Global bank giant HSBC announced today that it will become a key partner in the Breakthrough Energy Catalyst (BEC) fund and will support carbon neutral projects across the globe.
“A small number of green technologies will reshape the industrial landscape of the world over the next five to 10 years,” Noel Quinn, CEO of London-based HSBC, said in a statement. “I genuinely believe this groundbreaking partnership can help bring these much-needed clean solutions to market and build a more sustainable world.”
The announcement follows the bank’s initiative to invest only in net zero projects by 2050. HSBC has already halted investments in new coal plants and mines and has vowed to eliminate half of its current exposure to the sector by 2030.
BEC is set-up to take advantage of both public and private funds in order to develop and bring to market new techbologies that can bring about carbon neutrality and even carbon removal. Energy storage, renewable fuels, green hydrogen and direct air capture are four of the technologies that will see investments from the fund in the years to come.
Among the technologies that BEC plans to invest heavily in is hydrogen. Among the focuses of the fund, this is perhaps the only one that can become an important commodity in the global energy mix and dislodge oil and natural gas.
But for this to happen investments in the area of $10 trillion (over the next 30 years) are required for boosting research and development, as well as developing new infrastructure according to Rethink Energy.