09/20/2021 | Press release | Distributed by Public on 09/19/2021 22:01
NEW YORK - September 20, 2021 -The BlackRock Foundation today announced a $100 million grant to Breakthrough Energy's Catalyst Program ('Catalyst') to help accelerate the development of the climate solutions necessary to achieve net-zero emissions by 2050. The grant reflects BlackRock's commitment to expanding the availability and affordability of clean energy solutions to help the world transition to a net- zero economy.
'The transition to a net-zero world and creating a more sustainable future is the shared responsibility of every citizen, corporation and government. Mobilizing the $50 trillion in capital necessary to finance the global energy transition will require innovative new partnerships across the public, private and nonprofit sectors,' said Larry Fink, Chairman and CEO of BlackRock. 'Our partnership with the Catalyst program represents a five-year philanthropic commitment to invest in cutting-edge science that will help bring vital clean energy solutions forward - at scale - to achieve the world's decarbonization goals and mitigate the uneven impact of climate change on communities.'
Catalyst is a new model for how companies, governments and private philanthropy can finance, produce and ensure widespread adoption of next-generation clean technologies. Catalyst's initial focus will be to help speed the development and commercialization of four clean energy technologies: direct air capture, green hydrogen, long-duration energy storage, and sustainable aviation fuel. Catalyst will invest in these technologies, which are essential to reaching net-zero, with the goal of reducing their costs to compete with and replace the greenhouse gas emitting counterparts available today, lowering what is referred to as Green Premiums and ultimately accelerating their widespread adoption.
'Avoiding a climate disaster will require a new industrial revolution. We need to make the technologies and products that don't cause emissions as cheap as those that do,' said Bill Gates, Founder, Breakthrough Energy. 'The technologies Catalyst focuses on are vital to the world reaching net zero but require significant investments so they can become inexpensive enough for the whole world to afford them. By coordinating investments and directing them toward these critical technologies, we can reduce their Green Premiums, help them get to market faster, and have a meaningful positive impact on our planet.'
BlackRock's anchor partnership with Catalyst marks the firm's first philanthropic climate commitment and The BlackRock Foundation's largest grant since it was created in February 2020. With a mission to create sustainable prosperity for more people, communities and the planet, The BlackRock Foundation deploys philanthropic capital and builds partnerships to advance inclusive and sustainable economies and communities. It leverages BlackRock's expertise and resources to help more and more people beyond the reach of our core business build financial security and get on the path to sustainable prosperity. As an anchor partner, BlackRock will also partner with Catalyst to support investments in early commercial demonstration projects, offer perspectives on continued private sector engagement, provide insights on investment and offtake strategies, and help to encourage more companies to join Catalyst.
Clean energy is a priority for BlackRock and its clients. The $100 million grant aligns with BlackRock's conviction that climate risk is investment risk and complements several other initiatives focused on the intersection of sustainability and technology.
Earlier this year, BlackRock raised $250 million for its Climate Finance Partnership (CFP) - a consortium of governments, philanthropies and institutional investors - to invest in renewable power generation, energy storage solutions and electrified transportation services in emerging markets. BlackRock also announced this year that it would be forming a partnership to launch a series of late stage venture capital and early growth private equity investment funds that will focus on advancing decarbonization solutions to accelerate global efforts to achieve a net zero economy by 2050.
Through Catalyst and its other programs, Breakthrough Energy is working to address the funding gaps preventing critical climate technology from reaching scale. In addition to Catalyst, Breakthrough Energy also oversees a network of investment vehicles, philanthropic programs, policy advocacy, and other activities, aimed at helping the world reach net-zero emissions by 2050.
BlackRock's purpose is to help more and more people experience financial well-being. As a fiduciary to investors and a leading provider of financial technology, we help millions of people build savings that serve them throughout their lives by making investing easier and more affordable. For additional information on BlackRock, please visit www.blackrock.com/corporate
AboutThe BlackRock Foundation
Created in February 2020, The Foundation identifies and invests in evidence-based solutions that help more people achieve financial security and participate in sustainable prosperity.
About Breakthrough Energy
Founded by Bill Gates, Breakthrough Energy is dedicated to helping humanity avoid a climate disaster. Through investment vehicles, philanthropic programs, policy advocacy, and other activities, Breakthrough Energy is committed to scaling the technologies the world needs to reach net-zero emissions by 2050. Visit www.breakthroughenergy.org for more information and connect with Breakthrough Energy on Facebook, Twitter, and LinkedIn.
About Breakthrough Energy Catalyst
Breakthrough Energy Catalyst is a first-of-its-kind model to finance, produce, and buy the new solutions that will underpin a zero-carbon economy. Catalyst seeks to bring together the public and private sectors to fund commercial-stage demonstration projects for critical decarbonization technologies. Catalyst will address the early deployment funding gap for these technologies and provide a structure to accelerate their commercialization.
Catalyst will start by funding projects across four technologies: green hydrogen, sustainable aviation fuel, direct air capture, and long-duration energy storage. In the future, Catalyst intends to expand the same framework to other necessary innovations, like low-carbon steel and cement.
Email: [email protected]
Email: [email protected]