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One billion dollars raised for clean energy by Bill Gates

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One billion dollars have been raised for clean energy by Bill Gates. Breakthrough Energy, a nonprofit group led by Bill Gates, announced that it raised $1 billion for clean energy from major companies including General Motors and ArcelorMittal.

American Airlines, Bank of America, BlackRock, Boston Consulting Group, and Microsoft are among the early participants in the initiative, dubbed “Catalyst.”

A spokesman for the organization told international news agency AFP that money has been raised in several ways, including grants, stock, and market commitments for acquiring the technology.

Catalyst was established in June and has already forged partnerships with the European Commission, the European Investment Bank, and the Department of Energy of the United States.

By bringing together public and private sectors and funding the steps to commercialization, the idea is to support the development of new energy solutions for combating climate change. The initiative is expected to be joined by other companies.

As part of the project, four technologies will be accelerated: direct carbon capture, green hydrogen, long-term energy storage, and sustainable aviation fuel. However, it is also planning to explore other innovations, such as reducing the carbon impact of steel and cement, for example.

“Avoiding a climate disaster will require a new industrial revolution. Half the technology needed to get to zero emissions either doesn’t exist yet or is too expensive for much of the world to afford,” Gates commented.

“Catalyst is designed to change that and provide an effective way to invest in our clean technology future,” said Microsoft founder Bill Gates.

In separate press releases, several companies outlined how much they contributed. A $100 million donation each was made by the foundations of BlackRock and Microsoft.

The program has been backed by American Airlines and ArcelorMittal, which both pledged $100 million over the next five years for their XCarb Innovation Funds.

Omar Abdulla - Content Developer at TECHx - techxmedia

This story is attributed to Omar Abdulla, Content Developer at TECHx

Omar Abdulla is a university student with a passion for business, artificial intelligence, and technology. He is also knowledgeable about digital marketing, content creation, financial management, and coding. Omar is a team player, an active thinker, and an open-minded guy who approaches work with a problem-solving attitude. He possesses technical skills in programming and design.

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