We need a new industrial revolution

“Avoiding a climate disaster will require a new industrial revolution. We need to make the technologies and products that don’t cause emissions as cheap as those that do, reducing what I call Green Premiums, so the whole world can afford them and reach our climate goals,” Bill Gates

Bill Gates has pledged $1.5 billion through his climate investment fund Breakthrough Energy* for joint projects with the U.S. government, if Congress enacts a program aimed at developing technologies that lower carbon emissions. The program forms part of the $1 trillion infrastructure bill which was passed by the Senate last week. The legislation sailed through the Senate (with 19 republicans joining all 50 Democrats to pass the bill 69 to 30), but is yet to face the House.

Breakthrough projects, will have to compete with other applicants for the funds, but could include technologies that suck carbon dioxide out of the air or emissions-free fuel for planes.

The pledge demonstrates how private and public sector partnerships can accelerate change and the power of business leaders to influence key policies, which will be critical to achieving the goal of net zero by 2050.

*Breakthrough Energy was founded by Bill Gates in 2015 and is a coalition of private investors who supports the innovations that will lead the world to net-zero.