Bill Gates leads $1bn fund against climate change

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London - The world's richest man Bill Gates is leading a $1bn (£800m) fund along with Sir Richard Branson, Amazon's founder Jeff Bezos and Alibaba's founder Jack Ma to invest in green energy. The initiative, Breakthrough Energy Ventures, plans to invest the money over 20 years and says it will take a long-term approach to backing cheap and reliable energy sources, in contrast to many prior investments that have expected returns within a few years. The fund's backers are together worth around £135bn, giving Breakthrough Energy Ventures one of the richest collection of investors in history. They clubbed together to launch a coalition in support of clean energy at last year's Paris climate talks, and the fund's launch on Monday marks the first significant investment from the group. "Our goal is to build companies that will help deliver the next generation of reliable, affordable, and emissions-free energy to the world," Gates said. "I am honored to work along with these investors to build on the powerful foundation of public investment in basic research." The Microsoft founder, with an estimated net worth of £67bn, has dedicated his life to philanthropy since stepping back from the tech company, which he quit as chief executive in 2000 and as chairman in 2014. He has already personally invested in a number of energy ventures. Gates told Quartz: "Anything that leads to cheap, clean, reliable energy we’re open-minded to." It is expected to invest in efficient transportation and storage as well as production.(FA)

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