An investment fund started by the Microsoft founder is aiming to supply electricity for the world’s poorest countries.
Bill Gates launched a $1 billion fund called Breakthrough Energy Ventures to subsidise affordable, clean energy solutions to places in the world without electricity.
According to Why Electricity Matters, the number of people living without electricity has gone up to 1.2 billion and is continuously rising in some areas. The fund aims to ‘develop transformational new low-cost, high efficiency CO2-capture technologies’, which allows for coal and gas plants to store emissions underground.
In a post on his Gates Notes blog as reported on Forbes, Gates said the investments for this fund will carry out “scientific breakthroughs that have the potential to deliver cheap and reliable clean energy to the world.”
“We need affordable and reliable energy that doesn’t emit greenhouse gas to power the future—and to get it, we need a different model for investing in good ideas and moving them from the lab to the market,” Gates added.
The fund also aims to level the playing field for developing countries by giving them access to the latest energy technology, which should be able to help them in decreasing the poverty rate of their nations.
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