A groundbreaking program called Breakthrough Energy Catalyst aims to accelerate the development of clean technologies that will help achieve net-zero emissions by 2050. HSBC is investing USD100 million as an anchor partner.
Catalyst is a part of the Bill Gates-founded Breakthrough Energy network that aims to help decarbonize high-carbon industries by investing in four climate-critical technologies: direct air capture, clean hydrogen, long-duration energy storage, and sustainable aviation fuel. Power generation, transportation, and heavy industry – all of which must be addressed in order to progress towards net zero – will be dependent on these technologies in the future.
Catalyst brings together businesses, governments, philanthropists, and individuals to invest in the clean technologies that are necessary to meet climate goals.
To lower costs and increase the adoption of climate-smart technologies quickly, Catalyst funds actual projects, not companies. Catalyst also aims to reduce the ‘Green Premium’ on products like clean hydrogen and sustainable aviation fuel by lowering the cost of production, thus making these products more accessible and affordable. HSBC’s $100 million investment will help the world move closer to net zero climate impact by 2050, a goal the bank has set for itself.
Additionally, HSBC will join Breakthrough Energy Catalyst’s leadership council and contribute its expertise on the transition opportunities in some of its most important markets, particularly Asia and the Middle East.
“To reach net zero, we need to reduce the cost of clean technologies so they can be deployed at scale and become more affordable and accessible for all,” said Bill Gates, Founder, Breakthrough Energy. “The only way to achieve this is through deep collaboration across public and private sectors – no country, company, or individual can halt the progress of climate change alone.”
Noel Quinn, HSBC’s Group Chief Executive, commented: “A small number of green technologies will reshape the industrial landscape of the world over the next 5 to 10 years. I am grateful for the opportunity for HSBC to be part of Breakthrough Energy Catalyst to accelerate their development and make them scalable. I genuinely believe this groundbreaking partnership can help bring these much-needed clean solutions to market and build a more sustainable world.”