Israel to pump $880 million in climate technology innovation

Stepping up its efforts toward innovation in climate technologies, Israel has announced that to investing about 3 billion shekels (about $880 million) to facilitate innovation in climate technologies.

According to Israel’s ministry of Environmental Protection, the decision to invest in climate technology is aimed at accelerating innovation in Israel’s climate tech ecosystem to support Israel’s efforts to address the climate issue.

“Major quantitative goals to support climate innovation stated in the decision are expected to be met by 2026,” the Isreal government said.

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As per the government note, these new goals include the doubling of 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.

The plan also includes the use of satellites to monitor climate change and environmental hazards, and the establishment of a technology incubator to promote projects, according to the ministry.