Breakthrough Energy Catalyst and the European Commission Launch a New Partnership
A New Partnership with the European Commission
(BRUSSELS) – Today, Breakthrough Energy announced a new partnership with the European Commission to mobilize up to $1 billion over the next five years to build large-scale, commercial demonstration projects for clean technologies – lowering their costs, accelerating their deployment, and delivering significant reductions in emissions in line with the Paris Agreement. This partnership is a critical next step as we mobilize the world to build the clean industries of the future.
Decarbonizing the global economy is the greatest opportunity for innovation the world has ever seen. Through this partnership, Europe will lay solid ground for a net-zero future in which clean technologies are reliable, available, and affordable for all.
Read the press release from the European Commission and check out the joint announcement from President Ursula von der Leyen and Breakthrough Energy Founder, Bill Gates.
About Breakthrough Energy Catalyst
Breakthrough Energy Catalyst is a first-of-its-kind model to finance, produce, and buy the new solutions that will underpin a zero-carbon economy. Catalyst seeks to bring together the public and private sectors to fund commercial-stage demonstration projects for critical decarbonization technologies. Catalyst will address the early deployment funding gap for these technologies and provide a structure to accelerate their commercialization. Catalyst will start by funding projects across four technologies: direct air capture, green hydrogen, long-duration energy storage, and sustainable aviation fuel. In the future, Catalyst intends to expand the same framework to other necessary innovations, like low-carbon steel and cement.