Over the course of the last decade, the tech industry has gradually been moving towards clean energy and renewable energy sources to power its operations. Earlier this month, Google announced plans to fully transition to renewable energy by the end of 2017, and most tech giants are expected to follow suit shortly. Now, the topic of green energy recently found itself in the spotlight following Donald Trump's win at the US presidential election. As Trump's platform promotes relying on traditional energy sources and some of his cabinet picks include climate change deniers, many parties expressed concerns regarding the future of global plans to control carbon emissions. Due to that turn of events, Trump's win even prompted some new green energy initiatives. In fact, one such program called Breakthrough Energy Ventures has just been announced earlier today.
Breakthrough Energy Ventures is a private investment fund equipped with capital to make low-risk investments into new technologies designed to provide affordable and carbon-free energy, food, and other products. The fund's main backer is none other than Bill Gates, the co-founder of Microsoft who has been heavily involved in philanthropic and green energy initiatives for the last few decades. In addition to Gates, Breakthrough Energy Ventures is currently backed by 20 high-profile investors from the technology sector like Jack Ma, Hasso Plattner, and Vinod Khosla. In overall, the backers of this fund have a combined net worth of over $170 billion and are planning to invest more than $1 billion in Breakthrough Energy Ventures.
Gates already announced this fund back in late 2015 while speaking at the UN Climate Change Conference in Paris, but Breakthrough Energy Ventures was only made official today. While it's possible Trump's win at the US presidential election prompted Gates and co. to speed up their endeavors, none of them were willing to comment on the President-elect in this context. As for the fund itself, it has already started investing money in clean energy companies and the current plan is to keep this up for the next two decades. In addition to money, Breakthrough Energy Ventures will also invest other resources in companies looking to do business without negatively affecting the environment. While it remains to be seen how this new fund will exactly handle its capital, one thing is certain - Breakthrough Energy Ventures is planning a rather aggressive global push for renewable energy innovation and first results of its endeavors will hopefully emerge in the next few years.