A new partnership has been announced between Breakthrough Energy Catalyst and the UK government to drive investment in clean energy technologies.
The partnership will leverage £200m of private sector investment in the UK over 10 years, with the aim of accelerating the development of the climate technologies needed to achieve net-zero emissions by 2050.
The government has already committed at least £200m for the development, demonstration and deployment of UK projects in green technology as part of the £1bn Net Zero Innovation Portfolio, a fund to commercialise low-carbon technologies, with investors and businesses partnered with the Breakthrough Energy Catalyst now match funding the investment.
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, added: ‘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.’
Photo by Sungrow EMEA