Bill Gates Invests $1.5 Billion in Public-Private Partnership for Climate Technology

(Photo by The New York Times)

[Asia Economy Reporter Yujin Cho] Bill Gates, the founder of Microsoft (MS), is investing $1.5 billion (approximately 1.75 trillion KRW) in a public-private partnership project with the U.S. government, the Wall Street Journal (WSJ) reported on the 12th (local time).

This investment will be allocated to projects aimed at developing eco-friendly technologies that reduce carbon emissions, as part of the recently passed $1 trillion infrastructure budget in the Senate. These projects include hydrogen fuel, eco-friendly aviation fuel, and carbon capture technology development.

Under the infrastructure budget prioritized by U.S. President Joe Biden, the U.S. Department of Energy plans to raise $25 billion through public-private partnerships, which is part of the $100 billion budget for climate change response.

In an interview with WSJ, Gates explained that the fund managed by the climate change investment fund 'Breakthrough Energy' could provide funding for projects aimed at reducing greenhouse gas emissions over the next three years.

He said, "The important thing in all these climate technologies is to reduce costs and scale up significantly," adding that if the infrastructure bill does not pass, he plans to invest in large-scale projects in Europe and Asia instead.

Gates also expressed hope that the $1.5 billion he is contributing, in addition to the federal government budget, could attract up to $15 billion from other investors.

The newspaper reported that this is not the first time public-private partnerships have been used to commercialize early-stage energy technologies. The activation of the U.S. nuclear energy industry in the mid-20th century is a precedent.

Earlier, the U.S. Senate passed the infrastructure budget on the 10th with 69 votes in favor and 30 against. The budget passed this time is part of the $4 trillion infrastructure budget requested by President Biden to Congress.

As the Republican Party strongly opposed the increase in national debt, the budget only includes items such as roads, water supply, broadband, and electricity, which the Republicans have agreed are necessary, totaling about $1.2 trillion. The budget must also pass the House of Representatives, where the Democrats hold the majority, before it can be signed by the President and enacted.

This content was produced with the assistance of AI translation services.