Prime Minister and Bill Gates launch green investment partnership

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.’

In related news, 2021 has seen a record £900m worth of investment in offshore wind manufacturing. 

Photo by Sungrow EMEA