Sustainable Finance

Bill Gates' Breakthrough Energy Receives $100 Million Investment from HSBC

Published on: 31 January 2022 12:58 PM
by KnowESG

A Brief Summary

Breakthrough Energy, a climate-focused project created by Bill Gates, announced the addition of two new anchor partners to its green-tech investment network Catalyst: HSBC and impact platform Builders Vision.

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Breakthrough Energy Catalyst was established in mid-2021, bringing together firms, governments, foundations, and people in a public-private partnership network focused on investing in and expanding breakthrough "climate-smart" technologies that would allow net-zero energy by 2050.

Direct air capture, green hydrogen, long-duration energy storage, and sustainable aviation fuel are among Catalyst's first technical priority areas. Breakthrough Energy, founded by Gates and other private investors in 2015 to fund the development of net zero-focused technology, includes Catalyst.

HSBC and Builders Vision join American Airlines, ArcelorMittal, Bank of America, The BlackRock Foundation, Boston Consulting Group, General Motors, and Microsoft as Catalyst cornerstone partners.

HSBC has announced a $100 million investment in Catalyst as well as a membership on its leadership council, giving an authoritative perspective on transition prospects in areas including Asia and the Middle East.

Breakthrough Energy also announced that BMO Financial Group, the first Canadian enterprise in the network, has joined the effort as a scaling partner, in addition to the new anchor partners. In addition to project finance and energy transition capabilities, BMO has pledged to contribute $50 million over the next five years to help develop and grow the most promising climate technology.