FINANCE
FINANCE
middle of this century than it does today ; however , this is still problematic because most of this energy will be derived from fossil fuels such as coal and oil .
“ The renewable technologies we have today , like wind and solar , have made a lot of progress and could be one path to a zero-carbon energy future ,” said Gates . “ But given the scale of the challenge , we need to be exploring many different paths — and that means we also need to invent new approaches . Private companies will ultimately develop these energy breakthroughs , but their work will rely on the kind of basic research that only governments can fund . Both have a role to play .”
Zuckerberg believes the ongoing process toward achieving sustainable energy is too slow , while Branson added : “ We must produce an abundance of clean , renewable energy and drive further innovation to make the next generation of energy more efficient . It will benefit the environment , our society , and the economy .”
Meanwhile , Hoffman said efforts to transform energy sources have struggled because they require collaboration between private and public sectors .
“ The swords that cut this Gordian knot : breakthrough technologies built and deployed by entrepreneurial companies with global scope ,” he said . “ Making the right investments in the right innovations now is essential to solving this energy challenge for current and future generations across the planet .”
The group hasn ’ t yet put a total dollar amount on its level of investment , but acknowledged it will be focusing its resources on government-funded innovation that comes from countries involved in the Mission Innovation initiative .
Global investment in clean energy rose to US $ 270 billion last year , which is the first significant increase after a three-year lull in investment . China led the way with $ 89 billion in new money for renewables , followed by the U . S . at $ 51 billion .
The tumbling costs of renewables — solar , for example , has fallen by 70 per cent since 2009 — has helped increase installation , although experts have warned that dependency upon fossil fuels will need to be wound back more quickly if the world is to avoid
16 February 2016