Breakthrough Energy, an NGO founded by Bill Gates, has successfully acquired generous investments from six major US companies, including BlackRock and General Motors.
By Juhi Mirza
Updated
3 mins read
In an attempt to curb the growing climate change crisis, the Breakthrough Energy foundation lead by Bill Gates has announced its project called Breakthrough Energy Catalyst to combat the rising carbon emissions. The purpose behind the project is to use the funds accumulated into establishing a zero-carbon emission economy by researching new trends, policies, and solutions.
Bill Gates in an interview has stated that society needs to start interacting with zero-emission technology and work for the betterment of the future collectively. He further explained that the world needs an industrial revolution to combat the rising global climate crisis.
Breakthrough Energy, a foundation headquartered in Washington, has stated that the funds obtained through investments will be utilized to fuel its project that intends to establish zero-carbon supremacy and develop mechanisms that are cost-effective and affordable to use. It has also acquired investments from companies such as BlackRock, American Airlines, Bank of America, General Motors, Boston Consulting Group, and ArcelorMittal. While Blackrock has committed roughly $100 million to the foundation over the years, companies such as ArcelorMittal, and American Airlines have also pledged the same amount. Other companies have decided not to disclose the amount committed to the project.
Gates further commented that this project aims to change the global landscape of energy consumption by working as a collective community constituting private and public partners that are ready to invest and fight for a common global climate cause. The Catalyst intends to browse through the extensive technologies involved, including companies, mechanisms, and financing partners to evaluate the projects that need maximum attention via monetary funding to fuel sustainable practices. The project is said to accelerate the idea of adopting clean energy solutions to battle climate change.
Larry Fink, the CEO of BlackRock, has commented that the zero-emission economy transition is the responsibility of each citizen, corporate, and government around the world. In a report published by the United Nations climate panel, the global temperature is rising at an alarming rate and needs immediate redressal. The report further stated that adopting ways to limit global warming even by 1.5-2 degrees Celsius will become extremely difficult to achieve in the coming future if the citizens and governing bodies did not become aware of its impact and started practicing a zero-emission approach to inhibit the climate change crisis.
The project is said to concentrate on processes such as direct air capture, long-duration energy and storage, sustainable aviation fuel, and green hydrogen and assist in developing clean energy alternatives through research and analysis.
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Juhi Mirza is an archaeology major who is obsessive about blockchain/Crypto technology and deems it to be the foundational philosophy of the future. Her dogged ability to research and crystallise technical facts/multiple perspectives into rivetting stories makes her an accessible finance writer. She tends to her archaeological pursuits and loves unearthing the past over the weekends.
