The seven firms – American Airlines, ArcelorMittal, Bank of America, BlackRock Foundation, Boston Consulting Group, General Motors and Microsoft – will make direct investments to Breakthrough Energy’s "Catalyst" initiative. The program aims to facilitate a "clean energy transition" to achieve a net-zero carbon emissions economy by 2050.
"Avoiding a climate disaster will require a new industrial revolution," Gates said in a statement. "Half the technology needed to get to zero emissions either doesn’t exist yet or is too expensive for much of the world to afford. Catalyst is designed to change that and provide an effective way to invest in our clean technology future."
American Airlines, ArcelorMittal, Blackrock and Microsoft each committed at least $100 million toward the effort. The commitment from all seven partners exceeds $1 billion in grants, equity capital and purchase orders, Bloomberg reported.
Breakthrough Energy said Catalyst would initially focus on four areas of research – direct air capture, green hydrogen, long-duration energy storage and sustainable aviation fuel.
"We see immense promise in the mission of Breakthrough Energy Catalyst, and our investment is a vote of confidence in the difference-making potential of this unique and collaborative approach," American Airlines Chairman and CEO Doug Parker said in a statement.
Gates founded the nonprofit in 2015 and announced the Catalyst initiative earlier this year. The program also has partnerships with the U.S. Department of Energy and the European Commission.
The latest partnerships were announced as the Biden administration pushes the private sector to cut down on carbon emissions. President Biden has targeted cutting economy-wide greenhouse gas emissions by 50-52% by 2030.