British Prime Minister Boris Johnson and tech titan Bill Gates have announced a new partnership to boost investment in clean energy technology.

The deal, announced at the World Investment Summit today (October 19), aims to inject £ 200million (€ 237million) of private sector investment in the climate technologies needed to achieve net zero emissions by 2050.

The partnership will be achieved through the Catalyst program, which is part of the larger Breakthrough Energy network founded by Gates.

Catalyst is a public-private partnership focused on four key areas of green technology: green hydrogen; long-term energy storage; sustainable aviation fuels; and direct air capture.

Over the next 10 years, Catalyst will work with the UK government to support the commercialization of decarbonization technologies, rapidly lower the cost of green technologies that are too expensive to scale and bring them to global markets.

The Catalyst deal follows the government’s pledge to allocate at least £ 200million for the development, demonstration and deployment of UK green projects.

Gates said: “In order to achieve net zero emissions, we need to reduce the costs of clean technology so that it can compete with and replace the high-emitting products we use today – I call this price difference the green premium. “

£ 10 billion in transactions

Johnson also announced earlier today that investors pledged deals worth £ 9.7 billion (€ 11.5 billion) at the summit.

According to the official UK government statement, this involves 18 new trade and investment agreements that will support green growth and create around 30,000 jobs in the UK.

The list of potential investments includes the intention of Spanish utility company Iberdrola to invest £ 6 billion in East Anglia Hub’s offshore wind farms, potentially creating 7,000 jobs.

The Department for International Trade has also launched a new Investment Atlas, an online platform designed to help international investors identify and execute investment opportunities in England, Scotland, Wales and Ireland. North.

The platform will highlight 53 strategic investment opportunities across the UK and will include offshore wind substructures in Scotland and manufacturing ports at Teesside and Humber, delivery of sustainable food systems to Telford and transport net zero emissions in Coventry.