Bill Gates Creating Billion- Dollar Clean Energy Fund

Said to be the largest clean energy partnership in history
By Michael Harthorne,  Newser Staff
Posted Nov 28, 2015 11:59 AM CST
Bill Gates is expected to announce a multibillion-dollar clean energy partnership on Monday   (AP Photo/Mark Lennihan)

(Newser) – Bill Gates is expected to announce the creation of the "world's largest clean energy research and development partnership" at the opening of global climate talks in Paris on Monday, ClimateWire reports. The plan is rumored to put billions upon billions of dollars toward transitioning both developed and developing nations to clean energy, according to the New York Times. Under the partnership, the US and other nations would agree to double the money they spend on clean energy research and development, while billionaires and philanthropies kick in even more funding. The partnership is said to already have the backing of the US, China, India, and more. Reuters has a few more details on the plan, which it reports is called the Clean Tech Initiative and sets a 2020 target for the doubled funding.

In a blog post in July, Gates wrote that transitioning the world to clean technology would allow us to "avoid the worst climate-change scenarios while also lifting people out of poverty, growing food more efficiently, and saving lives by reducing pollution," the Times reports. According to ClimateWire, the announcement of the partnership is expected to give "momentum" to the Paris talks. And the Times notes it could solve a major roadblock to an agreement: Where the money for developing nations to transition to clean energy will come from. ClimateWire reports the US spends about $5 billion per year on clean energy research and development. More than 190 countries are participating in the Paris climate talks, according to Reuters.

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