Highly recognized names in the business world are putting big money behind energy efforts, but critics are wary of massive funding
The Breakthrough Energy Coalition, whose members include liberals such as Bill Gates, Mark Zuckerberg, Richard Branson and George Soros, announced a $1 billion investment fund to support new energy ventures.
The coalition wants to magnify the speed and scale at which promising energy breakthroughs are introduced to the $6 trillion energy market.
Gates was eager to put major funding into the program in the name of environmentalism.
"Our goal is to build companies that will help deliver the next generation of reliable, affordable, and emissions-free energy to the world," Gates announced in a printed statement.
Institute for Energy Research (IER) Vice President for Communication Chris Warren told OneNewsNow OneNewsNow says that it is better for people from the private business sector to put money into such programs, rather than the federal government via taxpayer dollars.
"It's a nice break from what we typically see in this country, as far as energy technology, which is with the government subsidizing to deploy technologies like wind and solar," Warren expressed. "From what I call in this instance, it's these wealthy investors like Bill Gates putting their own money behind something because they perceive there to be a demand for it."
According to Warren, private funding for such endeavors is how things should operate.
"There may be something else to this story – maybe a public, private partnership, where taxpayer funds will go to some of this research – but essentially, what they're doing is putting their money towards something to invest and explore potential, emerging technologies," Warren continued.
Even though the energy expert believes that many of the billions of dollars that businessman are spending on renewable energy projects is throwing money into the wind, he says it is better that they sink their money into them than taxpayers.
"Now, do I necessarily agree with their perceived threat or need that they're trying to fill?” Warren asked before answering his own question. “Not necessarily, but I'd rather see their money on the line than taxpayer dollars."