Larry Fink, the CEO and chairman of BlackRock, said in a statement that the transition to a net-zero world is "the shared responsibility of every citizen, corporation, and government," adding that a global energy transition will require $50 trillion.ĭespite what world leaders and CEOs say, the so-called energy transition is not actually happening just yet. He added: "By working with this growing community of private and public partners, Catalyst will take a global view of the energy innovation landscape – the key technologies, leading-edge companies, financing partners, and pivotal policies – and fund the projects that will have the greatest positive impact for our planet." "Catalyst is designed to change that and provide an effective way to invest in our clean technology future." "Half the technology needed to get to zero emissions either doesn't exist yet or is too expensive for much of the world to afford," said the Microsoft co-founder. Gates said in a statement that a "new industrial revolution" is required if the world is going to avoid a climate disaster. The Washington-headquartered firm said the money will be used to fund its "Breakthrough Energy Catalyst," a project launched earlier this year that's aiming to finance, produce, and buy the new solutions that will help underpin a zero-carbon economy. Breakthrough Energy did not immediately respond to a CNBC request for comment. The overall size of the investments was not disclosed but they reportedly amount to over $1 billion.
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