CE-Ventures, the corporate venture capital platform of the UAE-based diversified global group Crescent Enterprises, partnered with MAGNiTT, the leading venture capital data platform in the MEAPT region to launch a first-of-its-kind climate tech venture capital report for the Middle East North Africa (MENA) and Turkey region.
This is to provide insights into key trends, challenges, and opportunities in this rapidly evolving sector in the region.
With existing technologies holding the potential to mitigate 65 percent of all emissions, the report will underscore the significance of further advancements to bridge the remaining 35 percent emissions gap.
Climate tech investments in MENA and Turkey
The move comes as climate tech investments reached $651 million in MENA and Turkey region, spread over 148 startups between 2018 and 2022.
Globally, climate tech investments reached an unprecedented $82 billion in 2022, marking a 20 percent increase from the previous year.
2022 was a record year for climate tech funding in the MENA and Turkey region, with total investment crossing a quarter billion dollars for the first time ever, a 50 percent increase compared to the previous year.
The UAE leads the region with 62 percent of total climate tech venture funding, while Turkey saw the greatest number of deals at 80.
During H1 2023, the region has seen 30 transactions executed, which already represents 60 percent of the total number of transactions in the previous year.
Startups in the agriculture sector, developing solutions towards climate resilience, accounted for a majority of the venture capital invested over the past 5.5 years.
Commenting on the report, Badr Jafar, CEO of Crescent Enterprises and COP28 Special Representative for Business & Philanthropy, said it highlights the ingenuity of our regional entrepreneurial ecosystem, where investors, ecosystem enablers, and policy leaders are coming together to develop a multi-pronged approach towards addressing climate change.
“We need to move faster, and together, if we are to meet the challenge and embrace this essential opportunity,” he said, adding that the Middle East is highly exposed to the effects of climate change.
Philip Bahoshy, CEO of MAGNiTT, said as the expert VC data platform in MEAPT, it is keen to be the first to present insights on the region’s climate tech industry.
“We are confident that our transparent data, though in its infancy for this particular subject, will spark increased interest, educate enthusiasts, and foster essential dialogues, particularly with COP28 on the horizon,” he said.
The launch of the report comes a month ahead of the beginning of COP28 in the UAE.
The event will include the convening of leading business leaders and philanthropists from around the world at ‘Business & Philanthropy Climate Forum’, COP28’s private sector engagement platform.
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