General – green technology
Bill Gates is working with the British government to invest in new green technologies and reduce costs to help countries achieve net-zero emissions targets by 2050.
Speaking at a global investment summit with Prime Minister Boris Johnson, Gates said investment is needed to further develop new technologies that are currently too expensive for the consumer market.
Gates said he would work with the UK to identify which projects should be supported, and he expects at least one project to be ready within the next five years.
“We’ll increase them and reduce that cost, so we’ll get these to where we are today with solar and onshore wind, and so they can be scaled up to reduce emissions.”
Johnson’s government said the 400 million pounds ($552 million) partnership would supercharge green tech investments across the country, including in areas such as green hydrogen, long-term energy storage, sustainable aviation fuels and direct air capture of carbon dioxide.
Gates, co-founder of Microsoft, made the commitment through his Breakthrough Energy Catalyst, which brings together a coalition of private investors who want to support innovation to combat climate change.
Britain has already committed at least £200 million to the development of new UK projects, and investors and businesses in the Gates project will match that amount.