The United Kingdom has struck a sustainable investment partnership with Microsoft co-founder Bill Gates in order to develop technologies to tackle climate change related issues. The investment aims to reduce the cost of green energy technologies in order to bring them to the consumer market and aid countries in meeting their carbon neutral and net zero emissions targets.
Alongside the Prime Minister Boris Johnson at a Global Investment Summit, Gates said he will collaborate with the UK to seek which projects he believes are worth backing. He said that one of the project investments should be ready to scale up in the near future.
“We will scale those up and bring down that cost, so we’ll get these to the same place we are today with solar and onshore wind, and so they can be scaled up to reduce emissions,” Gates explained.
The investment, which quantifies to £400m, will boost funds to sustainable and green energy projects across the country, including energy storage solutions, green aviation fuels and carbon capture technology. Elon Musk, CEO of Tesla and SpaceX, tweeted back in January that he would offer $100m to anyone who is able to develop effective carbon capture technology.
The UK has promised a minimum of £200m investment into the country’s sustainable energy business, with Gates’ private investors matching that sum.