Bill Gates, UK Prime Minister launch $550 million investment in green technology

Billionaire Bill Gates and U.K. Prime Minister Boris Johnson announced a $552 million partnership Tuesday aimed at bringing green technologies in the UK to market, Forbes reports.

Breakthrough Energy Catalyst, an arm of Gates’ climate investment firm, will invest $276 million over the next 10 years in green hydrogen, long term energy storage, sustainable aviation fuels and direct air capture of carbon dioxide technologies. The investment matches a pledge already made by the UK government with the goal of commercializing these technologies and bringing the UK to net-zero emissions by 2050.

“Our partnership with the United Kingdom will accelerate the deployment of critical climate solutions, helping to make them more affordable and accessible,” Gates said in a statement. “In order to achieve net-zero emissions, we need to reduce the costs of clean technologies so they can compete with and replace the high-emitting products we use today.”

The announcement was made at the Global Investment Summit in London, which aims to promote UK as a destination for big investors.

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