The European Commission and Bill Gates have established a €100M clean energy investment Fund to help develop and commercialise European clean energy technologies.
The European Commission and Bill Gates’ Breakthrough Energy have signed a Memorandum of Understanding to establish Breakthrough Energy Europe (BEE), a clean energy investment fund.
Why is a clean energy investment fund needed?
The clean energy investment fund will allow the Commission to continue taking action against climate change to meet the goals of the Paris Agreement. The European Commission believes that the clean energy investment fund gives a strong signal to capital markets and investors that the global transition to a clean innovative economy is here to stay.
Bill Gates, the chairman of Breakthrough Energy Ventures, commented: “We need new technologies to avoid the worst impacts of climate change. Europe has demonstrated valuable leadership by making impressive investments in R&D. The scientists and entrepreneurs who are developing innovations to address climate change need capital to build companies that can deliver those innovations to the global market. Breakthrough Energy Europe is designed to provide that capital.”
A long term climate change solution
President of the European Commission Jean-Claude Juncker added: “Europe must continue to take the lead in tackling climate change head on, at home and across the world. We must push for the modernisation of Europe’s economy and industry in order to meet the ambitious targets put in place to protect our planet. Pooling public and private investment in new, innovative clean energy technology is key to enabling long-term solutions to reduce greenhouse gas emissions. If Europe is to have a future that can guarantee the well-being of all its citizens, it will need to be climate-friendly and sustainable.”
Maroš Šefčovič, Vice-President of the Commission for the Energy Union, said: “The scale and speed of what is needed to reach our climate goals require innovative thinking and bold action. Not only is this new public-private investment vehicle being set up in record time, it will also serve as an example of us joining forces to accelerate breakthrough innovation in Europe.”