UBS has partnered with the Swiss government, CERN, the Geneva Science and Diplomacy Anticipator Foundation (GESDA) to further develop quantum computing in a bid to meet UN sustainability goals.

Quantum computing uses quantum mechanics to deliver processing power that is more advanced than classical computers. UBS said that the technology is still in the early stages but will have a major impact on industries such as finance, chemistry and materials science.

UBS added that a new foundation, established by the bank and Swiss institutions, will “boost” quantum computing in the country and in Switzerland’s universities.

The foundation will work on projects related to the United Nations Sustainable Development Goals (SDGs) to solve problems in areas including health, energy, climate and food security.

The bank said it will act as lead partner to the new foundation, offering its strategic expertise and funding of up to CHF 2 million each year for the next several years. Christian Bluhm, group chief risk officer at UBS, will join the foundation’s advisory board.

“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,” said Bluhm. “New technologies have an increasingly vital role to play in developing solutions to many of the big issues we face as a society. The use of quantum computing to help achieve the UN Sustainable Development Goals marks an important step on the road to a more sustainable future.”

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