At the UN Climate Change Conference (COP 26) in Glasgow, the President of the European Commission Ursula von der Leyen and Bill Gates, founder of the network Breakthrough Energy and the President of the European Investment Bank, Werner Hoyer have officially concluded a pioneering partnership that will lead to increased investments in key climate technologies. The memorandum of understanding signed today followed after the June notification on the establishment of the partnership at the ministerial meeting of the Innovation Mission – the European Commission announced.
The goal of the partnership, whose members are the European Commission, the European Investment Bank, and the Breakthrough Energy Catalyst, is to mobilize from 2022 to 2026 up to 820 million EUR (one billion USD) to step up the introduction and market placement of innovative technologies that will help achieve the ambitions of the European Green Plan and EU climate goals to 2030. It is expected that for every one EUR of public assets private investors will invest three more EURs and the funds will be intended for EU projects that have the most potential to contribute to the following four sectors: clean hydrogen, sustainable aviation fuels, direct carbon catching from the air and long-term energy storage.
The partnership will focus on technologies that demonstrate that they can cut greenhouse gas emissions but are too costly to spread and compete with existing technologies based on fossil fuels. It will enable both public and private investments in large demonstration projects.
The European Investment Bank (using the Commission’s funds) and Breakthrough Energy Catalyst will ensure equal amounts of grants and financial investments in projects, and Breakthrough Energy Catalyst will encourage its partners to invest in projects and/or buy green products that come out of them.