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Microsoft co-founder Bill Gates provides insight into the causes of the Texas energy crisis in “Fox News Sunday”.
Breakthrough Energy by nonprofit billionaire Bill Gates has secured investments from seven giant companies to develop clean energy technology, the organization said on Monday.
The seven companies – American Airlines, ArcelorMittal, Bank of America, BlackRock Foundation, Boston Consulting Group, General Motors and Microsoft – will invest directly in Breakthrough Energy’s “Catalyst” initiative. The program aims to facilitate a “clean energy transition” to achieve a net zero carbon economy by 2050.
“Avoiding a climate catastrophe will require a new industrial revolution,” Gates said in a statement. “Half of the technology needed to achieve zero emissions does not yet exist or is too expensive for much of the world. Catalyst is designed to change that and provide an effective way to invest in our cleantech future. “
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Jason Katz, Managing Director and Senior Portfolio Manager at UBS, provides insight into concerns about climate change and today’s markets.
American Airlines, ArcelorMittal, Blackrock and Microsoft have each committed at least $ 100 million to the effort. The commitment of the seven partners exceeds $ 1 billion in grants, equity and purchase orders, Bloomberg reported.
Breakthrough Energy said Catalyst will initially focus on four areas of research – direct air capture, green hydrogen, long-lasting energy storage, and sustainable aviation fuel.
“We see immense promise in the mission of Breakthrough Energy Catalyst, and our investment is a vote of confidence in the potential for difference of this unique and collaborative approach,” said American Airlines President and CEO Doug Parker , in a press release.
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Gates founded the nonprofit in 2015 and announced the Catalyst initiative earlier this year. The program also has partnerships with the US Department of Energy and the European Commission.
The latest partnerships were announced as the Biden administration pushes the private sector to cut carbon emissions. President Biden aims to reduce greenhouse gas emissions across the economy by 50 to 52 percent by 2030.
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