Bill Gates will today announce the launch of a $1bn patient capital fund dedicated to investing in clean energy and fighting climate change.
The Breakthrough Energy Ventures fund will only charge operational costs in its fees and will invest in technologies that reduce carbon emissions, Quartz reports.
This will include electricity generation and storage, transportation, industrial processes, agriculture, and energy-system efficiency. It will have a 20-year duration.
The Microsoft co-founder will be the chairman of the new fund and will be joined on the board of the fund by Alibaba founder Jack Ma, SAP co-founder Hasso Plattner, among others. Quartz estimates the total net worth of directors is $170bn.
Initial investors in the fund also represent some of the most powerful names in business, including Amazon’s Jeff Bezos and Virgin’s Richard Branson.
The California-based venture could launch further funds.