Search Here

At the opening of Paris Summit, Bill Gates will make the announcement for the creation of multibillion dollar fund for clean energy. The meeting is geared towards forging a global alliance to cut emissions that cause planet warming. The fund, the largest of its kind in the history, will be able to pay for the r & d of new technologies that operate on clean energy. The fund will be generated from philanthropists, billionaires, countries such as United States and other participating nations to increase the budget that will allocated towards clean energy and its research and development, said the people who disclosed the information on the condition of anonymity as they are not allowed to talk about the fund, reported New York Times.

The negotiators are hoping to strike a deal with every participating country to create and enact policies that can reduce the emission of fossil fuels. Co-founder of Microsoft, Bill Gates, is amongst the 100 leaders of the world including President Obama in Paris to be a part of the talks. This announcement was first reported by ClimateWire. No comment has been received from the spokesperson from Bill and Melinda Gates Foundation.

If the meeting is successful, the Paris Summit can be the fundamental shift that is needed to move away from non-renewable resources such as oil, coal and gas to using renewable energy resources such as solar and wind power. However, for successful transition, the technology needs big breakthroughs as well as enormous infrastructural investments by the industry and the government. The developing countries like India, also the third-largest polluter of fossil fuel, has asked for the developed countries to help pay for the transition, either through providing cheap access to new technologies or direct spending, as reported by Indian Express.