Gates raises US$1bil as corporate CEOs join race to scale clean tech

Gates, who has estimated the cost of reaching net-zero emissions at US$50 trillion (RM209 trillion), is hoping his program becomes a model for public-private cooperation to address the threat of climate change. — AFP

Bill Gates raised more than US$1bil (RM4bil) in corporate funding for Breakthrough Energy Catalyst, drawing on BlackRock Inc’s Larry Fink and Microsoft Corp’s Satya Nadella to rally support for some of the world’s most demanding clean-energy projects.

BlackRock is making a five-year, US$100mil (RM419mil) grant from its charitable foundation. Microsoft and the other backers – General Motors Co, Bank of America Corp, American Airlines Group Inc, Boston Consulting Group and ArcelorMittal SA – are providing a mix of equity capital and so-called offtakes, or purchase agreements tied to the projects.