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Bill Gates is in. A billion dollars will be poured into the EU “Green course”

The European Commission and the billionaire's fund will develop projects in four renewable energy sectors

The European Commission and the Bill Gates Breakthrough Energy investment fund will invest up to $1 billion in the creation of commercial projects in the EU based on green technologies in 2022-2026. Some of them are still too expensive to compete with fossil fuel-based technologies. They want to fix this with the help of public and private investments.

At the first stage, the funds will be directed to the development of projects in the four sectors that have the greatest potential for the rapid implementation of the EU Green Course, these are:

— green hydrogen;
— aviation biofuels;
— capture of CO2 from the air;
— long-term energy storage.

This was reported in the European Commission, reports S&P Global Platts.

“Thanks to the green deal, Europe wants to become the first climate-neutral continent by 2050. Europe also has a great opportunity to become a continent of climate innovation... Our partnership will help businesses and innovators in the EU to take advantage of emissions reduction technologies and create the jobs of the future,” said EC President Ursula von der Leyen.

Breakthrough Energy intends to join forces with the EC under existing EU programs, such as Horizon Europe and the Innovation Fund, to finance the new partnership.

“The decarbonization of the global economy presents great opportunities for innovation... Through this partnership, Europe will lay a solid foundation for a zero-emission future where clean technologies are reliable and accessible to all,” Bill Gates said.

The Breakthrough Energy Investment Fund, founded in 2015 by Bill Gates and a group of private investors, supports innovations aimed at reducing emissions. Its founders include Amazon CEO Jeff Bezos, former New York Mayor, and Bloomberg owner Michael Bloomberg, Alibaba Ant Group founder Jack Ma, and others.

Recall that in 2020, within the framework of the European Green Agreement, the EU initiated a hydrogen strategy that will help the continent to abandon fossil energy sources.

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