UAE: A driving force for climate innovation and sustainable development

UAE: A driving force for climate innovation and sustainable development

UAE startups are pivotal in fostering innovation and sustainable development, particularly in addressing climate and environmental challenges. These companies are at the forefront of developing eco-friendly solutions that support the nation’s energy mix and align with its ambitious goal of achieving carbon neutrality by 2050.

Climate-focused start-ups are actively working to reduce carbon emissions, contributing to local and global efforts to mitigate climate change and its environmental impacts. Their innovative endeavours span a wide range of sustainable products and services, catering to individuals, corporations, and governments alike.

The UAE government recognises the crucial role of start-ups in the transition to a green economy. These technological enterprises significantly contribute to the nation’s economic growth, attracting foreign investments and boosting GDP. Their success demonstrates the UAE’s commitment to fostering a thriving ecosystem for innovation and sustainable development.

Start-ups headquartered at Hub71, Abu Dhabi’s global technology ecosystem, received funding amounting to AED5.1 billion by the end of the third quarter of this year. This signifies Abu Dhabi’s position as an incubator for promising start-ups across various sectors. According to a report from the start-up data platform, MAGNiTT, UAE-based start-ups garnered over $371 million from 109 investors in the first nine months of 2023.

Hub71’s Contributions

Hub71 actively supports the growth ambitions of technology start-ups worldwide, developing and deploying their advanced applications across different sectors. To date, Hub71 has housed over 260 start-ups from more than 50 countries, choosing Abu Dhabi as their strategic launchpad in the region.

The start-up community at Hub71 benefits from the support of 26 market partners, 21 governmental partners, 41 venture capital funds and investors, and 44 family foundations. Hub71 provides a conducive environment for start-ups at various stages of development, facilitating market access, funding, market-fit product development, expert guidance, operational support, and consultancy.

While these start-ups span over 20 sectors, climate technology and sustainability take priority. Technology in these sectors significantly contributes to expediting achieving climate neutrality by 2050. Hub71 is committed to supporting innovative start-ups actively working towards building a sustainable future.

Climate Start-ups at Hub71

Hub71’s global technology ecosystem houses 14 start-ups in sustainability from 9 countries: UAE, Italy, South Africa, Hong Kong, Singapore, Egypt, UK, Finland, and the USA. This number is expected to rise in the coming year.

These include two climate technology start-ups: Aquaai and CarbonSifr; four clean technology start-ups, Green Future Project, 44.01, Archireef, and FortyGuard; three food technology start-ups: HereGo, iFarm, and Revoltech; three agricultural technology start-ups: Producers Market, Platfarm, and Sustainable Planet; and two financial technology start-ups: ACX and Momint.

Competitiveness in Climate Neutrality

Hub71 leverages partnerships to support the development of start-ups striving to enhance their product safety and positive environmental and climate impact. Ahead of COP28, Hub71 aims to elevate the role of start-ups in climate technology and sustainability in Abu Dhabi. This involves spotlighting their contributions and supporting efforts to expedite carbon removal and achieve climate neutrality in the future.

Promising Ambitions

Yellow Door Energy, based in Dubai, aims to advance renewable energy responsibility among start-ups by increasing its renewable energy asset portfolio to $1 billion by 2025. The company had $100 million worth of clean energy assets in 2021 and specialises in managing solar photovoltaic projects in various countries, including the UAE.

Similarly, Masdar City in Abu Dhabi hosts start-ups like Volts, the region’s first start-up accelerating clean technology programmes, and Forty Guard, focused on combating heat emission effects. (WAM)