Bill Gates and European Investment Bank (EIB) President Werner Hoyer have agreed to accelerate support for tackling climate change and aiding human development.
Speaking in Brussels earlier today, they stressed the importance of close cooperation between philanthropy and public finance and discussed new initiatives to help address inequality, support climate action and drive sustainability.
The EIB, which plans to double financing for climate action and environmental sustainability, said it was vital to increase clean energy innovation in order to scale-up the adoption of new energy technologies and avoid the worst of the threats posed by global warming.
It stressed these technologies could be used to decarbonise a range of sectors including transport, agriculture, industry, buildings and electricity.
The leaders also committed to work towards improving health diagnostics across Africa and to scale up malaria research and development.
Bill Gates said: “Whether you’re talking about improving outcomes in global health and development or tackling climate change, the tools we have today aren’t enough to solve the challenges we face.
“It is great to see the EIB growing its engagement with philanthropic organisations and the private sector, including the Gates Foundation and Breakthrough Energy Ventures, to accelerate progress in these areas.
“These partnerships will help increase investment in human capital, reduce global inequality and lay the groundwork for sustainable prosperity.”