{"id":135390,"date":"2021-08-12T18:11:43","date_gmt":"2021-08-12T18:11:43","guid":{"rendered":"https:\/\/precoinnews.com\/?p=135390"},"modified":"2021-08-12T18:11:43","modified_gmt":"2021-08-12T18:11:43","slug":"bill-gates-pledges-1-5-billion-for-climate-change-projects-if-congress-passes-infrastructure-bill","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/business\/bill-gates-pledges-1-5-billion-for-climate-change-projects-if-congress-passes-infrastructure-bill\/","title":{"rendered":"Bill Gates pledges $1.5 billion for climate change projects if Congress passes infrastructure bill"},"content":{"rendered":"
Microsoft\u00a0co-founder Bill Gates on Thursday said his climate investment fund would pledge $1.5 billion for joint projects with the federal government to combat climate change if Congress passes a bipartisan infrastructure plan that funds clean energy technologies.<\/p>\n
The Senate's $1.2 trillion infrastructure bill, which hasn't yet passed through the House, provides the Department of Energy with $25 billion for projects that demonstrate the viability of clean-energy technologies for widespread adoption. The money is part of the bill's broader investment in programs to reduce greenhouse gas emissions.<\/p>\n
Gates's fund, run by his firm Breakthrough Energy, would spend the money over three years on initiatives to lower emissions. The projects would focus on zero-emissions plane fuel, long-duration energy storage, green hydrogen and direct air capture.<\/p>\n
"If the Infrastructure Investment and Jobs Act\u00a0becomes law, this collaboration will not only send us on a more durable path to net zero, but will create both immediate and long-term jobs in communities across the country," Gates said in a statement.<\/p>\n
Read more of CNBC's politics coverage:<\/p>\n
While the infrastructure plan appears to have enough bipartisan support to pass through the House, Speaker\u00a0Nancy Pelosi, D-Calif., has repeatedly stressed she won't hold a vote on the infrastructure bill until the Senate passes a $3.5 trillion spending bill.<\/p>\n
It could take months for Congress to pass both plans.<\/p>\n
If the infrastructure plan doesn't pass, Breakthrough would likely move the funding for larger projects to\u00a0Europe and Asia, Gates said during an interview with The Wall Street Journal.<\/p>\n
Energy Secretary Jennifer Granholm said in a statement that the pledge from Gates demonstrates how the private sector is prepared to "lead the fight to reduce greenhouse gas emissions and achieve a net-zero economy by 2050."\u00a0<\/p>\n
"These investments will unlock new technologies to position the U.S. as a global leader of the clean energy economy \u2014 creating good-paying jobs for all kinds of workers in all pockets of the country," Granholm said.<\/p>\n