Some of the richest people in the world have pledged a collective $2 billion to the Breakthrough Energy Coalition, which aims to eliminate the cost premium for eliminating carbon emissions.
The group, which is comprised of 27 private investors and the University of California, is being led by Microsoft co-founder Bill Gates, according to Bloomberg. Other investors include Nigerian Aliko Dangote (who the story says is Africa’s richest man), Jack Ma of Alibaba Group Holding Ltd. and Hewlett Packard CEO Meg Whitman.
The story says that the group will collaborate with the U.S., India, Saudi Arabia, China, Chile, the U.K. and 14 other countries. The initiative was announced on the opening day of the United Nations climate change talks in Paris.
PV-Tech reports that India is establishing a US$1 billion private equity fund that initially will be seeded by government companies. The government, the story says, also plans to create a clean energy fund that will collect US$4 billion annually for three or four years.