Who: Breakthrough Energy Coalition
Where: Paris, France
What: Launched by global business leaders
When: 30 November 2015
Why: To reduce demand for fossil fuels
Bill Gates led Breakthrough Energy Coalition was formed on 30 November 2015 to reduce demand for fossil fuels. The coalition was launched by global business leaders at the United Nations Climate Change Conference 2015 (COP21) in Paris, France.
It was launched alongside Mission Innovation wherein 20 participating countries pledged to double their clean energy research and development funding by 2020.
Key features of Breakthrough Energy Coalition
• It involves 28 rich and powerful people from different countries across the world.
• It works on five Investment Principles- Invest Early, Invest Broadly, Invest Wisely and Invest Together.
• It will invest in early-stage startups that promise to provide everyone with affordable and reliable energy that produces zero carbon emissions.
• The financial cooperation will also be extended to government-backed green energy research.
• While Bill Gates (Microsoft), Jeff Bezos (Amazon) and Mark Zuckerberg (facebook) are the prime figures in the coalition at the global level, from India, Ratan Tata (Tata Sons) and Mukesh Ambani (Reliance Industries) are the partners in the initiative.