Renewable investment is great, but I don’t trust this group of benevolent billionaires. They are working on public private partnerships where the taxpayers fund the risky part and they get to capitalize on the successful projects.
Gates was in Paris at the UN’s COP21 Summit to push his latest bit of entrepreneurial philanthropy: the Breakthrough Energy Coalition, an informal club of 28 private investors from around the world, including several hedge fund billionaires who have agreed to follow his lead and pump seed money into energy research and development.
The investors want to eliminate the “valley of death” between the early promise of a new energy concept and commercializing it into a viable technology, which “neither government funding nor conventional private investment can bridge,” the group said in a statement.
The investors are forming a new organization known as the Breakthrough Energy Coalition to invest in technologies that could help solve problems associated with climate change and other clean tech initiatives.
“More capital at the early stage is going to drive the breakthroughs that will drive costs down,” said Brian Deese, US President Barack Obama’s senior adviser on climate change who announced the private-public sector initiative to reporters in Washington.
Gates described the possibility of generating energy through the long-speculated process of artificial photosynthesis, using the energy of sunshine to produce liquid hydrocarbons that could challenge the supremacy of fossil fuels.
A readiness to put another billion dollars of his own money into what is already a roughly billion-dollar portfolio of energy investments was also enough for Gates to convince 20 governments to commit to doubling their own R&D investments within five years.
“If we are to avoid the levels of warming that are dangerous we need to move at full speed,” ” to meet both the challenges of providing energy access to over 1 billion people, and to reduce carbon emissions over the long term”
The private-sector group’s initial investments will target electricity generation and storage, transportation, industrial use, agriculture and energy efficiency.
The US government currently invests around $5 billion in clean energy R&D and under this program it will double to $10 billion. The Energy Department’s ARPA-E program has conducted early-stage research into technologies such as advanced batteries, fusion and nanotechnology.
I suspect this is all related to the 2030 Agenda of the UN (and it’s predecessor Agenda 21), which has been described as a operational plan to inventory all things on the planet for the purposes of creating a technocratic energy based economy. It is also likely tied to the Trans Pacific Partnership (TPP) that is expected to pass next year after Obama fast tracked the trade agreement.
Never trust a billionaire with tax payer money.
Here’s a list of the founding members of the Breakthrough Energy Coalition:
Chairman and Managing Director, Reliance Industries Limited
Co-chair, Laura and John Arnold Foundation
Founder, Chairman and CEO, Salesforce.com
Founder and CEO, Amazon
HRH Prince Alwaleed bin Talal
Chairman of the Board of Trustees, Alwaleed Philanthropies
Founder, Virgin Group
Founder, Bridgewater Associates
Founder and Chief Executive, Dangote Group
General Partner, Kleiner Perkins Caufield & Byers
Co-chair, Bill & Melinda Gates Foundation
Founder, LinkedIn and Partner, Greylock
Founder, The Children’s Investment Fund
Founder, Khosla Ventures
Executive Chairman, Alibaba Group
Founder and Executive Chairman, African Rainbow Minerals (ARM)
Founder, Iliad Group
Co-founder and Chairman, SAP
Founder and Chairman, Tiger Management
Founding Managing Partner, Sequoia Capital China
Nat Simons and Laura Baxter-Simons
Co-founders, Prelude Ventures
Founder, Chairman and CEO, SoftBank Group Corp.
Chairman, Soros Fund Management LLC
Businessman, Philanthropist, and President, NextGen Climate
Chairman Emeritus, Tata Sons
CEO, Hewlett Packard Enterprise
Ms. Zhang Xin and Mr. Pan Shiyi
Co-founder and CEO, SOHO China
Chairman, SOHO China
Mark Zuckerberg and Dr. Priscilla Chan
Founder, Chairman and CEO, Facebook
Pediatrician and CEO, The Primary School
University of California
Office of the Chief Investment Officer