Breakthrough Energy Coalition

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Breakthrough Energy Coalition is a global group of 28 high net-worth investors from 10 countries committed to funding clean energy companies emerging from the initiatives of Mission Innovation, which was also announced at the 2015 United Nations Climate Change Conference.[1]

History[edit]

In November 2015, the group announced that it would aim to bolster governmental assistance in renewable energy such as solar energy and wind power to $20 billion.[2]

In December 2016, a group of investor's collectively with personal worth of US$170 billion announced more personal commitment to funding the efforts of a US$1 billion fund to "focused on fighting climate change by investing in clean energy innovation." The fund is named Breakthrough Energy Ventures fund.[3]

Members[edit]

The group is spearheaded by Bill Gates, who previously announced a personal $2 billion investment,[4] and includes:[5][6]

Criticism[edit]

There has been criticism that the coalition was announced too early, before crucial details has been confirmed. At launch, a Gates Foundation spokesman confirmed that investment professionals had yet to be appointed, named investors—other than Gates—hadn't publicly stated their level of investment and a financial structure hadn't been confirmed.[8]

The scale, at $20 billion of public cash over five years and the initial $2 billion of private cash, has also been criticised as inadequate: the World Bank suggests that $100 billion would be needed annually.[9]

See also[edit]

References[edit]

  1. ^ "Announcing: "Mission Innovation"". The White House. Retrieved 30 November 2015.
  2. ^ Milman, Oliver (30 November 2015). "Zuckerberg, Gates and other tech titans form clean energy investment coalition". The Guardian. Guardian Media Group. Retrieved 1 December 2015.
  3. ^ Delaney, Kevin (12 December 2016) Bill Gates and investors worth $170 billion are launching a fund to fight climate change through energy innovation Quartz, Quartz Media, Inc. Retrieved 1 January 2019
  4. ^ Chhabra, Esha. "Bill Gates Rallies With Tech Leaders To Launch A Multi-Billion Dollar Energy Fund". Forbes. Forbes, Inc. Retrieved 30 November 2015.
  5. ^ Lapowsky, Issie. "Tech Billionaires Team Up to Take On Climate Change". Wired. Condé Nast Publications. Retrieved 30 November 2015.
  6. ^ Bellware, Kim. "World's Tech Giants Team Up For Mega Investment In Clean Energy". The Huffington Post. The Huffington Post Media Group. Retrieved 30 November 2015.
  7. ^ Green, Emily (29 November 2015). "UC joins Bill Gates' clean-energy investment initiative". San Francisco Chronicle. Hearst Corporation. Retrieved 30 November 2015.
  8. ^ Primack, Dan. "Bill Gates' Clean Energy Plan Isn't Ready for Primetime". Fortune. Time, Inc. Retrieved 2 December 2015.
  9. ^ Davenport, Coral; Wingfield, Nick (8 December 2015). "Bill Gates Takes On Climate Change With Nudges and a Powerful Rolodex". The New York Times. The New York Times Company. Retrieved 9 December 2015.

External links[edit]