Climate technology experts have stressed the imperative for innovation to curb greenhouse gas emissions and mitigate the effects of global warming across key economic sectors in the region. This emphasis coincides with the United Arab Emirates’ hosting of the 28th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28) later this month.
Speaking to the Emirates News Agency (WAM), the experts underscored the importance of identifying opportunities and challenges faced by startups in the climate technology sector to foster their growth and expansion.
Dr. Yahya Anouti, a partner at Strategic Middle East and Sustainability Director at PwC Middle East, noted that the PwC Net Zero Future50 – Middle East report has identified 50 leading startups in the Middle East region spearheading innovations aimed at reducing greenhouse gas emissions and addressing the impacts of global warming across various key economic sectors in the region. These startups primarily focus on tackling
climate change challenges through eight prominent technological sectors, including renewable energy production, sustainable water desalination, industrial technology, carbon emission reduction, and carbon emission reporting.
Dr. Anouti further emphasised that all climate change issues are global and require a united effort from policymakers and decision-makers guided by scientific and academic research. He stressed the crucial role of technology in driving innovative solutions to address climate change.
He acknowledged that investments in climate change mitigation have surpassed billions, identifying three key challenges faced by startups in this domain: the region’s legal and regulatory landscape, limited financing, and the scarcity of skilled talent.
Oisin Commane, Head of Abu Dhabi Sustainability Week at Masdar, highlighted the UAE’s competitive advantage in low-cost renewable energy. He stressed the importance of integrating more local small and medium-sized enterprises into the supply chain, particula
rly in light of the country’s commitment to achieving net-zero emissions by 2050.
He underscored the importance of integrating sustainable companies committed to zero emissions, emphasising that this approach fosters economic development and accelerates the attainment of net-zero emissions. He also alluded to the existence of several initiatives aimed at stimulating private investments for small and medium-sized enterprises, with further details expected to be disclosed during COP28.
Abdullah Al-Atrash, CEO of Natrify, a climate technology company, shed light on the company’s groundbreaking biotechnology. Natrify utilises genetically modified microorganisms to produce bioplastic that shares the properties and applications of petroleum-based plastic. However, this bioplastic is entirely biodegradable, breaking down naturally in any environment, including marine settings, without human intervention or the release of harmful pollutants.
Al-Atrash, a Forbes 30 Under 30 honoree, revealed that the inspiration fo
r his invention stemmed from research conducted in Cambodia, where plastic pollution has severely impacted coastlines. He identified Egypt, the UAE, Saudi Arabia, and the United States as key target markets for the production of these materials.
The ‘Future 50’ report highlighted that despite a substantial increase in investments in global climate technology financing in the region, from $1.8 billion in 2022 to $5 billion in 2023, a funding gap remains for local and regional climate technology entrepreneurs. Funding for local entrepreneurs experienced a sharp decline to $152 million in 2023, down from approximately $1 billion in 2022.
Source: Emirates News Agency