Israel sanctions whopping $880 million funds to promote climate technology innovation

In a "historic" decision, Israel's Ministry of Environmental Protection has sanctioned a whopping amount of around $880 million to facilitate innovation in climate-related technologies. According to the ministry, all the major quantitative goals which are meant to support climate innovations are expected to be met by 2026. As per the joint statement released by the Ministry of Environmental Protection and the Ministry of Innovation on Sunday, both will ensure accelerating ecosystem innovation in climate technologies. Also, the ministries said they will increase funds for climate tech applied studies, patents, startup companies, and pilot projects carried out on state infrastructure.  

Israel also vowed to double the fundraising deals for Israeli venture capital funds specialising in climate technologies. "The goals include: establishing a community of researchers in the field; use of satellites to monitor climate change, environmental hazards, and for decision-making and applied research purposes; establishment of a technological incubator to promote climate technology projects; a pilot fund to finance experimentation and assimilation of climate technologies in Israel; and establishment of a monitoring and control team that will publish an annual report to the public on government progress," according to the statement.

Israel Innovation ministry vows to double the funds to promote the climate tech ecosystem

Meanwhile, explaining the goals set by the ministries, Orit Farkash HaCohen, Minister of Innovation, Science and Technology, said that the main aim of the Israeli government is to equip the units tackling the climate-related issues with the advanced tools of communications in order to address the concern strategically and swiftly. "The goals I set for myself and set on Sunday in the government decision are ambitious and include, for example: doubling the number of start-up companies operating in the climate field in Israel of 10 Israeli venture capital funds specializing in the climate, by 2026 (compared to only one currently operating) and doubling the number of capital funds," he noted.

On the other hand, Minister of Environmental Protection Tamar Zandberg noted that the climate crisis is the most significant risk that has been faced by human beings. However, at the same time, it is also a tremendous opportunity for the current generation to produce the solutions to deal with it which are also capable of negotiating the concerns of the future generations. "Israel, as a nation of start-ups and innovation, can be a key anchor for meeting global climate challenges, and the government's decision and the actions we promote in the field are a significant step towards creating a thriving, blue-and-white technology industry," he noted.

(Image: AP/Twitter/@SvivaMinistry)