Latest news with #BreakthroughEnergy
Yahoo
5 days ago
- Business
- Yahoo
Bill Gates comes to Utah to help Sen. Curtis in his efforts to preserve clean energy
WASHINGTON — As Sen. John Curtis, R-Utah, pushes to preserve clean energy tax credits and boost domestic energy production, the junior Utah senator is getting an assist from a well-known figure: Bill Gates. Curtis met with Gates in the Beehive State last week as the pair toured Cape Station, a newly developed geothermal site run by energy company Fervo Energy in southwest Utah. The visit came at a crucial time: While Republicans look to enhance energy production, many federal tax credits incentivizing alternative resources are on the chopping block in President Donald Trump's tax bill. 'Utah is at the forefront of energy innovation, and the Cape Station Geothermal project in Beaver is a powerful example of that progress,' Curtis said in a statement. 'I believe America's energy future can be affordable, reliable, and clean—and geothermal will be a critical part of making that vision a reality." Fervo Energy, a green energy supplier based in Houston, is pouring more than $2 billion into the rural Utah site for what is expected to become the world's largest enhanced geothermal project. The undertaking is being backed by Breakthrough Energy, which was founded by Gates in 2015 to boost sustainable energy production. 'Enhanced geothermal is one of the most promising solutions for delivering reliable, low-carbon power, especially as demand for affordable energy grows,' Gates said in a press release. 'Breakthrough Energy Ventures invested in Fervo early because we believed in this vision, and it's exciting to see that potential becoming reality here in Utah.' The geothermal site is expected to become fully operational by 2028 — although that timeline could be delayed if Republicans in Congress vote to repeal clean energy tax credits established by the Biden administration. Without those subsidies, which incentivize clean energy production, completing the geothermal project could be punted to the next decade. 'The difference is, will we bring gigawatts on the grid this decade or will it be next decade?' Tim Lattimer, CEO and co-founder of Fervo Energy, told the Wall Street Journal, which was the first to report on the trip. 'And that's what the tax credits mean.' Gates has long pushed for deeper investments in geothermal energy, arguing federal support is necessary to keep production costs affordable to produce the alternative energy source. Much of that support comes from credits in the Inflation Reduction Act, former President Joe Biden's signature clean energy bill. The IRA created significant tax credits for renewable energy projects such as solar, wind and geothermal. These Investment Tax Credits are meant to incentivize households and businesses to install renewable energy systems by allowing them to deduct a percentage of the cost from federal taxes. Cape Station has benefited from those tax credits, lowering its operational costs over the last two years since its inception. However, some Republicans and conservative organizations argue the federal subsidies actually raise prices while reducing the reliability of power systems. As a result, several Republicans are pushing to repeal the law in full as part of Trump's massive tax reconciliation package making its way through Congress. Curtis is among those pushing to preserve some of those policies, particularly those dealing with nuclear energy, net-zero emissions, battery storage and geothermal. The first-term senator has long centered his climate policies on clean energy solutions, suggesting last week he will push for those changes as the Senate considers the bill. Geothermal energy is a rare renewable energy source that has garnered bipartisan support over the last several years. Unlike wind and solar energy, which Republicans have often criticized as being unreliable, geothermal energy can generate constant power. Most of the resources necessary to produce geothermal energy are located on federal land, prompting Republicans and Democrats to team up on legislation expanding access to those resources. The Senate is set to vote on the reconciliation package in the coming weeks, with Republican leaders pushing to get the bill to Trump's desk before the Fourth of July.
Wall Street Journal
5 days ago
- Business
- Wall Street Journal
Bill Gates Is Backing This Geothermal Company. Will Trump's Republicans?
CAPE STATION, Utah—After a day touring Fervo Energy's geothermal site, Bill Gates reached a conclusion: 'It's pretty mind-blowing.' Whether Senate Republicans agree will largely determine how fast one of the most promising sources of energy is developed. In southern Utah, Houston-based Fervo is spending more than $2 billion to build what it says is the world's largest enhanced geothermal project. The enterprise, backed by Gates's climate-tech venture-capital firm Breakthrough Energy Ventures, harnesses technological advances pioneered by oil and gas drillers to tap in to underground heat.
