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Prime Minister and Bill Gates Sign 400 Million Partnership to Promote Green Investment

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Prime Minister Boris Johnson and Bill Gates today announced a new partnership between the Breakthrough Energy Catalyst and the UK Government to drive investments in groundbreaking next-generation clean energy technologies.

Announced at the Global Investment Summit, the partnership leverages 200 million private sector investments in the UK to accelerate the development of the cutting-edge climate technologies needed to achieve net zero emissions by 2050.

The Catalyst program within the larger Breakthrough Energy network is a new model for public-private sector partnerships that bring businesses, governments, philanthropists and individuals together to invest in critical climate technologies. The program focuses on four key green technology areas: green hydrogen, long-term energy storage, sustainable aviation fuel, and direct air capture.

The government has already pledged at least $200 million for the development, demonstration and deployment of UK projects in this area as part of the 1 billion Net Zero Innovation Portfolio announced in the award-winning 10-point plan for the Green Industrial Revolution. Investors and businesses that have partnered with Breakthrough Energy Catalyst will now match $200 million of that investment to help bring these important technologies to market.

Prime Minister Boris Johnson said:

Ambitious climate goals can only be achieved by rapidly expanding new technologies in areas such as environmentally friendly hydrogen and sustainable aviation fuel technologies that seemed impossible just a few years ago.

Ahead of COP26, our new partnership with Catalyst is to strengthen the UK’s vision for the Green Industrial Revolution. It will help bring innovative technologies to market globally while building new skills and creating decent jobs across the UK.

Bill Gates, founder of Breakthrough Energy, said:

Our partnership with the UK can accelerate the deployment of these critical climate solutions, making them more affordable and accessible.

Achieving net zero emissions requires reducing the cost of clean technologies so that they can compete with and replace the high-emission products we use today. I call this price difference Green Premium.

Working with UK and other public and private sector leaders, Catalyst will be a key vehicle in reducing Green Premiums, building the clean industry of the future and creating lasting jobs in communities around the world.

Over the next decade, Catalyst aims to work with governments to support the commercialization of high-impact decarbonization technologies and help them rapidly lower the cost of green technologies that are too expensive to scale and bring them to global markets.

Announcing this announcement, the Global Investment Summit brings global business leaders and key partners in achieving Net Zero to see the latest cutting-edge innovations in green technology at a summit just weeks before COP26. The Prime Minister and Bill Gates are participating in the discussion of the global energy transition at the summit.

More Information Our Global Investment Summit brings the world’s largest investors to the UK to showcase the best of UK innovation, showcase the UK’s commitment to green growth and promote the UK as the world’s top investment destination. Today, the Prime Minister will announce that it has secured a $9.7 billion deal at the Global Investment Summit. The Net Zero Innovation Portfolio is a billion-dollar fund aimed at accelerating the commercialization of low-carbon technologies, systems and business models in the power, building and industrial sectors. More information can be found here.

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