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EU Targets $1 Billion for Clean Technology in Pact With Bill Gates

  • Partnership to boost investment in green hydrogen, clean fuels
  • Europe aims to become world’s first climate-neutral continent

The European Commission and Bill Gates joined forces in an initiative that wants to mobilize as much as $1 billion investment in clean technologies such as green hydrogen and sustainable fuels.

The Commission and Breakthrough Energy Catalyst, a program founded by Gates, want to muster the funding in 2022-2026 to build large-scale, commercial-demonstration projects that will deliver significant reductions in carbon dioxide, the European Union’s regulator said on Wednesday. The partners will also invest in direct air emissions capture and long-duration energy storage.