Meeting in Brussels earlier today Bill Gates, Co-chair of the Bill & Melinda Gates Foundation and Chairman of Breakthrough Energy Ventures, and European Investment Bank President Werner Hoyer highlighted the benefits of close cooperation between philanthropy and public finance to invest in sustainable development and climate action. They also welcomed progress on new joint initiatives to improve health and support energy innovation.
President Hoyer (Left) and Bill Gates (right) (EIB)
“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, including the Gates Foundation and Breakthrough Energy Ventures, to accelerate progress in these areas. These partnerships will help increase investment in human capital, reduce global inequality and lay the groundwork for sustainable prosperity,” said Bill Gates.
“The European Investment Bank welcomes the opportunity to work with the Gates Foundation to combine our respective development, climate and financial expertise. 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 Werner Hoyer, President of the European Investment Bank.
The two discussed the EIB’s plans to double financing for climate action and environmental sustainability, among other topics. They believe “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 €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.