UBS To Fund Quantum Computing Study To Meet UN Sustainability Goals
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Swiss banking giant UBS is partnering with CERN, the Swiss government, and the Geneva Science and Diplomacy Anticipator Foundation (GESDA) to set up the Open Quantum Institute (OQI).
The institute has already been launched in Geneva. The foundation plans to unite people and firms to work on projects linked to the United Nations Sustainable Development Goals (SDGs).
Maximizing The Potential Of Quantum Computing
The Open Quantum Institute plans to maximize the potential of quantum computing through its projects. It plans to boost progress to achieve the SDGs and solve major issues in industries like climate action, energy, health, clean water, and food security.
Quantum computing is believed to be the next phase in technology advancement. This technology involves delivering advanced processing power compared to modern-day computers.
Quantum computing is a fairly novel concept whose impact is yet to be established. However, it is expected to significantly impact society’s future as it is adopted across chemistry, finance, and materials science industries.
UBS To Offer An Up To CHF 2 Million Funding Annually
Under this partnership deal, UBS will be the lead partner for the Open Quantum Institute. The giant lender will offer funding worth up to CHF 2 million annually. It will also share its strategic expertise over the next few years to support the project’s growth.
The terms of the deal will also see UBS’s Group Chief Risk Officer, Christian Bluhm, join the Advisory Board for the foundation.
By participating in this partnership deal, UBS will support Switzerland in becoming a major player globally in quantum computing. The lender will also support first-class tertiary institutions in Switzerland, focusing on research and cutting-edge technological developments.
“We’re delighted to have been chosen as a lead partner to the OQI and to support the coming together of scientific research, business, and government for the common good,” Bluhm said.
According to the executive, new technologies have a major role in creating solutions. These solutions could address some of the major challenges currently faced by the society. Besides offering technological solutions, quantum computing could also meet sustainability goals.
The technology could help meet the UN Sustainable Development Goals. It also marks a major development towards creating a more sustainable future for the industry.
