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Monday, November 30, 2015

Bill Gates to announce the creation of Billion-Dollar Fund for Clean Energy at Paris Summit


Bill Gates will announce the creation of a multibillion-dollar clean-energy fund today at the opening of a Paris summit 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 sources 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, and a commitment by the United States to double its budget for clean-energy research and development, according to the sources, who asked not to be identified.

The announcement of the fund, which has the joint backing of the governments of the United States, China, India and other countries, the sources 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. Gates, co-founder of Microsoft, will join more than 100 world leaders, including President Obama, in Paris on Monday to begin the talks.

The pending announcement was first reported by ClimateWire, an online news organization. A spokesman for the Bill & Melinda Gates Foundation did not respond to a request for comment.

If successful, the Paris meeting could spur a fundamental shift away from the use of oil, coal and gas to the use of renewable-energy sources such as wind and solar power. But that transition would require major breakthroughs in technology and huge infrastructure investments by governments and industry.

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