Rolls-Royce reveals new partnership at COP26 backing green tech firms

Rolls-Royce has announced a new green tech partnership, which it says will create at least 10,000 new jobs.

The engineering giant, which has its civil aerospace and defence divisions in Derby, has signed a Memorandum of Understanding with the Qatar Foundation to establish a ground-breaking centre for climate-tech innovations.

The firm said the new global hub will generate at least 10,000 climate-tech jobs in related businesses by 2040, with “world-class” campuses constructed in the UK and Qatar directly employing a further 1,000.

Announcing the plans at the COP26 UN climate change conference in Glasgow, chief executive Warren East said: “This partnership with Qatar Foundation will enable us to accelerate progress in clean energy, including by allowing us to fully take advantage of nascent technologies that could have a significant impact on tackling climate change.”

Prime Minister Boris Johnson said: “This partnership fuses the outstanding British engineering of Rolls-Royce with the vision of the Qatar Foundation, confirming the UK’s position as a science superpower and hub for investment.”

According to Rolls-Royce, the new hub will combine research and development, accelerator activities and venture capital funding.

It hopes to support the creation of five new tech “unicorns” by 2030 and 20 by 2040. A unicorn is a privately held start-up company valued at over $1 billion (£730 million).

Under the agreement, Rolls-Royce will provide engineering and high-end manufacturing support, using the centre to further develop emerging technologies in the field of climate technology.

The Qatar Foundation, which is a state-led not-for-profit group, will provide the resources needed to create the new campuses, as well as ongoing financial support for a further 20 years.

Mr East said: “Rolls-Royce has pioneered power since its inception, and we are already playing a key role in accelerating the energy transition in some of the hardest sectors to decarbonise.

“For us, the transition to net zero is both a societal imperative and an excellent commercial opportunity.”

Backing the plans, Prime Minister Boris Johnson added: “This will not only strengthen ties between our two countries but will help facilitate the climate-tech innovations we need to tackle climate change headfirst, delivering green jobs and green growth.”

Rolls-Royce said a detailed analysis will be completed to finalise the design of the centre and select locations for campuses in both countries. This is expected to conclude in mid-2022.

Her Excellency Sheikha Hind bint Hamad Al Thani, vice-chair and chief executive of the Qatar Foundation, said: “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.”