Commission President Ursula von der Leyen and Bill Gates have today announced a pioneering partnership between the European Commission and Breakthrough Energy Catalyst.
The new partnership aims to mobilise new investments of up to €820 million/$1 billion between 2022-26 to build large-scale, commercial demonstration projects for clean technologies – lowering their costs, accelerating their deployment, and delivering significant reductions in CO2 emissions in line with the Paris Agreement.
Ursula von der Leyen said: “With our European Green Deal, Europe wants to become the first climate-neutral continent by 2050. And Europe has also the great opportunity to become the continent of climate innovation. For this, the European Commission will mobilise massive investments in new and transforming industries over the next decade.”
This new partnership intends to invest in a portfolio of high-impact EU-based projects initially in four sectors with a high potential to help deliver on the economic and climate ambitions of the European Green Deal:
- Green hydrogen;
- Sustainable aviation fuels;
- Direct air capture;
- Long-duration energy storage.
Bill Gates, Founder of Breakthrough Energy, said: “Through this partnership, Europe will lay solid ground for a net-zero future in which clean technologies are reliable, available, and affordable for all.”
The European Commission-Breakthrough Energy Catalyst partnership will target technologies with a recognised potential to reduce greenhouse gas emissions but which are currently too expensive to get to scale and compete with fossil fuel-based incumbent technologies. The world cannot wait for technologies to develop on their own. By bringing together the public and private sectors to invest in large-scale demonstration projects, the partnership will help lower the costs of these critical technologies, accelerating their take-up and use. Support will take the form of financial instruments and grants.
For more details visit the European Commission website.