Commission, Breakthrough Energy Catalyst and European Investment Bank advance partnership in climate technologies
At the United Nations 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, have officially entered into a pioneering partnership that will boost investments in critical climate technologies. Today’s 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 Commission, European Investment Bank and Breakthrough Energy Catalyst will mobilise up to €820 million ($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 funds 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.”
The EU-Catalyst partnership will target technologies with a recognised potential to reduce greenhouse gas emissions, but which are currently too expensive to get to scale and compete with fossil fuel-based technologies. It will bring together the public and private sectors to invest in large-scale demonstration projects.
