HSBC has announced that it will invest $100 million in Bill Gates’ new climate technology investment fund, the Breakthrough Energy Catalyst.

The bank said the investment made it an “anchor partner” in the fund, which aims to raise $15 billion in public and private capital to accelerate the development and deployment of next-generation clean technologies, such as direct air capture, clean hydrogen, long-term energy storage and sustainable aviation fuel technologies.

The Breakthrough Energy Fund aims to pool funding from governments, philanthropic organizations and individuals to support the four nascent industries it sees as essential to achieving net-zero emissions and helping to reduce technology costs to a level that would enable accelerated rapid deployment. Funding should be channeled to specific projects, not companies, according to the update.

HSBC said it would join the catalyst’s leadership board, where it would be able to share its expertise on transition opportunities in its largest markets.

“Our unique international footprint puts us in a good position to advise on the global challenges and opportunities presented by the transition to net zero, particularly in Asia and the Middle East,” said Celine Herweijer, director of sustainability at HSBC.

Billionaire Microsoft Gates said collaboration between players in the economy would be key to tackling climate change and accelerating the transition to net zero.

“To get to net zero, we need to lower the cost of clean technologies so they can be deployed at scale and become more affordable and accessible to everyone,” he said. “The only way to achieve this is through close collaboration between the public and private sectors – no country, company or individual can stop the progress of climate change alone.”

Steel giant ArcelorMittal, automaker General Motors, American Airlines, the BlackRock Foundation, Bank of America and Microsoft are among the companies and financiers that have backed funds to date. The initiative also has a group of global business leaders and investors as board members, including Indian businessman Mukesh Ambani, Amazon founder Jeff Bezos, tech entrepreneur Japanese Masayoshi Son and British hedge fund manager and philanthropist Sir Chris Hohn.

HSBC Group CEO Noel Quinn predicted that a small number of green technologies will “reshape the global industrial landscape” over the next five to ten years.

“I am grateful for the opportunity for HSBC to be part of Breakthrough Energy Catalyst to accelerate their development and make them scalable,” he said. “I sincerely believe this groundbreaking partnership can help bring these much-needed clean solutions to market and build a more sustainable world.”