UK PM and Bill Gates announce new green partnership

By Hope Hill |

U.S. business magnate Bill Gates and UK Prime Minister Boris Johnson have made it to the headlines for announcing a new partnership between the government and the Breakthrough Energy Catalyst. The deal entails a substantial amount to be invested in next-gen clean energy technologies.

For the unversed, Catalyst is a vital program within the Breakthrough Energy network and brings together a variety of parties – businesspersons, philanthropists, and governments, to invest in climate technologies. Catalyst focuses on four major green technology areas including long term energy storage, direct air capture, green hydrogen, and sustainable aviation fuels.

As per sources, the UK government has already pledged to commit GBP 200 million to develop UK projects in these four areas as a part of the GBP 1 billion Net Zero Innovation Portfolio. Businesses that have had tie-ups with the Breakthrough Energy Catalyst will match fund GBP 200 million of that investment to help market these technologies.

This partnership will leverage GBP 200 million from UK’s private sector investment fund and use the same to expedite the development of the cutting-edge climate technologies that are the need of the hour to ensure net-zero emissions by 2050.

Bill Gates, Founder of Breakthrough Energy, has been quoted to state that this partnership with the UK government will help fast-track the implementation of vital climate solutions and make them more accessible. It will aim to lower the costs associated with clean technologies so that they are in a position to compete with high-emitting products, he said, adding that Catalyst will also help build clean industries in the future and be responsible for job creation worldwide.

Prime Minister Boris Johnson has been quoted to say that they will be able to achieve the set climate goals only if they scale up the latest technologies in sustainable aviation fuels, green hydrogen, and similar areas. This partnership with Catalyst will further UK’s vision for a green revolution and bring forth major changes to the market globally, he added.



Source Credits:

https://www.gov.uk/government/news/prime-minister-and-bill-gates-launch-400m-partnership-to-boost-green-investment

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