Some of Silicon Valley’s biggest names joined Microsoft found Bill Gates Monday in pledging to pour their money into ground-breaking energy technologies that can fight global warming. Gates’ Breakthrough Energy Coalition, announced Monday at the climate talks in Paris, will fund promising technologies that most financiers consider too risky to touch. Working in tandem with government-funded labs here and abroad, coalition members will try to take researchers’ ideas — in energy generation, storage and transportation — and bring them to the marketplace. Any idea that can help bring reliable and cheap energy to the world without adding greenhouse gases to the atmosphere is fair game. “We need the basic research, but we need to pair that with the people who are willing to fund high-risk, breakthrough energy companies,” Gates said, in a video posted on his blog. Hewlett-Packard CEO and former Republican gubernatorial candidate Meg Whitman has joined as well. California law, for example, mandates that 50 percent of the state’s electricity come from renewable sources by the end of 2030, leading to a boom in the construction of wind farms and large solar power plants. [...] the system also hosts three national energy laboratories, meaning it could benefit from increased government funding as well. [...] the Bay Area is home to a thriving clean-tech industry, including some companies that received funding from Obama’s green jobs push during the recession. Tesla now builds luxury electric cars about 3 miles from Solyndra’s former factory while leasing another building used by the failed solar startup. Venture capitalists, for a time, showed enthusiasm for alternative energy startups. [...] while worldwide investment in clean energy has grown in recent years, venture capital funding for young companies has suffered.
How The Bay Area Could Benefit From Bill Gates’ Climate Pledge
By David R. Baker, San Francisco Chronicle: Business
Mon, 11/30/2015 - 6:19pm
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