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Bill Gates and EU pledge $1 billion boost for green technology
(Reuters, 2 Jun 2021) Support will target hydrogen produced from renewable energy, sustainable aviation fuels, technology to suck CO2 out of the atmosphere, and long-duration energy storage
The European Union and an energy investment programme founded by Bill Gates plan to raise up to $1 billion to roll out the low-carbon technologies Europe is betting on to meet its climate change goals, the European Commission said on Wednesday.
The partnership would see Gates-founded Breakthrough Energy use private capital and philanthropic funds to match funding provided by the EU. The aim is to together provide up to 820 million euros, or $1 billion, from 2022 to 2026.
Support will target hydrogen produced from renewable energy, sustainable aviation fuels, technology to suck CO2 out of the atmosphere, and long-duration energy storage, the Commission said.
Those technologies are seen as critical to slashing emissions from sectors like heavy industry and aviation, but remain too expensive to scale up without support and compete with cheaper fossil fuel alternatives.
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Reuters, 2 Jun 2021: Bill Gates and EU pledge $1 billion boost for green technology
