Today Prime Minister Boris Johnson and Bill Gates announced a new partnership between Breakthrough Energy Catalyst and the UK Government to drive investment into the next generation of ground-breaking clean energy technologies.
Announced at the Global Investment Summit, the partnership leverages £200 million of private sector investment in the UK to accelerate the development of the cutting-edge climate technologies needed to achieve net-zero emissions by 2050.
Catalyst – a program within the larger Breakthrough Energy network – is a new model for public-private sector partnership that brings together businesses, governments, philanthropists and individuals to invest in critical climate technologies. The program focuses on four key green technology areas: green hydrogen, long term energy storage, sustainable aviation fuels and direct air capture.
The Government has already committed at least £200m for the development, demonstration and deployment of UK projects in these areas as part of the £1 billion Net Zero Innovation Portfolio, which was announced in the Prime Minister’s 10 Point Plan for Green Industrial Revolution. Investors and businesses partnered with the Breakthrough Energy Catalyst will now match fund £200m of that investment, helping to bring these vital technologies to market.
Prime Minister Boris Johnson said:
Bill Gates, Founder, Breakthrough Energy, said:
Over the next 10 years, Catalyst aims to work with the Government to support the commercialisation of high-impact decarbonisation technologies and help rapidly drive down the cost of green technologies that are too expensive to scale, and take these to global markets.
The Global Investment Summit, where this announcement has been made, brings together global business leaders and crucial partners in achieving Net Zero to see the latest cutting-edge innovation in green technology at the summit, coming just weeks ahead of COP26. The Prime Minister and Bill Gates are taking part in a discussion on global energy transition at the Summit.