Bill Gates-backed fund Breakthrough Energy Capital (BEC) has tabled plans to invest $15bn into clean technology projects in the US, EU and UK.
The eye-watering sum will be pushed towards green hydrogen, aviation fuel, energy storage technology and cleaning polluted air.
“We are actually trying to demonstrate which technical path is most effective,” BEC managing director Jonah Goldman told the Financial Times.
The Gates-founded fund plans to unlock the billions by leveraging financial structures and partnership agreements, Goldman added.
The cash will be split into three types of capital – charitable donations, submarket equity investments and product off-take contracts – and will be pumped into large-scale projects that would struggle to be funded elsewhere.
It comes as EasyJet partners looks to develop a greener propulsion system for its commercial aircrafts – marking the appetite for green hydrogen and low-carbon fuels.
It forms part of the budget carrier’s ambition to achieve net-zero emissions flying across the UK and Europe.
Fellow carrier Ryanair last year joined the “Fuelling Flight Initiative”, in the push for greener fuels.
Ryanair’s director of sustainability, Tom Fowler, said at the time that “Sustainable Aviation Fuels are a key component of airlines’ efforts on the road to carbon-neutrality.
“A transparent and future-proof regulatory framework for SAFs can support and equip airlines in their fight against climate change, and we are proud to be part of this initiative.”
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