Globe and Mail
27-05-2025
- Business
- Globe and Mail
The Climate Solutions Prize Festival Returns to Montreal to Accelerate Global Climate Innovation
Canada's Premier Climate Festival Will Spotlight a Global Community of Climate Innovators and Industry Leaders on June 17-18 in Montreal . MONTREAL , May 27, 2025 /CNW/ - The Climate Solutions Prize Festival, Canada's largest climate innovation award and event and a growing global platform for breakthrough technologies, returns to Montréal on June 17–18, 2025, at the iconic Marché Bonsecours . The two-day Festival will bring together more than 1,500 participants, including startups, researchers, investors, and policymakers from around the world, to highlight the most promising environmental technologies and bold solutions. "Our mission is to accelerate breakthroughs by connecting the brightest minds in science, technology, and business with the funding, mentorship, and networks they need to turn bold ideas into real-world solutions. In just three years, the Climate Solutions Prize Festival has grown from a Québec-based initiative with $300,000 in prize funding to a national platform offering $1.75 million in awards and a global stage for climate innovation," said Galith Levy, Co-founder and CEO of the Climate Solutions Prize. Featured Speakers Include : Fred Lalonde, Co-founder Deep Sky, Co-founder & CEO Hopper Michael Sonnenfeld , Founder and Chairman, TIGER 21 Catherine Bérubé, Partner at Cycle Capital and Chair of the Board at Cycle Momentum Mario Fernandez , Vice President, Head of Catalyst, Breakthrough Energy David Babson , Executive Vice President, Climate & Energy, XPRIZE Foundation Natalie Voland , President, Chief Vision Officer, GI Quo Vadis Rob Johnson , Senior Vice President, Sustainability, Seattle Kraken/Climate Pledge Arena Benjamin Kafri , Global Head of Innovation and Key Stakeholders, BloombergNEF Simon Olivier , Head of Cycle H2O Water Fund, Cycle H2O Water Fund For a full list of speakers, click here. Six Innovation Tracks Driving Real-World Impact The 2025 program will feature keynotes, panels, and pitch competitions across six critical innovation areas dedicated to accelerating climate action: Agricultural Technology, Built Environment (Real Estate), Carbon Removal, Energy Transition, Changemakers/From Lab to Market, and Water H2O. Breaking Barriers to Climate Innovation "We know that risk is often the greatest barrier for startups and researchers working on breakthrough technologies. Through our prizes and ecosystem of support, we're helping to de-risk and accelerate the path from idea to market, enabling innovators to push the boundaries of what's possible," said Levy. As the climate crisis intensifies, traditional funding models often fail to keep up with the urgency and scale of innovation required. Climate Solutions Prize Festival is rethinking this approach, creating a platform where purpose-driven innovation can thrive, accelerate, and scale across Canada and beyond. The 2025 Climate Solutions Prize Festival Will Award Prizes Across Multiple Categories: 2025 Breakthrough Research Prize 2025 Climate Startup Prize by Cycle Momentum 2025 Climate Tech Trailblazer Prize 2025 Canadian Student Entrepreneur Innovation Prize Canadian Energy Innovator Prize Powered by AtkinsRéalis! Each prize is designed to recognize and fast-track the most promising technologies, research, and innovators advancing real-world climate solutions. About the Climate Solutions Prize Founded in 2020, the Climate Solutions Prize (CSP) was created to serve as a catalyst for climate action by accelerating innovation, investment, and collaboration. Through its annual flagship event, the Climate Solutions Prize Festival brings together innovators, investors, academics, policymakers, and industry leaders to spotlight and scale breakthrough environmental technologies and solutions — creating a nexus between innovation and investment to accelerate a sustainable climate future.
