Prime Minister Boris Johnson and Bill Gates have announced a new Â£ 200million partnership to accelerate green investments.
Breakthrough Energy Catalyst and the UK government will mobilize Â£ 200million in private sector investment to develop the UK climate technologies it needs to reach net zero by 2050.
Catalyst is a program within the larger Breakthrough Energy network and focuses on green hydrogen, long-term energy storage, sustainable aviation fuels (SAF) and direct air collection.
The new announcement follows the Â£ 200million the government has invested so far in these technologies as part of the Â£ 1 billion net zero innovation portfolio – which is part of the ten point plan.
Bill Gates and Boris Johnson made the announcement at the Global Investment Summit and will hold discussions on the global energy transition at COP26 in a few weeks.
The Prime Minister said: “We will only meet our ambitious climate goals if we rapidly develop new technologies in areas such as green hydrogen and sustainable aviation fuels – technologies that seemed impossible a few years ago. barely.
âAhead of COP26, this new partnership with Catalyst reinforces the UK’s vision of a green industrial revolution. This will help bring innovative technologies to market globally, while developing new skills and creating high quality jobs across the UK.
Bill Gates, Founder of Breakthrough Energy, added: âOur partnership with the UK will accelerate the deployment of these critical climate solutions, making them more affordable and accessible.
âIn order to achieve net zero emissions, we need to reduce the costs of clean technologies so that they can compete with and replace the high emitting products we use today. I call this price difference the Green Premium.
âBy working with leaders in the public and private sectors, including the UK, Catalyst will be a key vehicle in reducing green premiums, building the clean industries of tomorrow and creating sustainable jobs in communities around the world. “