Last week, Bill Gates, the co-founder of Microsoft and co-chair of the Bill & Melinda Gates Foundation, announced Breakthrough Energy Ventures, a $1 billion fund that will invest in clean energy innovation.
The investor-led fund is made up of members of the Breakthrough Energy Coalition, a group of investors working with countries that are increasing the size of their government research pipelines. Gates chairs the fund, and directors include Jack Ma, the China-based founder of Alibaba, and Vinod Khosla, the Silicon Valley-based founder of Khosla Ventures.
With 20 investors who have a high tolerance for risk, a combined net worth of $170 billion, and plans to work on a 20-year timeline, Breakthrough Energy Ventures may be in a position to invest in the commercialization of technologies in areas that might not be suited for traditional venture capital. This is one of a range of new funds to tackle climate change, and while most say it could fill gaps in climate change investment, others worry that by seeking out new energy technologies the investors might overlook the breakthroughs that exist today.
About the author
Catherine Cheneycatherinecheney
Catherine Cheney is the Senior Editor for Special Coverage at Devex. She leads the editorial vision of Devex’s news events and editorial coverage of key moments on the global development calendar. Catherine joined Devex as a reporter, focusing on technology and innovation in making progress on the Sustainable Development Goals. Prior to joining Devex, Catherine earned her bachelor’s and master’s degrees from Yale University, and worked as a web producer for POLITICO, a reporter for World Politics Review, and special projects editor at NationSwell. She has reported domestically and internationally for outlets including The Atlantic and the Washington Post. Catherine also works for the Solutions Journalism Network, a non profit organization that supports journalists and news organizations to report on responses to problems.
