It seems that private wealth is forging its own path to a zero-emission future independent of state incentives, thanks to the development of Breakthrough Energy Ventures (BEV) led by Bill Gates.
The i published the article today (14/12/16) summarised the plan of the 23 investors involved, including Richard Branson (Virgin) and Jeff Bezos (Amazon), both of which are already involved in projects promoting technological sustainability. Branson launched the Virgin Earth Challenge competition in 2007 to stimulate development of carbon removal technologies, whilst Bezos founded Blue Origin, paving the way for reusable spaceflight technology alongside Elon Musk's SpaceX.
The plan is to invest more than $1 billion dollars into five branches of research, including electricity, transportation, agriculture, manufacturing and buildings. Ultimately, the aim of BEV is to improve methods of producing, transmitting and storing low-carbon electricity, develop effective carbon-free modes of transportation and grow enough food sustainably for a rapidly growing population.
Perhaps I was wrong to think that state investment was the only way to initiate real progress towards net-zero emissions. Could it be that capitalism is the solution as well as the problem? There is no doubt that climate change is uncovering new realms of economic profitability. With increasing public interest in climate issues and consumer demand for technology, it seems the trendy world of tech is listening and ready to deliver...
interesting! I would love to know that my favorite apps are doing their part in facing climate change.
ReplyDeleteSometime we only focus on what the governments are doing but we forget other great players as this huge companies.
I agree, Berny! Money is power, and governments are broke. Capitalism inspires change, and it is in the position of power to influence change for the good.
DeleteI agree too. With some big political changes in the US and UK on the way, their respective research programmes will also change, led by new policy. There will likely be different winners and losers for the new funding pots, so yes, private sector investment is going to be more important for those areas looking for alternatives to government funding for research. There's an interesting space that lies in bridging this gap through public/private partnerships or Multi-Sectoral Partnerships which is also an area that I think we'll see some real progress in the coming years.
ReplyDeleteGreat point, it looks like the climate change funding pots may well be the losers as it stands. The UN also seems keen on promoting multisectoral partnerships, will be interesting to see where it goes...
DeleteVery interesting Martha! With such pioneers getting on board who are not particularly associated with these areas of investment, I'm curious to see if they bring a new angle to green technologies
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