Handshakes of billionaires to rescue humankind from 2017

Numerous top billionaires like Bill Gates, Jeff Bezos and Jack Ma are working together to set up a fund to develop clean energy to combat climate change.

The Breakthrough Energy Venture Fund (BEV), with a total investment of more than $ 1 billion, was founded by Bill Gates and many other billionaires are expected to start implementing projects in 2017. This fund is set up to invest on technology projects that help reduce greenhouse gas emissions, techniques to effectively store, transmit, produce energy and not pollute the environment.

"We are interested in all the cheap, pollution-free and reliable sources of energy," said Mr Gates as BEV's president.

BEV's board of directors includes a number of celebrities such as Alibaba founder Jack Ma, Mukesh Ambani chairman of Reliance Industries, Vinod Khosla investor . Total asset value of insiders Board of directors up to $ 170 billion according to estimates by Bloomberg and Forbes.

Bill Gates and Jeff Bezos.

In 2015, billions of Gates announced that they would invest more than $ 1 billion in clean energy and that he and about 28 other well-known billionaires joined the energy development coalition (BEC) . The move to establish the BEV fund is just a step forward to concretize this program.

Microsoft founder said he was quite surprised when the development of technical technology did not pay much attention to clean energy. However, this situation is quite understandable when investments in this segment are not profitable. A recent study found that venture capital funds spent $ 25 billion between 2006-2011 for clean energy projects and lost more than half of their capital but did not have satisfactory results.

According to Gates founder, investing in clean energy takes more time than other investments. The current energy market is extremely large and the investment returns for the future are extremely potential. The BEV fund estimates that the global energy market is currently worth about $ 6 trillion and energy demand will rise by one third by 2040.

Earlier, billionaire Gates had invested in a series of energy-related technology projects. Recently, Mr. Gates and billionaire Jack Ma also held a meeting at Seattle's Four Season Hotel with a series of leading billionaires to discuss how to operate the BEV fund.

In BEV's list of the original 20 investors, a series of prestigious characters have appeared, such as Prince Alwaleed bin Talal of Kingdom Holding, Amazon's founder Jeff Bezos, millionaire Richard Branson of Virgin or the Masayoshi Son of SoftBank bank .

BEV fund is currently recruiting fund managers and Mr. Gates expects the fund will start operating next year.