Offstage, in a barren conference room at the Paris climate talks, Bill Gates excitedly described the possibility of generating energy through the long-speculated process of artificial photosynthesis, using the energy of sunshine to produce liquid hydrocarbons that could challenge the supremacy of fossil fuels.
Gates was in Paris to push his latest bit of entrepreneurial philanthropy: the Breakthrough Energy Coalition, an informal club of 28 private investors from around the world, including several hedge fund billionaires who have agreed to follow his lead and pump seed money into energy research and development. Gates believes the energy sector suffers from a dearth of such funding, the reason much of the world is still burning coal for its power.
A readiness to put another billion dollars of his own money into what is already a roughly billion-dollar portfolio of energy investments was also enough for Gates to convince 20 governments to commit to doubling their own R&D investments within five years.
Facebook CEO Mark Zuckerberg and his wife, recently welcomed a baby girl. And as that announcement was made, the two have pledged to give 99% of their Facebook shares to “join many others in improving this world for the next generation.” Together, the couple’s shares currently amount to $45 billion.
They are forming a new organization, called the Chan Zuckerberg Initiative, that will pursue those goals through a combination of charitable donations, private investment and promotion of government-policy reform.