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Bill Gates leads investors to launch clean tech fund

Bill Gates leads investors to launch clean tech fundMicrosoft co-founder Bill Gates and a group of high-profile executives are investing $1 billion in a fund to spur clean energy technology and address global climate change a year after the Paris climate agreement, Reuters said on Tuesday.

Gates launched the Breakthrough Energy Ventures fund on Monday along with billionaire entrepreneurs such as Facebook head Mark Zuckerberg, Alibaba Group Chairman Jack Ma and Amazon chief Jeff Bezos.

The fund seeks to increase financing of emerging energy research and reduce global greenhouse gas emissions to help meet goals set in Paris, according to a statement by the investor group known as the Breakthrough Energy Coalition.

It marked the first major investment of the coalition formed in December 2015 to spur research, development and deployment of clean energy technologies.

"We need affordable and reliable energy that doesn’t emit greenhouse gas to power the future and to get it, we need a different model for investing in good ideas and moving them from the lab to the market," Gates told online magazine Quartz.

Last year Gates helped launch a public-private partnership focused on scaling up investment in new and riskier clean technology that often faces steep hurdles to commercialization.
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