Europe is stepping up its efforts to become the world’s first climate-neutral continent with a new $1 billion support fund for green technologies.
Called the EU-Catalyst partnership, it is an initiative backed by the European Commission, European Investment Bank and Breakthrough Energy, which was set up in 2015 by Bill Gates to invest in innovations that can deliver a world with net-zero emissions. First launched at COP26 in Glasgow, by Gates and European Commission President Ursula von der Leyen, the partnership is now on the hunt for pioneering projects, specifically in the areas of: clean hydrogen; sustainable aviation fuels; direct air capture; and long-duration energy storage.
Mariya Gabriel, European Commissioner for Innovation, Research, Culture, Education and Youth, said: “With the EU-Catalyst partnership we want to make a daring leap towards achieving our climate goals. We need technological revolution on a global scale, large investments, more financial risk taking and more game-changing innovations, as well as policies that support public-private partnerships across the globe.”
To begin mobilising the $1 billion pot, a Request for Proposals (RFP) has been launched calling on innovators to pitch their projects for potential funding. The RFP is to remain open for submissions until the end of 2027.