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EU and Bill Gates conjoined efforts of $1bn investment to elevate clean tech project

The augmented investment of $1bn by EU to accelerate the progression of Bill Gates mission

The EU commission on 2nd June made it official to enter into a partnership with Bill Gates to accelerate the process of investments in energy catalyst programs and sustainable energy projects to make the zero hazardous emission project a practical form.

The EU through this partnership has made its intention clear to shift from fossil fuel to the net-zero economy to curb carbon emission and resort to nature and environment-friendly industries. EU will make a huge investment of up to $1 billion (€820 million) in the next five years (2022 and 2026) to establish large-scale clean technologies and commercializing them to achieve the common goal of de-carbonization.

It is pertinent to know about the program of Catalyzed Emissions Reduction which is designed to commercialize low-carbon technologies and making them cost-effective by forming a systematic structure for funding and investments from the companies and government. So the technologies like wind and solar are the products of this program.

The partnership’s initial focal point will be on four major sectors which are having a great prospective in contributing to the considerable depletion of hazardous emissions namely, Green hydrogen, Sustainable aviation fuels, Direct air capture, and long-duration energy storage.

Bill Gates, Carlos Moedas , Maros Sefcovic

The duo stated that two will productively work on further setting the program over the next months to announce something progressive in this regard at the COP-26 conference in November.

The broad-gauge objective is of course the facilitation and accelerating of funding to technologies having the potential to repress the environmental degradation technologies and substituting it with the environment friendly and clean technologies and lowering its cost so resorting to a low-carbon economy becomes feasible which ultimately would have the effect of complying with the Paris Agreement also.

Written by : Ibrar Ahmad Khan

Reported by : Ehtisham

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