesday in aerial footage posted by Spain’s Geological and Mining Institute. The volcano has continued to spew lava, ash, and smoke into t...

J.D. Vance: Attorney General Garland should resign over this

J.D. Vance: Attorney General Garland should resign over this

The Ohio Senate candidate and author discusses the DOJ tapping the FBI to probe threats against school staff and how he plans to run his campaign

FULL TRAILER: Out of the Shadows: The Man Behind the Steele Dossier - ABC News.

FULL TRAILER: Out of the Shadows: The Man Behind the Steele Dossier - ABC News.

ABC News' George Stephanopoulos sits down with former MI6 spy Christopher Steele for a worldwide exclusive interview, marking his first sit down since the publication of the series of intelligence reports now known as the Steele dossier. Only on H...

1 12