The UK government has announced plans to launch a £ 400 million investment package together with US billionaire Bill Gates to boost the development of new green technologies.
Boris Johnson said the deal it would help drive a “green industrial revolution” and develop emerging technologies that are currently too expensive to be commercially successful, but essential to meeting the government’s climate goals.
Speaking at a Global Investment Summit at the Science Museum in London on Tuesday, the prime minister said the partnership would help develop UK technology related to carbon capture and storage, long battery life term, jet zero (aviation without carbon) and green hydrogen. technology.
“I think these are all technologies that have enormous potential, but are currently under-invested, compared to some others,” Johnson said.
“We will only achieve our ambitious climate goals if we rapidly scale up new technologies in areas such as green hydrogen and sustainable aviation fuels, technologies that seemed impossible just a few years ago.”
The UK has already pledged at least £ 200 million for the development of new British green technologies. Gates announced Tuesday that he would match the commitment through Revolutionary energy catalyst, a coalition of private investors that leads in financing innovative approaches to address the climate crisis.
“Ahead of Cop26, this new partnership with Catalyst is a boost for the UK’s vision of a green industrial revolution,” said the Prime Minister. “It will help bring innovative technologies to the global market, while developing new skills and creating high-quality jobs across the UK.”
Gates said he would work with the UK government to select projects that would be supported by the new fund. “We will expand them and reduce that cost, so
take them to the same place where we are today with solar and terrestrial wind energy, so that they can be expanded to reduce emissions, “he said.
“Our partnership with the UK will accelerate the deployment of these critical climate solutions, helping to make them more affordable and accessible,” Gates added. “To achieve net zero emissions, we need to reduce the costs of clean technologies so that they can compete and replace the high-emission products we use today; I call this difference in price the ecological premium ”.
The Microsoft co-founder praised the UK for making “immense progress” in reducing carbon emissions and introducing policies that helped support science.
Speaking at Cop26, which kicks off in Glasgow on October 31, Johnson told the meeting of the international business elite that the time had come for the government to join the private sector in commercializing green technology.
“We should seize this moment, collectively as governments, to tap into the trillions of the market, creating the national platforms that will not only address climate change, but generate green jobs and green growth around the world,” he said.
“I can deploy billions, with the Chancellor’s approval, obviously, but you in this room can deploy billions.”
Johnson said the more than 200 business leaders and investors invited to the conference together had $ 24 trillion (£ 17.4 trillion) in assets under management. “I want to say to each and every one of those dollars, you are very welcome to the UK and you have come to the right place at the right time.”
George is Digismak’s reported cum editor with 13 years of experience in Journalism