In an article from March 10, 2021 , we explained that Bill Gates remained a climate optimist. He is convinced that research and new technologies, which for the most part have not yet been invented, will effectively fight against the disruption of our climate. But for that you need money. This fight requires considerable funds which could be raised thanks to the commitment of public and private actors.
The announcement made on Monday, September 20, 2021, is a perfect illustration of this.
Bill Gates' nonprofit Breakthrough Energy said Monday 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 exceeds $ 1 billion and has been given in the form of grants, actions and commitments to acquire the technologies developed," a spokesperson 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 fight against climate change by bringing together the public and private sectors and by financing the stages of 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 fuels for aviation. But he also plans to look at other innovations, to reduce the carbon impact of steel and cement, for example.
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But he also plans to look at other innovations, to reduce the carbon impact of steel and cement, for example.
"Averting a climate catastrophe will require a new industrial revolution. Half of the technology needed to achieve zero emissions does not yet exist or is too expensive for much of the world," Gates said in a statement.
“Catalyst is designed to change that and provide an effective way to invest in our cleantech future,” added the Microsoft founder-turned-philanthropist.
Several of the companies involved specified in separate press releases the amounts paid. The foundation of investment firm BlackRock and Microsoft 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.