HSBC is to allocate $100 million to funding green technology projects as part of the Breakthrough Energy Catalyst network.
Catalyst, an initiative within the larger Breakthrough Energy network founded by Bill Gates, supports decarbonisation of high-carbon sectors via four climate critical technologies - direct air capture, clean hydrogen, long-duration energy storage, and sustainable aviation fuel.
Catalyst funds actual projects, not companies, focusing on what it will take to drive down costs and grow the adoption of climate-smart technologies.
In addition to its $100m investment, HSBC will join the leadership council for Breakthrough Energy Catalyst, providing an expert view on the transition opportunities in some of its biggest markets, notably in Asia and the Middle East.
Noel Quinn, HSBC’s group chief executive, comments: “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.”