UK Government, Bill Gates Launch Green Investment Partnership -- Update
By Sabela Ojea
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.
"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.
Write to Sabela Ojea at firstname.lastname@example.org; @sabelaojeaguix
(END) Dow Jones Newswires
October 19, 2021 10:59 ET (14:59 GMT)
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