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COP28 Presidency facilitates the founding of Innovate for Climate Tech coalition

8 Nov 2023

To drive global climate tech innovation and strengthen ecosystems

 

  • The coalition between Masdar City, Tencent, and Catalyst, aims to bring together climate tech innovators, investors, knowledge partners, capacity builders, policy makers, philanthropies, family offices, corporations and public climate tech players to foster collaborations, accelerate innovation and deploy at scale climate tech solutions.
  • The stakeholders will work together to strengthen climate tech ecosystems globally with a focus on the Global South.
  • The coalition builds upon the success of Innovate by Masdar City, an offline initiative launched in 2021 to support climate tech startups and showcase their solutions.
  •  The coalition will unveil the launch of a global digital platform at COP28 enabling the creation of a global online community of climate tech players to foster collaboration, democratize access to knowledge and spur further climate tech innovation.
  • The coalition strengthens COP28’s efforts to build and scale climate tech ecosystems and will continue its legacy beyond the two-week conference by accelerating its ongoing initiatives, amplifying its members’ activities, launching new ones, and expanding its network.

Abu Dhabi: The COP28 Presidency has facilitated the founding of a climate coalition to drive global climate technology ecosystems.

The founding of Innovate for Climate Tech will improve innovation and strengthen ecosystems, while creating a welcoming and inclusive environment for climate actors across the innovation value chain.

Its aim is to identify and magnify ongoing and future initiatives to accelerate the growth of climate technologies and create ecosystems that support their development.

“The widespread adoption of cutting-edge technologies is critical to driving zero carbon growth and reaching global climate goals. We need all stakeholders to collaborate and establish an ecosystem for innovation and investment that can generate sustainable economic growth and employment. The launch of Innovate for Climate Tech, a global coalition of public and private climate tech ecosystem players, aligns with the COP28 Presidency's call for the rapid development of solutions to accelerate global decarbonization and adaptation to climate change impacts. This is part of the COP28 commitment to keeping 1.5°C within reach and supporting the promotion, facilitation, and deployment of technologies of climate technologies, especially in the Global South,” said Adnan Amin, CEO of COP28 UAE.

The initiative is anchored by Masdar City, a pioneering sustainable urban community and innovation hub in Abu Dhabi, Tencent, a world-leading internet and technology company, Catalyst, a startup technology accelerator also based in Masdar City. In addition to these anchor partners, a diverse group of climate technology stakeholders from around the world have joined the coalition as knowledge, program or roll-out partners to create an inclusive environment for collaboration to advance climate solutions. These include: The African Private Equity and Venture Capital Association (AVCA), C3 (Companies Creating Change), