China Petrochemical News Network reported on June 2 that the European Commission and Bill Gates jointly launched an initiative to mobilize up to 1 billion U.
dollars of investment for clean technologies such as green hydrogen and sustainable fuels.
The European Union regulator said on Wednesday that the "Breakthrough Energy Catalyst" project created by the European Commission and Gates hopes to raise funds in 2022-2026 to build large-scale commercial demonstration projects that can significantly reduce carbon dioxide emissions.
Partners will also invest in direct capture of air emissions and long-term energy storage.
In a statement issued by the European Union, Gates said: "The decarbonization of the global economy is the world’s largest innovation opportunity in history.
Europe will play a key role in demonstrating an early and consistent commitment to climate issues, and in science, engineering, and technology.
Play a leading role in the field for a long time.
The EU needs to accelerate its shift from fossil fuels to low-carbon energy in order to achieve the ambitious climate goals contained in the green agreement.
The partnership hopes to target technologies that have been proven to reduce greenhouse gas emissions, but are still too expensive to reach scale.
The committee said that support for the project will take the form of financial instruments and grants.
The EU's funding will come from the "Horizon Europe" program and innovation funds.
These funds will come from the sale of carbon emission allowances in the EU's emissions trading system.
The committee stated: "The'Breakthrough Energy Catalyst' project will mobilize equal private capital and charitable funds to fund selected projects.
Zhu Jiani excerpted from World Petroleum
The original text is as follows:
EU, Bill Gates form $1 billion clean energy pact
The European Commission and Bill Gates joined forces in an initiative that wants to mobilize as much as $1 billion investment in clean technologies such as green hydrogen and sustainable fuels.
The Commission and Breakthrough Energy Catalyst, a program founded by Gates, want to muster the funding in 2022-2026 to build large-scale, commercial-demonstration projects that will deliver significant reductions in carbon dioxide, the European Union's regulator said on Wednesday.
The partners will also invest in direct air emissions capture and long-duration energy storage.
“Decarbonizing the global economy is the greatest opportunity for innovation the world has ever seen,” Gates said in the statement published by the EU.
“Europe will play a critical role, having demonstrated an early and consistent commitment to climate and longstanding leadership in science , engineering, and technology.
The EU needs to accelerate its transition away from fossil fuels and shift to low-carbon energy sources in order to meets its ambitious climate goals embedded in the Green Deal.
The partnership wants to target technologies that are confirmed to reduce greenhouse gases but are still too expensive to get to scale.
Support for the projects will take the form of financial instruments and grants, the Commission said.
EU funding will come from the Horizon Europe program and the Innovation Fund, financed by sale of carbon allowances in the bloc's Emissions Trading System.
"The Breakthrough Energy Catalyst Program will mobilize equivalent private capital and philanthropic funds to finance the selected projects.