The New York Times reports, “Bill Gates Expected to Create Billion-Dollar Fund for Clean Energy.”
Bill Gates will announce the creation of a multibillion-dollar clean energy fund on Monday at the opening of a Paris summit meeting intended to forge a global accord to cut planet-warming emissions, according to people with knowledge of the plans.
The fund, which one of the people described as the largest such effort in history, is meant to pay for research and development of new clean-energy technologies. It will include contributions from other billionaires and philanthropies, as well as a commitment by the United States and other participating nations to double their budget for clean energy research and development, according to the people with knowledge of the plans, who asked not to be identified because they were not authorized to discuss the fund.
The announcement of the fund, which has the joint backing of the governments of the United States, China, India and other countries, the people said, is intended to give momentum to the two-week Paris climate talks.
Negotiators hope to strike a deal committing every nation to enacting policies to reduce fossil fuel emissions. Mr. Gates, co-founder of Microsoft, will join more than 100 world leaders, including President Obama, in Paris on Monday to begin the talks.
I don’t care how rich you think Bill Gates is, the amount he can contribute to this fund has got to be a pittance compared to the “backing of the governments of the United States, China, India, and other countries.” In the case of India, the story indicates that they expect to receive money rather than spend it. The U.S. and other developed countries will be providing most of the money.
The amount mentioned coming from developed countries is $100 billion a year.
This summer, Mr. Gates pledged to spend $1 billion of his personal fortune on researching and deploying clean energy technology, but the people with knowledge of his plans said the new fund would include larger commitments.
I’ll believe it when I see it. But, at best, it isn’t going to amount to a percentage point for a year or two of that $100 billion total. The U.S. tax payer is going to be billed for most of it.
At the same time, Americans will be forced to pay higher energy prices.