December 13th, 2016
Bill Gates, Jeff Bezos, and a consortium of high-profile investors are backing a new $1 billion (£790 million) venture fund that will invest in clean energy technology.
It’s called Breakthrough Energy Ventures (BEV), and it has a broad focus. “Anything that leads to cheap, clean, reliable energy we’re open-minded to,” Gates told Quartz
Alongside the Microsoft-cofounder-turned-philanthropist and the Amazon CEO, there is an array of top investors and industry leaders backing it — including Virgin’s Richard Branson, Bridgewater Associate’s Ray Dalio, John Doerr from Kleiner Perkins, LinkedIn cofounder Reid Hoffman, Vinod Khosla of Khosla Ventures, Alibaba exec chairman Jack Ma, Facebook cofounder-turned-investor Dustin Moskovitz, and Softbank CEO Masayoshi Son.
In short: There are some seriously big names behind it. Quartz suggests that, with the group’s combined total wealth of $170 billion, it could be the “richest group of investors ever assembled.”
It’s dedicated to investing in green and clean energy technologies, to try and tackle the threat of climate change and move humanity onto renewable energy sources.
Sign up for a free edition of our weekly newsletter to have sector news, views and resources delivered straight to your inbox.
In conversation with Nicole Richards at the Philanthropy Meets Parliament Summit, Daniel Lee shared his insights on topics including the role of philanthropy as a driver of systems change which addresses root causes of social challenges, the relationship between philanthropy and government and what the new political environment in the United States means for philanthropy.