Bill Gates has launched a £1 billion fund to invest in projects that help tackle climate change.
The money is part of Breakthrough Energy Ventures (BEV), an investor-led fund made up of members of the Breakthrough Energy Coalition which was created last year to support companies that are taking innovative clean energy ideas into the marketplace.
The new fund will be used to invest in technologies that have the potential to reduce greenhouse gas (GHG) emissions by at least half a gigaton and in those with an existing scientific proof of concept that can be meaningfully advanced.
It will also support companies with real potential to attract capital from sources outside of BEV and the broader Breakthrough Energy Coalition.
Mr Gates said the £1 billion fund is just one of many steps on the path to a sustainable energy future.
He added: “We need affordable and reliable energy that doesn’t emit greenhouse gas to power the future and to get it, we need a different model for investing in good ideas and moving them from the lab to the market.
“With patience, flexibility, collaboration and a clear vision backed by meaningful investment, we, the fund’s investors, are confident the world can meet its energy needs in a way that is fair, safe, and sustainable and we’re excited about the role that Breakthrough Energy Ventures will play in that effort.”