PM says partnership will help emerging solutions that are still too expensive for commercial development
The UK government has announced plans to launch a £400m package of investment alongside the US billionaire Bill Gates to boost the development of new green technologies.
Boris Johnson said the deal would help power a “green industrial revolution” and develop emerging technologies that were currently too expensive to be commercially successful but were essential to hitting 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-term battery life, jet zero (zero-carbon aviation) and green hydrogen technology.
“I think these are all technologies that have massive potential but are currently underinvested in, by comparison with some others,” Johnson said.
“We will only achieve our ambitious climate goals if we rapidly scale up new technologies in areas like green hydrogen and sustainable aviation fuels – technologies that seemed impossible just a few years ago.”
The UK has already pledged at least £200m to the development of new British green technologies. Gates announced on Tuesday that he would match the commitment via Breakthrough Energy Catalyst, a coalition of private investors he leads in funding innovative approaches to tackling the climate crisis.