(3BL Media/Justmeans) ? To keep the world within a 2?C rise in global temperatures ? the level necessary to avoid irreversible and catastrophic climate change ? between two-thirds and four-fifths of existing fossil fuel reserves must remain in the ground. Bill Gates has often pointed out to the urgent need for ?high risk? investments in breakthrough technologies to meet this challenge. He recently said that a ?miracle? on the level of the invention of the automobile was necessary to avoid a climate catastrophe.
To back up his commitment to innovation in green energy technologies, Gates is doubling his investment in cutting-edge renewable technology initiatives to $2 billion over the next five years. He is already investing, both directly and indirectly, in 45 early-stage companies that are working on battery storage, next-generation nuclear, solar-chemical power, high-wind power, and free air carbon capture.
Gates? announcement comes as Christiana Figueres, who is leading the UN?s climate change negotiations, has written to the chief executives of six major oil and gas companies ? Shell, BP, Eni, Statoil, Total and the BG Group ? asking them to show more ambition and thanking them for supporting this December?s landmark climate change conference. These six energy companies have issued a call to make gas and a strong carbon price a core part of global efforts to tackle climate change.
The Bill and Melinda Gates Foundation, led by Gates and his wife, is the world?s largest charitable foundation. Gates believes that the onus falls on the government to spur greater innovation. According to him, investment in green technology should be like the Manhattan Project and the Apollo Project, in the sense that the government should invest a serious amount of money in R&D.
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