Geek Wire
15-05-2025
- Business
- Geek Wire
Bill Gates' pledge to give 99% of wealth to global health foundation could leave climate in the cold
Sustainability: News about the rapidly growing climate tech sector and other areas of innovation to protect our planet. SEE MORE Bill Gates and Rodi Guidero, executive director of Breakthrough Energy, speak at the Breakthrough Energy Summit in Seattle on Oct. 18, 2022. (GeekWire Photo / Lisa Stiffler) Bill Gates' announcement last week that he would give 99% of his wealth to the Gates Foundation was a shot in the arm to the philanthropy's focal areas of global health, educational access and agriculture. But to some proponents of climate action, it felt like a slap in the face. For the past decade, the Microsoft co-founder has been publicly championing climate issues. He published the book 'How to Avoid a Climate Disaster.' He led the creation of Breakthrough Energy Ventures, a climate tech investment fund that coalesced support from ultra-wealthy investors worldwide. That effort grew into the Seattle-based Breakthrough Energy umbrella organization, which has hosted two climate conferences featuring global leaders, most recently in London last year. Global warming was among Gates' priorities, stoking enthusiasm and drawing interest to the planet's existential crisis as carbon emissions and temperatures keep climbing. Recently, his interest seems to have cooled a little. Earlier this year, Breakthrough Energy scrapped its U.S. climate policy team, its European team and employees working in partnership with other climate groups, as reported by The New York Times in March. A week ago, Gates shared that nearly all of his wealth — roughly $112 billion — would be donated over the next 20 years to the Gates Foundation, which will sunset in 2045. 'There is no way to read this but as negative,' said Susan Su, a Seattle-based climate investment partner at Toba Capital. Over the past three years, the deployment of low-carbon technologies has accelerated in the U.S. and elsewhere, addressing power production, transportation, infrastructure and other parts of the economy. Biden administration programs unleashed billions of dollars for innovation and clean energy jobs, and investors ponied up for new technologies. Charting Bill Gates' fortune, which he plans largely to give to his foundation. (Gates Foundation) Once President Trump took office in January, his team quickly began dismantling those efforts and shutting down longstanding programs for tracking, preventing or responding to climate change. The near elimination of U.S. government support makes overall progress on climate a much heavier lift. And while it's perhaps unreasonable to expect Gates to be a prominent catalyst on both global health and climate, his apparent step back nonetheless creates a gaping leadership vacuum. Su notes that the shift is particularly difficult given he hasn't provided a public explanation for the downsizing of his climate efforts. Important, impactful climate work definitely is 'still happening,' Su said, but the impression that Gates is less involved 'really hurts the ecosystem.' Anay Shah, co-founder and general partner for the climate investment firm Stepchange, is keeping the door open to Gates' climate engagement while acknowledging the significance of the foundation's news. 'If the [Gates] Foundation is going to be his major vehicle it seems less likely that we'd see a massive scale up in climate funding in the immediate future,' Shah said by email. 'The counter argument,' he continued, 'is climate affects everything, so indirectly he will continue to be addressing those issues.' A spokesperson for Breakthrough Energy told GeekWire in March that Gates' work will continue in climate. 'Bill Gates remains as committed as ever to advancing the clean energy innovations needed to address climate change,' the spokesperson said by email. 'His work in this area will continue and is focused on helping drive reliable, affordable, clean energy solutions that will enable people everywhere to thrive,' she added. Breakthrough Energy Summit 2022 panel, from left to right: Vijay Vaitheeswaran, global energy and climate innovation editor of The Economist; Jennifer Granholm, U.S. secretary of energy; John Kerry, U.S. climate envoy; Larry Fink, CEO of BlackRock; and Christoph Schweizer CEO of Boston Consulting Group. (GeekWire Photo / Lisa Stiffler) An SEC filing in July disclosed that Breakthrough Energy Ventures was raising a $839 million fund. A spokesperson confirmed at the time that a third fund was underway, but did not share details about timing or total capital raised. Gates is also a lead investor in TerraPower, a Seattle-area company that's building its first next-generation nuclear reactor in Wyoming and has intentions of deploying the devices internationally. In the Gates Foundation announcement last week, foundation CEO Mark Suzman addressed a question regarding the organization's support for climate-related efforts. 'In those areas like climate, our focus has always been in the areas of intersection where we think philanthropic capital can make the greatest difference,' Suzman said. The foundation over the years has supported innovation that aids subsistence farmers in Africa and Asia who live on $2.25 a day or less and are being hammered by floods, droughts and other disasters made worse by global warming. Suzman also said the philanthropy is paying attention to the climate-driven spread of diseases such as malaria. These strategies, however, are about responding and adapting to climate change, not preventing the warming. Gates is still speaking out on climate, calling on rich nations to reach net-zero carbon emissions. In a fireside chat earlier this month with Singapore's Ambassador for Climate Action Ravi Menon, Gates called out the need for action and proclaimed his continued belief in climate innovation. In a 2021 interview with GeekWire to promote his book, Gates made clear he believed that government support was essential in making progress. 'In the case of climate change, even the money that I have, if it was all applied in this direction — I put in $2 billion so far and I'll put in another $2 billion over the next five years — that's not enough to solve it,' he said. 'The role of high-risk investing and philanthropy and creating programs like [Breakthrough Energy's] Fellows and Ventures and Catalyst … is to start things out, but it's really government policy [that] has to carry this one.'
