Bill Gates and Boris Johnson announce new green investment partnership
Prime Minister Boris Johnson and Bill Gates announced a new partnership between Breakthrough Energy Catalyst and the Government to drive investment into clean energy technologies.
Announced at the Global Investment Summit, the partnership leverages £200m of private sector investment in the UK to accelerate the development of the cutting-edge climate technologies needed to achieve net-zero emissions by 2050.
Catalyst – a program within the larger Breakthrough Energy network – is a new model for public-private sector partnership that brings together businesses, governments, philanthropists and individuals to invest in critical climate technologies.
The program focuses on four key green technology areas: green hydrogen, long term energy storage, sustainable aviation fuels and direct air capture.
The Government has already committed at least £200m for the development, demonstration and deployment of UK projects in these areas as part of the £1bn Net Zero Innovation Portfolio.
Investors and businesses partnered with the Breakthrough Energy Catalyst will now match fund £200m of that investment, helping to bring these vital technologies to market.
Prime Minister Boris Johnson said: “We will only achieve our ambitious climate goals if we rapidly scale up new technologies in areas like green hydrogen and sustainable aviation fuels – technologies that seemed impossible just a few years ago.
“Ahead of COP26, this new partnership with Catalyst is a boost to the UK’s vision for a green industrial revolution. It will help to bring innovative technologies to market globally, while building new skills and creating high-quality jobs across the UK.
Bill Gates, founder of Breakthrough Energy, said: “Our partnership with the United Kingdom will accelerate the deployment of these critical climate solutions, helping to make them more affordable and accessible.
“In order to achieve net-zero emissions, we need to reduce the costs of clean technologies so they can compete with and replace the high-emitting products we use today – I call this difference in price the Green Premium.
“Working with public and private sector leaders, including the UK, Catalyst will be a key vehicle for reducing Green Premiums, building the clean industries of tomorrow, and creating lasting jobs in communities around the world.”
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