The European Commission and Breakthrough Energy, led by Bill Gates, launched on October 17 a new investment fund – Breakthrough Energy Europe – to help innovative European companies develop and bring radically new clean energy technologies to the market.
EU Research and Innovation Commissioner Carlos Moedas and Gates signed an official Memorandum of Understanding in the presence of EU Commission Vice-President for Energy Union Maroš Šefčovič to establish the joint fund.
With a capitalisation of €100 million, Breakthrough Energy Europe will give a strong signal to markets and investors that the global transition to a modern clean economy is here to stay, the Commission said in a press release.
With this initiative, the Commission takes action to continue leading in the fight against climate change and to deliver on the Paris Agreement. As our planet increasingly faces the unpredictable consequences of climate change and resource depletion, urgent action is needed to adapt to a more sustainable model and modernise Europe’s economy and industry.
The Commission is currently working on the long-term strategy for the reduction of greenhouse gases. The proposal will be published in November 2018, ahead of the COP24 in Katowice, Poland.