Early participants in the initiative, dubbed “Catalyst,”
also include American Airlines, Bank of America, BlackRock, Boston Consulting
Group, and Microsoft.
The amount raised so far tops $1 billion and has been given
in the form of grants, shares, and commitments to acquire the technologies
developed, a spokesman for the organisation told AFP.
Launched in June, Catalyst has already forged partnerships
with the European Commission, the European Investment Bank, and the US
Department of Energy.
The idea is to support the development of new energy
solutions to combat climate change by bringing together the public and private
sectors and funding the steps to commercialization. Other companies are
expected to join the initiative.
The project will initially focus on accelerating the
deployment of four technologies: direct carbon capture, green hydrogen,
long-term energy storage, and sustainable aviation fuels.
But it also plans to look at other innovations, to reduce
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 said in a
statement.
“Catalyst is designed to change that and provide an
effective way to invest in our clean technology future,” added the Microsoft
founder-turned-philanthropist.
Several of the companies involved specified in separate
releases the amounts contributed. The foundation of the investment company
BlackRock and Microsoft have each donated $100 million.
American Airlines has pledged $100 million to the program,
while ArcelorMittal has committed $100 million over the next five years through
its XCarb Innovation Fund.
AFP
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