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UK's PM Boris Johnson and Bill Gates launch $552 million partnership to boost green investment

The partnership was announced during the 1st ever Global Investment Summit today

UK's PM Boris Johnson and Bill Gates launch $552 million partnership to boost green investment

London, October 19 - Neftegaz.RU. The U.K. government announced today a new partnership with Bill Gates’s Breakthrough Energy Catalyst in a $549 million initiative aimed to drive investment into the next generation of ground-breaking clean energy technologies.

The partnership will focus on several cutting-edge technologies that could stimulate the growth required to reach net zero emission by 2050 in the UK.
The programme focuses on 4 key areas:
  • green hydrogen
  • long term energy storage
  • sustainable aviation fuels
  • direct air capture
Catalyst is a programme within the larger Breakthrough Energy network that offers a new model for public-private sector partnership, bringing together businesses, governments, philanthropists, and individuals who want to invest in critical climate technologies.

During his speech at the Global Investment Summit B.Johnson said the UK is going through a period of «huge transformation».
He quipped this will lead to the UK becoming the «Klondike of carbon capture» and the «Qatar of hydrogen».

B.Johnson noted:
  • 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, the Microsoft co-founder and Founder of Breakthrough Energy, said:
  • Our partnership with the UK 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
The UK government previously outlined its major climate commitments, including achieving net zero by 2050 and reducing emissions overall by 78 % in 2035 when compared to 1990 levels.

The UK prepares to host the UN COP26 summit in Glasgow next week, where the Prime Minister will call on other world economies to set out their own domestic plans for cutting emissions.

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