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Bill Gates-led investment fund partners with Europe on clean tech

Bill Gates in front of map
Bill Gates in Berlin , Germany. Photo: Inga Kjer/Photothek via Getty Images

A clean-energy venture fund led by Bill Gates is forging a new partnership with the European Commission, the billionaire and Microsoft co-founder announced today.

Why it matters: Gates’ move is the latest sign of how private citizens, companies and other countries are trying to move forward on addressing climate change, despite President Trump’s retreat on the issue.

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The details: Breakthrough Energy Ventures, a $1 billion fund created in 2015 by Gates and other billionaires, is creating a joint investment vehicle called Breakthrough Energy Europe.

  • The fund, which will be worth a total of €100 (roughly $115) million, will invest in European companies working to cut greenhouse gas emissions.
  • Half the money will come from the European Commission and the other from the Breakthrough Energy Ventures.

In a blog post accompanying his announcement, Gates said he would be writing more over the next year about what he calls the five grand challenges of addressing climate change, including under-focused areas such as agriculture and manufacturing.

Go deeper:

  • Quartz’ Akshat Rathi runs down the companies the Gates-led fund has recently announced it’s funding.
  • On Tuesday, Gates signed onto a separate new commission led by former United Nations Secretary General Ban Ki-moon, World Bank Chief Executive Kristalina Georgieva, raising awareness about adapting to climate change, per this Bloomberg article. Many parts of the world are already experiencing the impacts of a warmer world--and that will continue and increase even if emissions drop suddenly.
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