HSBC Invests $100 Million in Bill Gates’ Climate Solutions Initiative Breakthrough Energy Catalyst
Breakthrough Energy, a climate solutions-focused initiative founded by Bill Gates, announced today the addition of two new anchor partners, HSBC and impact platform Builders Vision to its green tech investment network Catalyst.
Breakthrough Energy Catalyst was founded in mid-2021, bringing together businesses, governments, philanthropies and individuals in a public-private partnership network aimed at investing in and scaling new ‘climate-smart’ technologies that will enable the achievement of net zero by 2050. Initial technology focus areas for Catalyst include direct air capture, green hydrogen, long-duration energy storage, and sustainable aviation fuel. Catalyst forms part of Breakthrough Energy, established by Gates and other private investors in 2015, to support the development of net zero-focused technologies.
Bill Gates said:
“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. 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.”
HSBC and Builders Vision join other Catalyst anchor partners which include American Airlines, ArcelorMittal, Bank of America, The BlackRock Foundation, Boston Consulting Group, General Motors, and Microsoft.
HSBC announced that it will invest $100 million in Catalyst, and will also join its leadership council, providing an expert view on the transition opportunities in markets including Asia and the Middle East.
Noel Quinn, HSBC’s Group Chief Executive, said:
“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.”
HSBC’s Group Chief Sustainability Officer, Dr Celine Herweijer, added:
“Brilliant green tech innovations that could transform heavy carbon emitting industries and transform the power sector already exist. They just need investment like this to become reality. That is why we’re backing Breakthrough Energy Catalyst. Our unique international footprint makes us well placed to advise on the global challenges and opportunities presented by the net zero transition, especially in Asia and the Middle East. We look forward to making a major contribution to the net zero journey as part of the Catalyst family.”
In addition to the new anchor partners, Breakthrough Energy also announced that BMO Financial Group has joined the initiative as a scaling partner, marking the first Canadian firm in the network. BMO has committed to invest $50 million over 5 years to help commercialize and scale the most promising climate technologies, in addition to contributing project finance and energy transition capabilities.
Darryl White, CEO, BMO Financial Group, said:
“We’re excited by the opportunity to be the first Canadian company to join Breakthrough Energy Catalyst, whose mandate strongly aligns with BMO’s Purpose to Boldly Grow the Good in business and life, and our commitment to mobilizing capital for a sustainable future. We look forward to applying our extensive project finance and energy transition expertise to the acceleration of climate innovation critical to helping the economy, and our clients, make progress in the transition to a net-zero world.”