Israel’s Ministry of Environmental Protection announced earlier this week that the country will invest NIS 3 billion ($880 million to promote innovation in climate technologies, according to various media outlets.
The decision aims to accelerate innovation in Israel’s climate tech ecosystem supporting Israel’s efforts to address climate change, the ministry said, according to Xinhua.
The main quantitative targest of the proposal, submitted by the Energy Minister Karin Elharar, Environmental Protection Minister Tamar Zandberg and the Innovation Minister Orit Farkash Hacohen, are set to be fulfilled by 2026, the ministry said.
These targets include doubling climate tech applied studies, patents, startup companies, and pilot projects carried out on state infrastructure, increasing the number of fundraising deals and Israeli venture capital funds specializing in climate technologies, and the promotion of joint research with other countries.
One of the goals is to double the number of startups engaged in climate tech from 55 companies in 2021 to 110 companies by 2026, CTech by Calcalist reports.
According to the ministry, the plan includes the use of satellites to monitor climate change and environmental hazards as well as the establishment of a technology incubator to promote projects.