AsiaOne
06-05-2025
- Business
- AsiaOne
Gates Foundation to open office in Singapore, Singapore News
SINGAPORE — The Gates Foundation will be setting up an office in Singapore, said its chairman Bill Gates on May 5. Speaking at the Philanthropy Asia Summit convened by Temasek Trust's Philanthropy Asia Alliance, Gates said: "The Gates Foundation is putting an office here — to access the science, to partner with the philanthropic community." Founded in 2000 by Gates and his then wife Melinda French Gates, the foundation is a philanthropic organisation that aims to fight poverty, disease and inequity around the world. "I would say that Asian innovation is a part of why I am so excited about the progress we can make in health. Initially, when we thought of Asian innovation, we mostly thought about low cost — which is a great thing," Gates said during a dialogue with President Tharman Shanmugaratnam. "I mean, the lowest-cost vaccines in the world are made in India, Indonesia — this region. But more and more, the innovation is about cutting-edge work." Gates added: "Both (Gates Foundation and Breakthrough Energy) are very excited about what's going on in Singapore." Breakthrough Energy is an umbrella group for energy and environmental efforts founded by Gates. It aims to accelerate innovation in sustainable energy and in other technologies to reduce greenhouse gas emissions. The foundation's presence here will be established with the support of the Economic Development Board (EDB). EDB said in a separate statement on May 5 that the establishment of a Singapore presence reflects the Gates Foundation's broader commitment to working alongside countries and partners to help more people live healthy and productive lives, and to accelerate progress towards achieving the UN's Sustainable Development Goals. During the dialogue, Tharman touched on the importance of capacity building. "We need a step-up in resources — public sector resources within countries, philanthropic money and private finance — but it's not just about volumes, but effectiveness," he said. "So if you think of how we can best deploy even a billion dollars, I think we first have to refocus on building up the domestic capacity within countries for them to be more self-sufficient," he added, pointing to the importance of building up "domestic tax capacity" and the ability to execute budgets more effectively. Gates Foundation chairman Bill Gates (left) and President Tharman Shanmugaratnam at the Philanthropy Asia Summit on May 5. PHOTO: The Straits Times "It's not a hopeless case at all. What many don't realise is that in the lowest-income regions of the world, several countries have significantly increased their tax revenues — by at least 2 to 3 percentage points of GDP (gross domestic product), without loss to economic growth. It's doable," he added. "Developing capacity within countries has to be a renewed priority," Tharman said. "There's still huge potential for capacity development in Asia and in the developing world at large." In a Facebook post on May 5, Prime Minister Lawrence Wong said he had a wide-ranging conversation on the challenges ahead, from clean energy to vaccine development, with Gates. "Singapore looks forward to working closely with the Gates Foundation to advance innovation and improve lives — here in Asia and around the world," he wrote. [embed] Senior Minister Lee Hsien Loong said on May 5 that he and Gates exchanged views over lunch on topics ranging from eradicating polio and measles to developing new technologies for nuclear power. "We also discussed how the Gates Foundation could collaborate more with entities in Singapore, like Temasek Trust and the universities," he wrote in a LinkedIn post. "The Gates Foundation is planning to establish a presence here, to support its work in our region with governments, philanthropies and institutions, in support of its global health and development goals. "We welcome the Gates Foundation and others to continue to bring their businesses and interests here to Singapore and invest in our ecosystem and deepen our ties with the region." [[nid:717738]] This article was first published in The Straits Times. Permission required for reproduction.
