The aim is for Europe to become the world's first climate neutral continent.
The E.U. Commission announced yesterday that it was creating a new partnership with Bill Gates' Breakthrough Energy Catalyst programme to boost investments in clean technologies.
The hope is to accelerate the net-zero economy of the E.U. by pumping new investments of up to $1 billion between 2022 and 2026 to build large-scale, commercially viable clean technologies, all while significantly reducing CO2 emissions.
Ursula von der Leyen, President of the European Commission, said "With our European Green Deal, Europe wants to become the first climate-neutral continent by 2050. And Europe has also the great opportunity to become the continent of climate innovation."
"For this, the European Commission will mobilize massive investments in new and transforming industries over the next decade. This is why I'm glad to join forces with Breakthrough Energy. Our partnership will support EU businesses and innovators to reap the benefits of emission-reducing technologies and create the jobs of tomorrow," she continued.
The E.U. project will initially focus on four sectors that could significantly help push Europe to deliver on its economic and climate ambitions of the European Green Deal. These include green hydrogen, sustainable aviation fuels, direct air capture, and long-duration energy storage.
With these focuses in mind, the plan is to scale up important climate-smart technologies, and move more quickly toward a green Europe. Meanwhile, on the other side of the Channel, Boris Johnson has recently announced a £30m investment for large-scale carbon removal trials. The project will test out five strategies for pulling carbon dioxide out of the atmosphere to fight climate change.