FINANCE
FINANCE
IN AN ATTEMPT to create what is being described as an “ economic revolution ,” revolving around clean energy , some of the world ’ s most recognizable billionaire entrepreneurs have launched a new investment drive for renewable resources .
The Breakthrough Energy Coalition includes Microsoft co-founder Bill Gates , Facebook co-founder and chief executive Mark Zuckerberg , and Virgin Group head Richard Branson . Other investors include Reid Hoffman , founder of LinkedIn , and Amazon founder Jeff Bezos .
“ The existing system of basic research , clean energy investment , regulatory frameworks , and subsidies fails to sufficiently mobilize investment in truly transformative energy solutions for the future ,” the coalition said in its mission statement . “ We can ’ t wait for the system to change through normal cycles .”
The Breakthrough Energy Coalition , made up of more than 25 investors from 10 countries , was launched in Paris as part of the U . N . climate talks . The coalition is based on the principle that technology will solve our global energy issues and will be a public-private partnership between
governments , research institutions and investors .
The group will mainly invest in early-stage clean energy companies across a range of sectors , such as electricity generation and storage , transportation , and agriculture . The initiative has been announced in conjunction with Mission Innovation — an effort from 21 governments , including Australia , the U . S ., the UK ,
14 February 2016