HSBC Holdings invests $100mln to achieve global net-zero emissions

ArabFinance: HSBC Holdings plc is investing $100 million in Breakthrough Energy Catalyst as an anchor partner, according to an emailed press release on February 1^st.

This investment will accelerate the global net-zero pathway and bolster the banks goal to achieve net-zero climate impact by 2050.

Moreover, HSBC will join the leadership council for Breakthrough Energy Catalyst, providing an expert view on the transition opportunities in some of its biggest markets, mainly in Asia and the Middle East.

Breakthrough Energy Catalyst is a groundbreaking program that supports private-public capital to speed up the development of clean technologies that will help achieve net-zero emissions by 2050.

This initiative comes as part of the larger Breakthrough Energy network founded by Bill Gates, which targets supporting decarbonization of high-carbon sectors via investments in four climate critical technologies.

The four climate technologies are direct air capture, clean hydrogen, long-duration energy storage, and sustainable aviation fuel.

These technologies will plat a key role in the future in terms of power generation, transport, and heavy industry.

Catalyst funds actual projects, not companies, and it brings together businesses, governments, philanthropists, and individuals to invest in the needed clean technologies to eliminate emissions.

The program also targets lowering the cost of production for products, such as clean hydrogen and sustainable aviation fuel, thereby reducing the Green Premium 2 on these products and making them more accessible.

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.

Noel Quinn, HSBCs 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.

For his part, Jonah Goldman, Managing Director, Breakthrough Energy Catalyst, said: By joining Catalyst, HSBC and our other partners are demonstrating they are taking real action and willing to make meaningful investments in climate critical technologies. These organisations are truly leading the way and the investments they are making will have a positive impact on global emissions for decades to come.

Meanwhile, Group Chief Sustainability Officer, HSBC, Dr Celine Herweijer, stated: 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 were 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.