Catalyst is using the investment to accelerate the development of four technologies: direct air capture, clean hydrogen, long-term energy storage and sustainable aviation fuel, writes

In addition to this investment, HSBC will join the board of Breakthrough Energy Catalyst, leveraging its experience in some of the largest markets in Asia and the Middle East. HSBC say the investment contributes to the global net-zero goal and supports their own goal of achieving net-zero climate impact by 2050.

HSBC group chief executive Noel Quinn says this "small number" of green technologies will reshape the world's industrial landscape over the next five to 10 years.

While decarbonising high carbon sectors such as power generation, transport and heavy industry is "crucial", it is estimated that half of the technologies needed to achieve net-zero impact and other climate targets either do not yet exist or are cost-prohibitive.

Celine Herweijer, the group's chief sustainability officer, said:"There are already brilliant green technology innovations that could transform large carbon-emitting industries and the energy sector. "They just need such investments to become reality."

Catalyst is part of the Breakthrough Energy network, founded by Bill Gates, designed to support decarbonisation as the world's economies move towards net-zero.