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Bill Gates & EU pledge $1 Billion to Enhance Green Technology

Published on June 07, 2021
Current Context: The Energy Investment Programme founded by Bill Gates and European Union jointly have set up a plan to raise up to $1 billion to launch the low-carbon technologies as Europe is betting on meeting its climate change goals.
Bill Gates & EU pledge $1 Billion to Enhance Green Technology
  • Under this partnership, Breakthrough Energy which is founded by Gates will raise capital and philanthropic funds to match funding provided by the EU.
  • Both the entities aim to raise up to 820 million euros, or $1 billion, from 2022 to 2026 jointly.
  • The funds will be used to target hydrogen produced from renewable energy, sustainable aviation fuels, technology to suck CO2 out of the atmosphere, and to have long-duration energy storage.
  • EU has entered into this partnership as it has set a target to eliminate greenhouse gas emissions by 2050.
  • The funds raised by Bill Gates and European Union will be used to build large scale commercial demonstration projects which will reduce the cost of technologies and thus will be adopted to boost green energy technologies.
  • Static Part: 
    • HQ of EU: Brussels, Belgium

Question: 

Q.1 Bill Gates and EU pledged to raise ____ to enhance Green Technology?
a. $1 billion
b. $1.5 billion
c. $1.3 billion 
d. $1.4 billion
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