Glasgow, Nov 2 : At the UN Climate Change Conference of the Parties (COP26) in Glasgow, European Commission President Ursula von der Leyen and Bill Gates, the Founder of Breakthrough Energy, together with European Investment Bank President Werner Hoyer, on Tuesday officially entered into a pioneering partnership that will boost investments in critical climate technologies.
The signing of a memorandum of understanding follows up on the initial announcement made in June this year at the Mission Innovation Ministerial Conference.
The partnership between the commission, European Investment Bank and Breakthrough Energy Catalyst will mobilise up to 820 million euro ($1 billion) between 2022-2026 to accelerate the deployment and rapidly commercialise innovative technologies that will help deliver European Green Deal ambitions and the EU’s 2030 climate targets.
Each Euro of public fund is expected to leverage three Euros of private funds. Investments will be directed towards a portfolio of EU-based projects with high potential in four sectors — clean hydrogen; sustainable aviation fuels; direct air capture; and long-duration energy storage.
Ursula von der Leyen, President of the European Commission, said: “The time for action is now. The climate challenge requires us to invest in high-risk innovations and to eliminate the ‘green premium’ involved in commercialising new technologies.”
“I cannot wait to see the technologies coming to the market. The EU-Catalyst partnership is another step on the way to making Europe the first climate neutral and climate innovation continent. I look to Member States, industry and others to join the climate innovation race.”
Werner Hoyer, President of the European Investment Bank, said: “To meet the Paris climate goals we need a global technological revolution and massive investments in game-changing innovations. The European Investment Bank has a strong track record of financing early stage technologies, helping scale them up to become more affordable.
“Today we are using this expertise to reach the EU’s ambitious climate targets. I am delighted that we can announce today a new partnership with the European Commission and Breakthrough Energy Catalyst to support the green solutions of tomorrow and build a green future for all of us.”
Bill Gates, Founder of Breakthrough Energy, said: “Reaching net-zero will be one of the hardest things humanity has ever done. It will require new technologies, new policies, and new partnerships between the private and public sector at a scale we have never seen before.
“This partnership with the European Commission and European Investment Bank will help accelerate the widespread adoption of climate solutions, which will build clean industries, and create job opportunities throughout Europe for generations to come.”