The European Commission and a fund led by Bill Gates have launched a new €100 million (£88m) clean energy investment fund.
The Commission and Breakthrough Energy Ventures have signed a Memorandum of Understanding to establish Breakthrough Energy Europe (BEE) – a joint investment fund aimed at helping European businesses and innovators develop and bring new clean energy technologies to the market.
The Bill Gates-led fund was estalished in 2016 to invest in new technologies that make power reliable and affordable for everyone while not warming the planet.
The new fund, expected to be operational in 2019, will also focus on reducing greenhouse gas emissions and promoting energy efficiency in the areas of electricity, transport, agriculture, manufacturing and buildings.
Mr Gates, Chairman of Breakthrough Energy Ventures said: “We need new technologies to avoid the worst impacts of climate change. Europe has demonstrated valuable leadership by making impressive investments in R&D. The scientists and entrepreneurs who are developing innovations to address climate change need capital to build companies that can deliver those innovations to the global market. Breakthrough Energy Europe is designed to provide that capital.”