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Updated August 13th, 2021 at 07:50 IST

Bill Gates offers $1.5 billion for joint project to combat climate change with US govt

Microsoft co-founder Bill Gates has announced that he will put up USD 1.5 billion in matching funds if Congress approves a project to tackle climate change.

Reported by: Riya Baibhawi
Bill Gates
Image: AP/Pixabay | Image:self
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Microsoft co-founder Bill Gates has announced that he will put up USD 1.5 billion in matching funds if Congress approves a project to galvanize action against climate change. Speaking at an interview with Wall Street Journal, the billionaire said that the funds would be distributed through Breakthrough Energy, an umbrella organisation that he founded to support research by private companies on greenhouse gasses. It is imperative to note that that the aforementioned project seeks public-private partnerships to develop technologies that combat climate change.

The project is a part of the USD 1 trillion Bipartisan Infrastructure Bill which is yet to be given a green signal by the House. If passed by the lower house of US Congress, the bill would earmark a total of USD 25 billion for the Energy Department demonstration projects funded by a public-private partnership. The rest of the funds (USD 75 billion dedicated to climate change) would be used to lower the cost of emerging technologies so as to felicitate their surge.

Infrastructure bill

The much-vaunted Bipartisan Infrastructure Bill promises improvements in roads, bridges and mass-transit systems. On Sunday, Senate negotiators announced that they have finished drafting the 2,702 pages bill and plan to get passed by next week. The bill comprises measures worth roughly $555 billion, out of which new funds amounting to $110 billion were allocated for the development of roads, bridges, and major projects.

"It has been decades - decades - since Congress passed such a significant, stand-alone investment," a buoyant Senate Majority Leader Chuck Schumer said on the Senate floor." In the end, the bipartisan group of senators have produced a bill that will dedicate substantial resources to repair, maintain, and upgrade our nation’s physical infrastructure," the Democratic leader added. As per the White House, the plan pushes for transformational and historic investments in clean transportation infrastructure, clean water infrastructure, universal broadband infrastructure, clean power infrastructure, remediation of legacy pollution, and resilience to the changing climate.

Image: AP/Pixabay 

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Published August 13th, 2021 at 07:50 IST

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