Blackrock CEO Larry Fink said he thinks the next 1,000 unicorns (start-ups worth at least $1 billion) will be involved in climate technology. While Microsoft co-founder Bill Gates believes climate tech will produce 8 to 10 Teslas, & Google, Amazon, & Microsoft-sized companies.
Larry Fink👴 “It is my belief that the next 1,000 unicorns won’t be a search engine, won’t be a media company, they’ll be businesses developing green hydrogen, green agriculture, green steel & green cement,” Fink said Monday at the Middle East Green Initiative Summit in Riyadh, Saudi Arabia.
Bill Gates🧓 Although Gates is bullish on climate tech, he said that a lot of money will get washed away in research & development, just like when the internet bubble popped, comparing the sector to “the early days of software & computing.” He also added that if you are an investor who can’t afford risk or expects near-term returns, you should look elsewhere.”
Huge amounts of capital along with encouraging governmental policies are crucial to the success of climate tech companies going forward.