1 min read.Updated: 19 Oct 2021, 09:19 PM ISTSabela Ojea, The Wall Street Journal
The strategic partnership will leverage GBP200 million of private sector funding over 10 years in the UK to achieve net-zero emissions by 2050, the UK government said
The U.K. government said Tuesday that it is partnering with Bill Gates’s Breakthrough Energy Catalyst in a 400 million pounds ($549.1 million) initiative aimed at boosting green technology throughout the country.
The strategic partnership will leverage GBP200 million of private sector funding over 10 years in the U.K. to achieve net-zero emissions by 2050, the government said.
Investors and businesses partnered with the Breakthrough Energy Catalyst, the program established in 2015 by Mr. Gates and a coalition of private investors, will now match GBP200 million of that investment, the U.K. government added.
The alliance is part of the U.K. government’s net-zero strategy, which British ministers said will leverage up to GBP90 billion of private investment and secure 440,000 high-quality jobs by 2030. The partnership was announced during the Global Investment Summit the U.K. government is hosting.
The project will focus on the areas of green hydrogen, long-term energy storage, sustainable aviation fuels and direct air capture as part of the GBP1 billion Net Zero Innovation Portfolio, the U.K. government said.
“Our partnership with the United Kingdom will accelerate the deployment of these critical climate solutions, helping to make them more affordable and accessible," Mr. Bill Gates said.
The institutional net zero innovation portfolio is part of the government’s 10 point plan for a green industrial revolution. Last Friday, the U.K. government said that almost GBP6 billion of foreign investment in green projects had been secured since the plan was launched in November, supporting 56,000 jobs.