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Qatar to invest GBP 1 bn in green tech partnership with UK: Qatar has agreed to invest GBP 1 bn into a partnership with the UK to fund climate technology in both countries, Reuters reports, citing a UK government statement. The partners will also work to set up climate tech hubs in both countries.
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Where’s the money going? The British mobility and engineering giant Rolls Royce will get some of the investments for some of its tech programs focused on sustainable fuels, energy efficiency, and reducing emissions. Startups in both countries will also get some of the funding.
Qatar and Rolls Royce go way back: Back in 2021, the state-led Qatar Foundation and Rolls-Royce signed an MoU to develop two research and development campuses that will act as accelerators for climate tech businesses, providing mentorship, early-stage venture capital, and tech infrastructure for piloting and scaling up their ideas. The pair want to grow five unicorns by 2030 and 40 by 2040, Qatar Foundation said in 2021. Initial plans set 2023 as the launch date for the campuses, but no official announcements were made on the launch suggesting a delay in the project.
More investments rolled in last year: Qatar was reportedly said to have committed a USD 4 bn investment to start a Doha-based and UK-based green research centers in a 20-year agreement in collaboration with Rolls-Royce last year, Arab News reported at the time, citing The Sunday Times. The partnership reportedly earmarked USD 1.5 bn as seed funding for UK-based startups aimed at keeping innovators in the country. According to Arab News, the partnership would target sustainable aviation fuel, energy storage, and carbon capture and storage tech.
Is yesterday’s announcement a formal launch? Likely yes: While the UK government statement does not name Qatar Foundation, it names Rolls Royce as a major beneficiary and partner in the agreement, and remarks from the Qatari prime minister described the announcement as a “formalization of strategic relationship with Rolls Royce” and a ‘formal launch’ of a partnership with the UK.
That’s not all: Qatar and the UK are also on course to sign a financial services MoU focusing on cooperation on innovation and green finance, alongside capital markets and Fintech, according to a statement.
