Bill Gates and European Investment Bank President Werner Hoyer have committed to increasing support for clean energy technology and the fight on climate change at a meeting held in Brussels this week.
The two discussed three new financing initiatives that address inequality, contribute to sustainable development and support climate action, discussions with European finance ministers to increase EIB support for development finance, and the EIB’s plans to double financing for climate action and environmental sustainability.
“Whether you’re talking about improving outcomes in global health and development or tackling climate change, the tools we have today aren’t enough to solve the challenges we face. It is great to see the European Investment Bank growing its engagement with philanthropic organizations and the private sector… These partnerships will help increase investment in human capital, reduce global inequality and lay the groundwork for sustainable prosperity,” said Gates.
Increasing clean energy innovation to fight climate change
Investment to scale up adoption of new energy technology is essential to reduce carbon emissions.
Earlier this year Breakthrough Energy Ventures and the European Investment Bank launched the EUR 100 million Breakthrough Energy Ventures-Europe fund intended to support companies developing innovative energy technology that can be used for clean transport, agriculture, industry, buildings and electricity.
Improving health diagnostics across Africa
Unreliable medical testing and limited access to health diagnostics pose a significant challenge to improving health outcomes in Africa.
The Bill & Melinda Gates Foundation and the European Investment Bank are joint partners in the African Health Diagnostics Platform, a new initiative dedicated to making quality diagnostic services accessible to low-income communities in sub-Saharan Africa. The European Commission under the External Investment Plan supports the platform.
The African Health Diagnostics Platform is expected to be rolled out in Ethiopia, Ghana and Rwanda by early 2020, with other countries anticipated to follow
Scaling up malaria research and development
In addition, President Hoyer and Mr. Gates discussed their mutual interest in scaling up scientific research on new tools to prevent and treat malaria. Progress against this disease is held back by limited commercial investment, increasing resistance to some treatments available today, and the impact of global warming on mosquito populations and behaviour among other causes.
The European Investment Bank is currently leading the establishment of a new fund intended to finance companies leading development of new malaria tools, in which the Bill & Melinda Gates Foundation has expressed its intent to participate.
The new EU Malaria Fund is expected to be operational by the end of 2019.
–Bill Gates, EU Commission launch €100 million clean energy innovation fund
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–First thermal energy storage for CO2-free generation
“The European Investment Bank welcomes the opportunity to work with the Gates Foundation to combine our respective development, climate and financial expertise. Cooperation between the EU Bank and the Bill & Melinda Gates Foundation will enhance access to reliable medical testing across Africa and increase research into curing malaria, and the partnership with Breakthrough Energy Ventures will accelerate deployment of new technology to replace fossil-intensive energy generation. We look forward to increasing our partnership supporting innovative technologies for climate action and tackling infectious diseases, and expanding the scope of our joint engagement in the years ahead.” said Hoyer.