HSBC is set to invest $100 million in green technology initiatives through its participation in the Breakthrough Energy Catalyst network. This initiative, developed within the broader Breakthrough Energy framework established by Bill Gates, aims to facilitate the decarbonization of high-emission industries by promoting four pivotal climate technologies: direct air capture, clean hydrogen, long-duration energy storage, and sustainable aviation fuel.
Breakthrough Energy Catalyst focuses on financing specific projects rather than companies, with an emphasis on reducing costs and enhancing the adoption of climate-smart solutions. Alongside its substantial financial commitment, HSBC will also join the leadership council of Breakthrough Energy Catalyst, contributing insights into transition opportunities within key markets, particularly in Asia and the Middle East.
Noel Quinn, HSBC’s Group Chief Executive, expressed his excitement about the collaboration, stating, “A limited number of green technologies are poised to transform the global industrial landscape over the next 5 to 10 years. I appreciate HSBC’s involvement with Breakthrough Energy Catalyst, which aims to expedite the development and scalability of these essential technologies. I firmly believe that this innovative partnership can help introduce vital clean solutions to the market and foster a more sustainable future.”