Bill Gates eyes ‘clean energy transition’ in $1B partnership with corporate giants

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American Airlines, ArcelorMittal, BlackRock and Microsoft each pledged at least $100 million to the effort.

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Billionaire Bill Gates’s nonprofit Breakthrough Energy has secured investment from seven corporate giants to develop clean energy technology, the organization announced Monday.

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 emissions economy by 2050.

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“Averting a climate disaster will require a new industrial revolution,” Gates said in a statement. “Half the technology needed to achieve zero emissions either does not yet exist or is too expensive for most parts of the world. Catalyst is designed to replace this and provide an effective way to invest in our clean technology future. Has gone.”

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American Airlines, ArcelorMittal, BlackRock and Microsoft each pledged at least $100 million to the effort. All seven partners have committed more than $1 billion in grants, equity capital and purchase orders, bloomberg informed of.

Breakthrough Energy said the catalyst will initially focus on four areas of research — direct air capture, green hydrogen, long-term energy storage and sustainable aviation fuels.

“We see immense potential in Breakthrough Energy Catalyst’s mission, and our investment is a vote of confidence in the potential of this unique and collaborative approach to make a difference,” American Airlines Chairman and CEO Doug Parker said in a statement.

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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 partnership was announced as the Biden administration pushes the private sector to cut carbon emissions. President Biden has set a goal of cutting economy-wide greenhouse gas emissions by 50-52% by 2030.


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