Founded by Bill Gates in 2016, Breakthrough Energy has received investments from companies including Microsoft, BlackRock, Bank of America and ArcelorMittal. The Washington-based firm announced that the capital raised will be used to support a zero-carbon economy.
Gates’ non-profit company has collected more than $1 billion in donations from companies including Microsoft, BlackRock, Bank of America, and Boston Consulting Group.
The company announced that the donations will be used to fund the “Breakthrough Energy Catalyst” project, which was established earlier this year and supports a zero carbon economy.
Gates, the founder of Microsoft, said in a statement on the subject, “A new industrial revolution is essential to prevent climate disaster. Not even half of the technology needed to reach the zero emissions target is available. “We hope the Catalyst project will change that and provide an effective pathway to a clean future.”
It was stated that BlackRock will donate $100 million over 5 years to Breakthrough Energy, while Microsoft, American Airlines and ArcelorMittal have made the same commitment.
BlackRock CEO Larry Fink stated that the goal of zero emissions is the responsibility of each individual and that the global energy transition will cost 40 trillion dollars. “We will invest in clean energy solutions for 5 years in line with our partnership with Catalyst.”
Gates isn’t the only billionaire struggling with the climate crisis. While Amazon founder Jeff Bezos set up a $10 billion fund, Tesla CEO Elon Musk promised to donate $100 million for ‘carbon capture’ technology.