Baku, Azerbaijan, May 29
By Leman Zeynalova – Trend:
The European Commission, European Investment Bank and Breakthrough Energy Ventures have established a new €100 million fund to support clean energy investments, Trend reports citing the European Commission.
The fund was set up during the Fourth Mission Innovation Ministerial meeting in Vancouver, Canada, reads a message from the Commission.
“The fund will help develop innovative European companies and bring radically new clean energy technologies to the market. It will support Europe's best clean energy entrepreneurs whose solutions can deliver significant and lasting reductions in greenhouse gas emissions. The first of its kind, it caters to the capital intensity and long development horizons that energy technologies need,” said the message.
Reportedly, funding for BEV-E will include a €50 million contribution from the European Investment Bank guaranteed by InnovFin, a financial instrument funded through the EU's research and innovation programme, and a €50 million contribution from Breakthrough Energy Ventures, an investor-led fund committed to supporting cutting-edge companies in the energy sector.
“Business as usual is not an option. We need to boost our investments with more than 500 billion euro each year to achieve a carbon neutral economy by 2050. I am pleased that our pilot cooperation with Breakthrough Energy has taken off so fast. This is pioneering work: aligning private and public investment in cutting-edge innovation, to the benefit of the Energy Union and our climate,” Maroš Šefčovič, Vice-President of the Commission for the Energy Union, said.
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