Today Prime Minister 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 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, Breakthrough Energy, said:
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.
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.
Further information
- Our Global Investment Summit brings the world’s biggest
investors to the UK to showcase the best of British innovation,
demonstrate the UK’s commitment to green growth and promote the
UK as the best investment destination in the world.
- Today The Prime Minister will announced that deals worth
£9.7bn have been secured at the Global Investment Summit.
- The Net Zero Innovation Portfolio is a £1 billion fund to
accelerate the commercialisation of low-carbon technologies,
systems and business models in power, buildings, and industry.
More details can be found here.
