Bill Gates, Jeff Bezos, Jack Ma, and Mukesh Ambani are among the all-star team of investors who have come together to form the Breakthrough Energy Ventures (BEV) fund. The fund of over $1 billion aims at fighting climate change through investments in innovations in the clean energy sector.
The fund has a 20-year duration, and is a step forward in the Breakthrough Energy Coalition, a group of over 20 billionaire individuals and families unveiled at the UN Climate Change talks in Paris last year. The group’s mission is to fight climate change and global warming through innovation. "Anything that leads to cheap, clean, reliable energy we’re open-minded to," Bill Gates, chairman of the BEV fund told Quartz.
The coalition has already partnered with Mission Innovation, through which over 20 countries and the European Union have pledged to double their clean energy research investment in five years. In order to reduce the emission of greenhouse gases, Gates has noted five challenges that need to be addressed, which include electricity, buildings, manufacturing, transportation, and food, reports Forbes.
Climate change has become an eminent threat. July 2016 was the hottest month recorded since 1880, when recordkeeping of temperature began. 14 of the 15 hottest recorded years have occurred since 2000. The dialogue on climate change is generally restricted to carbon emissions, increasing temperatures, and rising sea levels. The repercussions of climate change, however, include wars, earthquakes, and tsunamis.