Today, Breakthrough Energy Catalyst published a request for proposals for large-scale deep green tech projects based in Europe. The request will trigger investments in a portfolio of high-potential projects in the areas of clean hydrogen, sustainable aviation fuels, direct air capture, and long-duration energy storage.
It marks the first milestone of the EU-Catalyst partnership that the European Commission, European Investment Bank and Breakthrough Energy Catalyst launched in November 2021 at COP26 in Glasgow by Commission President Ursula von der Leyen and Bill Gates, the Founder of Breakthrough Energy, together with European Investment Bank President Werner Hoyer.
The Partnership will mobilise $1 billion (around €820 million) between 2022-2026 to accelerate the deployment and commercialisation of innovative technologies that help deliver the European Green Deal ambitions and achieve Europe’s climate goals by 2030 and climate neutrality by 2050.
Mariya Gabriel, Commissioner for Innovation, Research, Culture, Education and Youth, said:
With the EU-Catalyst partnership we want to make a daring leap towards achieving our climate goals. We need technological revolution on a global scale, large investments, more financial risk taking and more game-changing innovations, as well as policies that support public-private partnerships across the globe.
EU funding for the EU-Catalyst Partnership comes from Horizon Europe and the Innovation Fund, managed under InvestEU. Each euro of public funds is expected to leverage three euros of private funds.
The initiative of the EU-Catalyst Partnership complements the multiple actions already launched in the framework of the European Green Deal (EGD) and National Recovery and Resilience Plans (RRP) financed by NextGenerationEU
Background
The EU-Catalyst partnership brings together the European Commission, the European Investment Bank and Breakthrough Energy Catalyst. Commission President Ursula von der Leyen and Bill Gates, founder of Breakthrough Energy, first announced it at the Mission Innovation Ministerial Conference in June 2021. The partnership will help deliver on the European Green Deal ambitions and the EU’s 2030 climate target.
The partnership will bring together the public and private sectors to invest in large-scale demonstration projects. Both the European Investment Bank and Breakthrough Energy Catalyst will provide equivalent amounts of grants and loans in the projects. Breakthrough Energy Catalyst will leverage equivalent private capital and philanthropic funds and mobilise partners to invest in projects and/or purchase the resulting green products. The EU-Catalyst partnership will be open to national investments by EU Member States as well as possibly Norway and Iceland[1] through InvestEU or at project level.
More information
[1]
if, at the time of financial closure of the project, association agreements to Horizon Europe and InvestEU are in place for these countries.
