Breakthrough Energy Catalyst (BEC), a fund financed by billionaire Bill Gates and a number of prominent individuals and companies has shared its plans to invest around $15 billion in several climate technologies.
Chief among them are Direct Air Capture, which removes carbon dioxide from the air and stores it underground, as well as green hydrogen, which is hydrogen produced from renewable energy sources.
BEC will also provide “last-mile” funds for long-duration storage and sustainable aviation fuel projects which have been receiving significant investments recently, as aviation and energy companies look for ways to reduce their carbon footprints, while still maitaining their profit margins.
The Bill Gates fund has currently raised $1.5 billion in financing from both private and charities, but its managing director Jonah Goldman shared that the ultimate goal is to invest 10 times the current amount.
The funds will predominantly go to projects in developed economies with support already provided from the Department of Energy in the US and the European Commission.
Relevant: Carbon Capture Technology Boosted By Bill Gates And EU Partnership
BEC will focus on solutions that will provide the building blocks of a low carbon economy and will support projects that aim to scale after their initial research and proof of concept phases.
Investment will take various shapes with donations, equity investments and offtake agreements all on the table.
Among the backers of fund are Microsoft, Blackrock, American Airlines, Bank of America and General Motors.
Blackrock CEO Larry Fink has previously said that “the next 1,000 unicorns” will come from climate tech”.
Read more: Climate Tech To Provide Next 1,000 Unicorns – Blackrock CEO
