In a September 20th announcement, Boston Consulting Group (BCG) joined with six other industry-leading partners to found Breakthrough Energy Catalyst (Catalyst), a joint venture intended to rapidly develop clean energy technologies needed to reach a net-zero emissions goal of 2050. The anchor partners are Boston Consulting Group, American Airlines, ArcelorMittal, Bank of America, The BlackRock Foundation, General Motors, and Microsoft.
Catalyst is a program within the Breakthrough Energy network. Founded by Bill Gates, the network is working to develop public-private sector partnerships to build the foundation of an economy based on net-zero emissions. Its focus will be on driving growth and development of technology in four key areas: direct air capture, green hydrogen, long-duration energy storage, and sustainable aviation fuel.
Christoph Schweizer, CEO of BCG, stated, “BCG is delighted to partner with Catalyst to bring the power of BCG’s consulting, climate, and industry expertise to accelerate the green industrial revolution. This new partnership with some of the world’s leading corporations will be critical to unlocking the potential to find, fund, and scale innovative technology solutions. These solutions are essential to closing the gap to vital climate targets.”
Introduced in early 2021, the organization has already announced partnerships with the European Commission and European Investment Bank, as well as the United States Department of Energy. The latest announcement highlights the first group of private sector companies to formally join the Catalyst network, with a communal goal to make large-scale investments in early commercial demonstration projects, offer input on continuing private sector engagement, provide insights on investment strategies, and drive further participation in the network.
The group of partners seeks to use direct investments to reduce the costs of clean technology needed to supplant their current emissions-generating counterparts, lowering the cost of entry and growing widespread adoption worldwide. With half of the technology needed to reach zero-emissions goals not yet in existence or too expensive to be utilized everywhere, the Catalyst partnership intends to drive a new industrial revolution, bringing the much-needed technology to market faster and more affordably at a time when the global community is just beginning to see the significant impacts of human-driven climate change.