Bill Gates initiates multibillion-dollar clean tech research

  • Bill Gates is set to launch a multi-billion-dollar clean energy research dubbed Clean Tech Drive
  • The initiative is in partnership with heads of states
  • This will be launched in time for the opening of the UN climate change summit in Paris

Microsoft co-founder Bill Gates is set to launch a multi-billion-dollar clean energy research and development initiative with heads of state; in time for the opening day of the U.N. climate change summit in Paris.

In a published article on InterAksyon, it was disclosed that Gates and a group of developing and developed countries will launch the Clean Tech Initiative, in which countries will commit to doubling their clean energy technology research and development budgets by 2020 and private investors will boost their own investments in the sector.

The initiative is aimed to combat climate change by accessing to clean energy technology via global agreement in which more than 190 countries will negotiate a new pact in Paris from Nov. 30 to Dec. 11 at the 21st U.N. Conference of the Parties summit.

Countries like France, the United States, India, South Korea, Indonesia, Saudi Arabia, Australia, Canada and Norway have earlier expressed their intention to join.

Based on the agenda, Gates will join Indian Prime Minister Narendra Modi, U.S. President Barack Obama and French President Francois Hollande to announce the initiative on the opening day of the two-week summit.

As for India, the world’s third largest greenhouse gas emitter, access to clean energy technology is at the forefront of its national strategy to combat climate change.

Developed countries need to help poorer countries gain access to renewable energy or zero-emission technologies by helping reduce costs and removing barriers such as intellectual property rights, India officials earlier argued.

Meanwhile, Gates earlier pledged $2 billion of his personal wealth over the next five years to “bend the curve” on climate change.

In July, he posted on social media that more breakthrough technologies are needed to combat climate change and that current technologies reduce emissions at a cost that is “beyond astronomical.”

Accelerating government funding for clean energy research and development is crucial to attracting private investment, he noted.