The banking group joins global businesses and philanthropists in collaboration to address climate change disaster
BMO Financial Group will become the first Canadian company to partner with a climate change action group founded by Bill Gates.
The bank is joining Breakthrough Energy Catalyst which aims to accelerate clean technologies and climate solutions that are critical to getting the world to net zero carbon emissions by 2050.
Gates established the organization in 2015 along with a coalition of private investors concerned about the impacts of climate change. It builds on the public-private partnership that Gates has also used in his health, education, and public welfare endeavours around the world.
"We're excited by the opportunity to be the first Canadian company to join Breakthrough Energy Catalyst, whose mandate strongly aligns with BMO's Purpose to Boldly Grow the Good in business and life, and our commitment to mobilizing capital for a sustainable future," said Darryl White, BMO’s chief executive. "We look forward to applying our extensive project finance and energy transition expertise to the acceleration of climate innovation critical to helping the economy, and our clients, make progress in the transition to a net-zero world."
Breakthrough’s focuses include the accelerated use of green energy sources such as direct air capture, clean hydrogen, long-duration energy storage and sustainable aviation fuel.
BMO’s commitment to the group includes an intention to invest $50 million over 5 years and provide expertise from its Energy Transition Group.
"BMO is particularly suited to this challenge given our ongoing investments, via the BMO Impact Investment Fund, in companies that are providing sustainability solutions, as well as the experience we have, through the Energy Transition Group, in transitioning clients through sustainable finance solutions," commented Jonathan Hackett, BMO’s head of sustainable finance and co-head of its Energy Transition Group.
HSBC joins Breakthrough
Also announced as a partner of Breakthrough Energy Catalyst is HSBC.
“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,” said Noel Quinn, group CEO. “I genuinely believe this groundbreaking partnership can help bring these much-needed clean solutions to market and build a more sustainable world.”
