Qatar set to invest £4bn in UK climate tech

The UK climate tech sector is set to be boosted by a planned £4 billion ($4.9 billion) investment from the Qatar Foundation.

However, a think tank has warned that the UK Government must act quick to create the right environment for the sector to thrive.

Qatar’s non-profit arm, the Qatar Foundation, will invest the money into a new university-style campus, with support from a partnership with Rolls-Royce.

First reported by The Sunday Times, the campus will fuel energy research and green tech development. The new facility was described as the ‘MIT for UK energy transition’.

A total of £1.5 billion ($1.8 billion) will be designated for seed development of green tech startups in the UK, with the aim of creating new unicorns valued at £801 million ($1 billion).

“The purpose is to scale up these projects to the level where they can be floated here in the UK, rather than losing our best ideas overseas at their early stage,” said a project leader of the fund to The Sunday Times.

Funding for the project has been committed for 20 years, with a vision to create 7,500 new jobs by 2030.

Sites in London, Oxford, and Cambridge are being scouted as potential locations for the campus.

Management consultant McKinsey is reportedly involved in the planning.

As a result of investments like the latest from Qatar, the UK was ranked second globally in climate tech sector investments, trailing only the United States.

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