Saturday 8 August 2020

Image courtsey: WAM

Bill Gates says will back energy ventures despite failures

DUBAI, November 20, 2019

The world’s richest man Bill Gates said the energy ventures supported by him risked a 50 percent failure, still he wanted to encourage innovations, said a report.

He was answering a question about the venture of Heliogen, a California-based company, which invented a technology using artificial intelligence and a field of mirrors, to turn sunlight into a source of heat above 1,000 degree Celsius that could help replace fossil fuels, said a Wam report.

"Many people are funding innovative works because we need so many innovations to solve the problems of climate change. That’s why I created this breakthrough energy venture, which is investing in many early-stage companies," Gates said in a meeting with journalists after participating in the Reaching the Last Mile (RLM) Forum at Louvre Abu Dhabi on Tuesday.

"Although I love them all, I should say that there is a very high risk. So the failure rate of such companies would be over 50 percent," he said in response to the question from WAM.

"It is even harder than normal venture capital the energy space is very difficult. But we have to accelerate the innovation," Gates explained.

He said he would be interested in collaboration with the UAE in renewable energy sector after the successful cooperation in polio eradication efforts across the globe.

He appreciated the efforts of His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, who pledged on Tuesday $160 million for global polio eradication efforts.

Gates said his foundation’s 8-year long investments in polio vaccine would make some breakthrough in the next year.

He expressed optimism that polio would be completely eradicated from remaining countries such as Pakistan and Afghanistan.

The political leadership in those countries have extended sincere support towards this mission, Gates concluded.


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