Microsoft co-founder Bill Gates and other investors on Monday pledged $7 billion for research and development of clean energy. Mr. Gates said they hoped to get others to pitch in more in the coming days.
The offer from Mr. Gates and others was part of a larger initiative with world governments that promised to double spending on renewable energy research.
Mr. Gates told reporters that he hoped to see more investors sign on “possibly this week.” The money is being raised by wealthy investors and the University of California.
He, however, warned potential investors that new energy technologies take longer than IT or biotech to launch.
The fund will support a wide range of technologies, Mr. Gates said. “Biofuels, carbon capture, high wind, fission, fusion — we’re unbiased but it has to be clean and possible to scale up cheaply.”
Backers include U.S. President Barack Obama, Facebook founder Mark Zuckerberg, billionaires George Soros and Saudi Prince Alaweed bin Talal, Jack Ma of China’s Alibaba and Indian industrialist Mukesh Ambani.
In another announcement, the United States, Canada and nine European countries pledged nearly $250 million to help the most vulnerable countries adapt to rising seas, droughts and other consequences of climate change. Germany pledged $53 million, the U.S. $51 million and Britain $45 million.
