The technologies will need big investments to get off the ground.
Now, Breakthrough Energy Catalyst says it’s poised to follow through on its funding pledge. The amount it ultimately gives, however, will depend on how promising the projects are. It plans to dole out funds for the first group of technologies over the next five years or so.
The projects that Catalyst ultimately selects in Europe might also be eligible for additional funds from the European Commission and European Investment Bank. Altogether, Breakthrough Energy hopes that the public-private partnership can mobilize $1 billion USD for European projects between 2022 and 2027. The fund also has plans to release an RFP for the UK this year, followed by funding opportunities for other parts of the world.
“Critical for all these climate technologies is to get the costs down and to be able to scale them up to a pretty gigantic level,” Gates toldTechnology that removes CO2 from the air, called direct air capture, is a potent example of how much investment is needed. Today, this technology is in a very early stage and is
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