Microsoft CorpCo-founder Bill Gates said on Thursday that his climate investment fund would commit $1.5 billion to joint projects with the federal government to combat climate change if Congress approved a bipartisan infrastructure plan to fund clean energy technologies.
The $1.2 trillion infrastructure bill previously passed by the U.S. Senate provides the Department of Energy with $25 billion to demonstrate the feasibility of widespread adoption of clean energy technologies. The money is part of the infrastructure bill's broader investment in plans to reduce greenhouse gas emissions.
Gates' fund, run by his company Breakthrough Energy, will be used for emissions reduction projects within three years. These projects will focus on zero-emission aircraft fuel, long-term energy storage, green hydrogen energy and air capture technology.
While the infrastructure plan appears to have enough bipartisan support to pass the House of Representatives, House Speaker Nancy Pelosi (Nancy Pelosi) has repeatedly stressed that she will not vote on the infrastructure bill until the Senate passes the $3.5 trillion spending bill.
It may take months for Congress to pass both plans.
Gates said in an interview that if the infrastructure plan is not approved, Breakthrough Energy may transfer money from large projects to Europe and Asia.