Bill Gates leads $1bn clean energy venture fund

Bill Gates leads $1bn clean energy venture fund

The launch of the fund comes at a time when the president-elect of the United States has said "nobody really knows" if climate change is real - however, Trump also said he is "open-minded" about the issue.

Gates said he is absolutely convinced that goals for reducing carbon emissions will be met.

Billionaire ex-hedge fund manager John Arnold is also confirmed as a backer, while the extent of other top business leader's roles in the fund and who are part of Breakthrough Energy's coalition, have yet to be revealed.

The Breakthrough Energy Coalition is a partnership committed to broad investment in new energy technologies.

"It would be a bad injustice to let climate change undo any of the past half-century's progress against poverty and disease - and doubly unfair because the people who will be hurt the most are the ones doing the least to cause the problem", Gates wrote in a July 2015 blog post. Estimates place the total worth of the directors at around $170 billion, and includes big names like Alibaba founder Jack Ma and SAP co-founder Hasso Plattner.

It will focus on areas such as electricity generation and storage, agriculture, transportation, industrial processes, and energy-system efficiency.

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The $1 billion fund is set to have a 20-year lifespan and will not only fund start-ups but will extend to companies that have reached a commercialisation stage, Fortune reports.

He was not entirely pessimistic either about the way forward in the face of Trump's views-he does not believe in man made climate change, calling it a "hoax"-and his slew of appointments of fellow climate change deniers". The Breakthrough Energy Ventures was officially announced on Monday and has a backing from 20 investors. "And I'm sure there will be further conversation", said the founder of the high-tech giant Microsoft.

"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", Gates said in his post.

Japan's SoftBank Group Corp.is the most prominent foreign investor in India's solar energy sector.

BEV will begin investing in startups and companies in 2017.

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