PepsiCo, SABIC, and AstroLabs Launch Mega Green Accelerator to Boost Climate Solutions Startups in MENA Region
In a significant stride towards environmental sustainability, PepsiCo, SABIC, and AstroLabs, along with other strategic partners, have unveiled the Mega Green Accelerator in Dubai. This initiative aims to empower the next wave of innovators in the Middle East and North Africa (MENA) region, focusing on developing solutions for pressing regional and global sustainability issues.
The Accelerator's primary areas of focus encompass circular economy, clean energy transitions, and climate mitigation technologies, particularly in water and agriculture – critical sectors for the Middle East. The program offers seed funding, mentorship, and access to prominent business leaders in the region, providing a comprehensive support system for participating entrepreneurs.
The Middle East, experiencing warming at nearly double the global average rate, presents an urgent need for increased support and investment in sustainability innovation. The Mega Green Accelerator emerges as a pivotal response to this need, particularly given the stark contrast in the number of climate technology startups in the MENA region compared to Europe and the US since 2010.
Eugene Willemsen, CEO of PepsiCo for Africa, Middle East, South Asia, emphasized the potential of MENA innovators in scaling solutions unique to the region's challenges. The initiative aligns with PepsiCo's transformation strategy, pep+ (PepsiCo Positive), and seeks to bridge the gap between entrepreneurs and vital resources and networks.
In a report published by CE-Ventures and MAGNiTT earlier this year, climate tech investments reached an unprecedented global total of US$ 82 billion in 2022, marking a 20 percent increase over the previous year. In the MENAT (MENA and Turkey) region, US$ 651 million were invested in 148 startups between 2018 and 2022.
Collaboration with various strategic and investment partners enhances the Accelerator's reach and impact. Partners include Dubai Future District Fund, Venture Souq, and Shurooq Partners, contributing platforms for investment opportunities, mentorship, and networking. Ecosystem partners like London Business School Entrepreneurship Club, Berytech, American University of Cairo Venture Lab, Sharjah Research Technology and Innovation Park, and the Mohammed VI Foundation for Environmental Protection will play key roles in sourcing applicants and disseminating information.
Dr. Bob Maughon, SABIC Chief Technology and Sustainability Officer, expressed pride in the partnership, highlighting the crucial role of cross-sector collaborations in addressing complex issues like climate change. Similarly, Roland Daher, CEO of AstroLabs, pointed out the strategic timing of this partnership, emphasizing the region's emerging role as a global hub for sustainable and climate-conscious companies.
This initiative marks a significant step in fostering a sustainable business environment and driving positive impacts across the region. Further details and application information for the Mega Green Accelerator will be shared by PepsiCo and its partners in the upcoming months.
