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Breakthrough Energy Ventures
December 15, 2016
The world’s richest man is Bill Gates. Gates co-founded Microsoft in 1975 and has found incredible success. Now, he is a billionaire and a philanthropist. Gates along with three other Silicon Valley executives have launched a $170,000,000,000 fund called Breakthrough Energy Coalition.
According to the coalition’s website, “The urgency of climate change and the energy needs in the poorest parts of the world require an aggressive global program for zero-emission ene
rgy innovation.” Breakthrough Energy plans to fast track funding into new innovation and companies that aim to decrease the greenhouse gases (especially carbon) being sent into our atmosphere. The fund has created a sort of “landscape” of “Grand Challenges” that they hope to invest in. These challenges are electricity, transportation, agriculture, manufacturing, and buildings”
Breakthrough Energy hopes to be incredibly flexible with their investments. According to Forbes, Breakthrough Energy have a high tolerance for risk in investment which means they are willing to give money to more projects that are at a higher risk for failure. They are also willing to wait much longer for a return on their investment which allows clean energy innovators and companies to focus on clean energy rather than trying to bring in money to pay back investors.
Across the globe, oil companies continue to earn billions of dollars and fund politicians such as Hillary Clinton and Donald Trump in order to keep oil flowing and regulations down. According to the organization Open Secrets which tracks money in politics, Clinton received over $775,000 and Trump received over $695,000 from oil companies. Ted Cruz received well over one million dollars. With politicians being paid to support oil companies, clean energy research has been delayed and halted in some areas. The Breakthrough Energy Coalition aims to fund the clean energy research that the government has neglected. This project represents a massive step towards achieving realistic clean energy worldwide.