By Sabela Ojea
The U.K. government said Tuesday that it is partnering with Bill Gates's Breakthrough Energy Catalyst in a 400 million pounds ($549.1 million) initiative aimed at boosting green technology throughout the country.
The strategic partnership between U.K. Prime Minister Boris Johnson and billionaire philanthropist and Microsoft Corp. co-founder Mr. Gates will leverage GBP200 million from private-sector investment in the U.K. to achieve net-zero emissions by 2050, the government said.
Investment will focus on the areas of green hydrogen, long-term energy storage, sustainable aviation fuels and direct air capture as part of the GBP1 billion Net Zero Innovation Portfolio, the U.K. government said.
Investors and businesses partnered with the Breakthrough Energy Catalyst, the program established in 2015 by Mr. Gates and a coalition of private investors, will now match GBP200 million of that investment, the U.K. government added.
The institutional net zero innovation portfolio is part of the government's 10 Point Plan for Green Industrial Revolution.
Write to Sabela Ojea at firstname.lastname@example.org; @sabelaojeaguix
(END) Dow Jones Newswires
October 19, 2021 06:45 ET (10:45 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.