Government and Eminent Business Leaders are Jointly Investing in ‘Clean Energy’ Tech to combat Global Warming
By Staff Writer
Government and eminent tech business leaders are jointly investing billions of dollars in the coming five years to combat global warming through 'clean energy' technology. The amount of money involved in the project is quite huge, that is ten billions of dollars. The money would be spent on the research and development-oriented work of technologies to make cleaner power from natural sources irrespective of the weather whimsies.
The initiative is scheduled for announcement on Monday during the opening of U.N climate summit. As per CP24 news, the French official stated that the France, the U.S., India, South Korea, Saudi Arabia, Australia, Canada and Norway have already decided to join in the "ambitious" project aiming at developing clean energies.
According to a former U.S. official as well as a French official who weren't authorized to talk on the record, informed that the President Barack Obama, Indian Prime Minister Narendra Modi, Microsoft founder and philanthropist Bill Gates and French President Francois Hollande are playing major role in taking the initiative of 'clean energy' project by launching it in Paris U.N Climate Summit.
Bill Gates will unveil the Breakthrough Energy Coalition, a group of 28 private investors from Silicon Valley to South Africa investing billions of dollars in enduring and flexible risk capital for bringing riskier latest technologies to market.
As per Reuters report, "More capital at the early stage is going to drive the breakthroughs that will drive costs down," cited Brian Deese, Obama's senior adviser on climate change who declared the private-public sector initiative to reporters in Washington.
Other renowned members involved in Breakthrough Energy Coalition are: Facebook CEO Mark Zuckerberg, Ratan Tata, retired chairman of Tata Sons of India, the stock company of the Tata group, Amazon CEO Jeff Bezos, Alibaba Chairman Jack Ma, South African billionaire Patrice Motsepe of African Rainbow Minerals and Virgin Group founder Richard Branson.
The members of Breakthrough Energy Coalition will work with their governments committed to developing energy solutions with zero-emissions. As per the NextWeb news, on a more specific note, the group will consider early stage i.e. R&D investment prospects in sectors like electricity generation and storage, transportation, agriculture and energy system efficiency.
Even if the research and development facility of energy projects is usually driven by government investment, that might not be enough. As per Mission Innovation, USA, France, India, as well as 17 other countries who wished to participate in the 'clean energy' project expect that the investment would be double in the next five years, that is $20 billion.