June 29 (SeeNews) - American business magnate Bill Gates intends to invest some USD 2 billion (EUR 1.8bn) in renewable energy over the next five years, thus doubling the total sum he has spent on green technologies so far.
The co-founder of Microsoft said so in an interview with the Financial Times, adding that the renewable energy industry needs to focus on innovation because current technologies can lower global carbon dioxide (CO2) emissions at just a “beyond astronomical” economic cost.
Gates also called on governments to set aside more resources from subsidising renewable energy into basic research and development (R&D). Currently, governments are allocating just about USD 6 billion per year for investments in green R&D and this amount should be increased three times, according to him.
The billionaire has so far invested in dozens of early-stage green technology developers. His biggest single commitment is in US firm TerraPower, which has developed a nuclear reactor that runs on enriched uranium rather than depleted uranium or, in other words, the waste from today’s plants. Gates has also backed “solar chemical” power, high-altitude wind power and battery storage technologies.
(USD 1.0 = EUR 0.903)