Prime Minister Boris Johnson and Bill Gates have announced a new £200 million partnership to accelerate green investment.
Breakthrough Energy Catalyst and the UK government will leverage £200 million of private sector investment to grow the UK’s climate technologies it needs to achieve net zero by 2050.
Catalyst is a program within the wider Breakthrough Energy network and focuses on green hydrogen, long term energy storage, sustainable aviation fuels (SAF) and direct air capture.
This new announcement follows the government’s £200 million invested to date in these technologies as part of the £1 billion Net Zero Innovation Portfolio – part of the Ten Point Plan.
Bill Gates and Boris Johnson made this announcement at the Global Investment Summit and will hold discussions on the global energy transition at COP26 in a few weeks’ time.
The Prime Minister 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, added: “Our partnership with the UK 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.”