Tuesday 01 February 2022
I wrote – Manal Al-Masry:
The HSBC Bank Group announced today that it will invest $100 million as a lead partner with the leading clean energy company, Breakthrough Energy Catalyst.
She explained in a statement today that these investments will benefit from capital provided by the private and public sectors to accelerate the development of clean technologies that will help achieve carbon neutrality by 2050.
The Catalyst program is an important initiative within the largest clean energy network established by Bill Gates, which is designed to support the reduction of carbon emissions from high carbon businesses by investing in four critical climate technologies that are carbon capture from the air. direct, clean hydrogen production, long-term energy storage, and sustainable fueling for air transport.
These technologies will be critical to the future of sectors such as power generation, transportation and heavy industry – all of which must be addressed to move towards net carbon neutrality, according to the statement.
Catalyst funds already existing projects, not companies, focusing on what it takes to cut costs and achieve rapid growth in adoption of climate-smart technologies.
The Catalyst program also focuses on lowering the cost of production for products such as clean hydrogen and sustainable fuels for air transportation, thus reducing the additional cost of using green Premium2 technologies for these products and making them more accessible.
The investment will accelerate the path to carbon neutrality globally and support HSBC’s goal of achieving net zero climate impact by 2050.
In addition to its $100 million investment, HSBC will join the clean energy company Breakthrough Energy Catalyst’s leadership board, providing expert insight into transformation opportunities in some of its largest markets, particularly in Asia and the Middle East.
Bill Gates, founder of Breakthrough Energy, said: “In order to achieve zero carbon emissions, we need to bring down the cost of clean technologies to make it easier to deploy and widely adopt so that they are affordable and available to all. The only way to achieve this is through close public-public collaboration. and private – and no country, company or individual can stop the acceleration of climate change on their own.”
Noel Quinn, Group CEO of HSBC, said: “The adoption of a few green technologies will help shape the outlook for business trends globally over the next five to ten years.
I am delighted to have the opportunity for HSBC to be part of the Breakthrough Energy Catalyst program to accelerate the development of clean technologies and make them deployable at the widest levels. I believe this pioneering partnership can help provide these clean solutions that are much needed in the market to build a more sustainable world.”
Jonah Goldman, CEO of Breakthrough Energy Catalyst, said: “By joining the Catalyst Programme, HSBC and our other partners are demonstrating that they are taking real action and are ready to make meaningful investments in climate-critical technologies. These institutions will lead the way to achieving this goal and the investments will be They are making a positive impact on reducing carbon emissions globally for decades to come.”