Microsoft, General Motors, American Airlines join Gates’ energy program
Category: #energy-and-environment  By Pranali Mehta  Date: 2021-09-21
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Microsoft, General Motors, American Airlines join Gates’ energy program

Many U.S. companies, comprising, General Motors, Microsoft Corp, and American Airlines Group Inc, joined the Breakthrough Energy program of Microsoft co-founder Bill Gates, to accelerate the transition to clean energy.

The initiative intends to encourage the development of technologies to attain a net-zero carbon emissions target by 2050. Breakthrough Energy Catalyst (“Catalyst”), a program within the broader Breakthrough Energy network, is a new model for public-private sector partnership to assist in building the foundation of the net-zero economy.

Catalyst brings together governments, philanthropies, businesses, and individuals to invest in significant climate technologies that will help achieve net-zero emissions. The main aim of the program is to raise capital investments for reducing the cost of clean technology.

The program will primarily focus on four important areas: green hydrogen, long-duration energy storage, direct air capture, and sustainable aviation fuel.

Breakthrough Energy mentioned that Bank of America Corp, Boston Consulting Group, steelmaker ArcelorMittal SA, and the philanthropic arm of BlackRock Inc have also joined the program.

It is worth noting that American Airlines stated to have invested USD 100 million in the initiative. Microsoft also invested the same amount recently. The support from U.S. companies comes in a view of President Joe Biden’s plans to speed up carbon-cutting. Earlier this month, the White House stated that it was aiming 20% lower aviation emissions by 2030.

Since Catalyst was introduced at the beginning of this year, it has announced large partnerships with the European Commission and European Investment Bank, and United States Department of Energy.

The recent announcement constitutes the first group of private sector organizations to join the Catalyst community of partners. These partners will contribute to making important investments in early commercial demonstration projects, provide insights on investment and offtake strategies, share views on private sector engagement, and encourage more companies to join Catalyst.

Source Credits:

https://www.moneycontrol.com/news/world/american-airlines-microsoft-join-gates-backed-program-to-boost-clean-energy-7484661.html

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Pranali Mehta

Pranali Mehta    

Pranali Mehta boasts of over three years of experience as a content writer. Having completed her graduation in chemical engineering, she worked as safety & environment associate in a chemical company for a year. Harnessing her passion for writing however, Pranali deci...

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