European Commission and Bill Gates announced a partnership

European Commission (EC) President Ursula von der Leyen and US businessman and philanthropist Bill Gates announced on Wednesday the pioneering partnership between the European Commission and Breakthrough Energy to support the mobilization of investment in critical climate technologies to support a zero-carbon economy. The new partnership, launched at the Sixth Ministerial Meeting on Innovation, aims to mobilize € 820 million ($ 1 billion) in investment between 2022 and 2026 to build large-scale commercial clean technology pilot projects. The projects will focus on reducing costs, accelerating their deployment in practice and significantly reducing CO2 emissions, in line with the Paris Climate Agreement. The new partnership aims to invest in a portfolio of highly efficient EU-based projects initially in four high-potential sectors that will help achieve the European Green Agreement's economic and climate ambitions: green hydrogen, sustainable aviation fuels, direct carbon capture technologies and long-term energy storage. Later, efforts will be made to expand key climate-friendly technologies and accelerate the transition to sustainable industries in Europe. In a media report, Von der Leyen recalled that Europe wants to become the world's first climate-neutral continent by 2050 and has a great opportunity to become a continent for climate innovation. "To this end, we will mobilize massive investment in new and transforming industries over the next decade. I am therefore pleased to join forces with Breakthrough Energy. Our partnership will support businesses and innovators in the EU in using the technologies to reduce emissions and create jobs tomorrow." described the situation.