American companies such as American Airlines, Microsoft and General Motors have donated a total of one billion dollars (854 million euros) to the Bill Gates initiative. The money will be used to stimulate the development of technologies that should lead to clean energy. Gates’ project is called Breakthrough Energy and focuses, among other things, on green hydrogen and sustainable jet fuel.
These solutions are not cheap enough to use in practice. For example, sustainable jet fuel is still five times more expensive than kerosene. Through this initiative, Gates wants to contribute to achieving the goal of nearly zero greenhouse gas emissions by 2050.
Last month, the United Nations Climate Panel released a disturbing report. According to the researchers, the Earth’s temperature could rise by 1.5 degrees Celsius in the next two decades if strict measures are not taken to reduce greenhouse gas emissions. The Intergovernmental Panel on Climate Change concluded that humanity is undoubtedly responsible for global warming.
Business support comes on the back of US President Joe Biden’s plans to cut carbon dioxide emissions more quickly. Earlier this month, the government announced that aviation must cut greenhouse gas emissions by a fifth by 2030.
Bank of America, steelmaker ArcelorMittal, Boston Consulting Group and asset manager BlackRock also donated money to the Gates initiative.
According to the Microsoft co-founder, a total of about $50 trillion (about 43,000 billion euros) is needed to reduce greenhouse gas emissions worldwide to zero.
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