Bill Gates is planning to double his personal investment in innovative green technologies to $2bn over the next five years in an attempt to “bend the curve” in combating climate change.
The billionaire philanthropist said he had already invested about $1bn in dozens of early stage companies — including battery storage, next-generation nuclear and free air carbon capture — hoping they would develop “breakthrough” technologies.
Mr Gates, who is listed by Forbes as the world’s richest person with a net worth of almost $80bn, said he had invested directly in about 15 companies and indirectly in another 30, via venture capital funds, Khosla Ventures and Kleiner Perkins. “Over the next five years, there’s a good chance that will double,” he said in an interview with the Financial Times.
The co-founder of Microsoft said it was “fantastic” that the UN, national governments, and environmental campaigners had raised awareness of climate change and were taking steps to counter it. However, he argued that current technologies could only reduce global CO2 emissions at a “beyond astronomical” economic cost. “The only way you can get to the very positive scenario is by great innovation,” he said. “Innovation really does bend the curve.”
Mr Gates urged governments to switch more resources from subsidising renewable energy into basic research. At present, government subsidies amounted to more than $100bn with only $6bn a year being invested in renewable energy R&D, he said. “Most of the people you talk to would say that we should double or triple the amount of renewables R&D.”
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