The Qatar Foundation and Rolls-Royce will partner on climate technology research and development, eyeing the creation of 10,000 jobs.
The memorandum of understanding covers R&D, accelerator activities and venture capital funding, the companies said, adding that at least 10,000 climate-tech jobs will be generated by 2040.
The collaboration plans to create up to five unicorns – startups valued at over $1 billion – by 2030 and 20 by 2040.
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Campuses will be located in the north of England and Qatar.
The Qatar Foundation will provide resources to create the campuses and support operations over 20 years. Rolls-Royce will provide engineering and high-end manufacturing support, using the center as a base to develop emerging technologies in the field of climate technology.
Rolls Royce said it will “spin out” some of its newest technologies in the field of climate tech – outside its existing activities in aerospace, defense and nuclear.
The company said it is already making efforts to decarbonize. “For us, the transition to net zero is both a societal imperative and an excellent commercial opportunity,” Warren East, Chief Executive, Rolls-Royce, said in a statement.
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“This partnership with Qatar Foundation will enable us to accelerate progress in clean energy, including … allowing us to fully take advantage of nascent technologies that could have a significant impact on tackling climate change,” East added.
Climate tech startups have already raised $32 billion this year, more than in any previous year, according to a report from Dealroom and London & Partners.
Investors are tapping into the growing consumer demand for sustainable technologies such as electric vehicles and renewable energy and venture capital firms want to back climate tech startups since it will “resonate with customers,” Stephen Feline, the North America director for London & Partners, told Fast Company.
And Microsoft president Brad Smith said this week that the race to build new climate tech is comparable to JFK’s plan to go to the moon.
“Today’s most pressing problems: climate change, soil restoration, water resources, animal welfare and human health are all inextricably linked. We stand ready to work together with our partners Rolls-Royce in developing innovative solutions and clean energy technologies,” Sheikha Hind bint Hamad Al Thani, vice chairperson and CEO of Qatar Foundation, said in a statement.
“This partnership fuses the outstanding British engineering of Rolls-Royce with the vision of the Qatar Foundation,” U.K. Prime Minister Boris Johnson said.