LONDON, (Reuters) –Bill Gates and the British government are working together to lower the costs of greener technology to enable countries to achieve net zero emission goals by 2050.

Gates, who was speaking at the Global Investment Summit with Prime Minister Boris Johnson said that investment is necessary to continue developing new technologies which are currently too costly for consumers.

Gates stated that he will work with the UK in identifying which projects need to be supported and that at least one project should be available for scaling up within the next five year.

He said, “We’ll scale these up and bring that down, so we get them to the exact place we’re at today with solar/onshore wind, and they can also be scaled up for reducing emissions.”

Johnson’s government stated that the partnership of 400 million pounds ($552million) would boost green tech investments across the country. This includes areas like green hydrogen, long term energy storage and direct air carbon dioxide capture.

Microsoft co-founder Bill Gates (NASDAQ:) made this commitment via his Breakthrough Energy Catalyst, which gathers a group of private investors that want to support innovation in the fight against climate change.

Britain already has pledged to invest at least 200million pounds in new UK projects. Investors and business partners involved with the Gates Project will match this amount.

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