His climate investment fund has pledged $1.5 million for a public-private partnership.
A bipartisan infrastructure agreement could open up a new stream for private funding for climate technology.—Bill Gates is keen to get involved in the action. Gates’ climate investment fund claims that if the bill on infrastructure moves forward, it will match.$1.5 billion in federal funds to be used for green technology development projects.
Breakthrough Energy, Gates’ climate fund, outlined four uses for the money. These include the development of green hydrogen fuels and sustainable aviation fuels. Energy storage and technologies that remove carbon dioxide from the atmosphere. Twitter said that the money could be used to “fast-track” commercial demonstrations across the US.
“SCALE THEM TO A PRETTY GIGANTIC ELEVATION”
Gates stated that it was crucial for climate technologies to reduce costs and scale them up to a very large level. This statement was made to The Wall Street Journal, which was the first to report the news. You won’t get that scale up without the government coming in with the right policies. And that’s exactly what that infrastructure bill is.
The funding all depends on whether or not a bipartisan infrastructure bill becomes law. After it was passed in the Senate earlier this month, the House must still pass the bill. The package includes $25 billion to the Department of Energy for public/private partnerships. The Wall Street Journal reports. Breakthrough Energy may apply for matching funds if the bill is passed. Breakthrough Energy could redirect its $1.5 billion to projects in Europe or Asia if the bill is rejected. The Wall Street Journal says.
Breakthrough Energy stated that it would like to partner with the Energy Department to encourage investments of up to $15 billion in technologies that could be used to reduce the US’s carbon dioxide emissions to net-zero.
Jennifer Granholm, Secretary of Energy, welcomed the news with enthusiasm this morning. “Welcomed news! Granholm tweeted, “This shows that the private sector is prepared to respond to the call to fight the #climatecrisis.”
The Biden administration pledged to put the US on track for net-zero greenhouse gases emissions by 2050. Leading climate scientists have found that hitting that target globally could prevent some of the worst effects of climate change.
To achieve net-zero, countries must drastically reduce the amount of climate pollution caused by burning fossil fuels. The carbon dioxide emitted would need to be captured in natural carbon sinks such as forests or using an emerging suite of technologies that remove it from the atmosphere.