LONDON Reuters is working with the British Government to invest in and bring down the cost of new greener technologies to help countries hit net-zero emission targets by 2050.
Boris Johnson, speaking at a Global Investment Summit alongside Prime Minister Gates, said investment was needed to develop new technologies that are currently too expensive for the consumer market.
Gates said he would work with the UK to identify which projects should be backed and expected that at least one of the projects would be ready to scale up in the next five years.
We will scale those up to reduce the cost so we'll get these to the same place we are today with solar and onshore wind, and they can be scaled up to reduce emissions, he said.
Johnson said the agreement of 500 million pound $552 million would supercharge green tech investment across the country, including in areas such as green hydrogen, long-term energy storage, sustainable aviation fuels and direct air capture of carbon dioxide.
Britain has already pledged at least 200 billion pounds to the development of new UK projects, and investors and firms in the Gates project will match this sum.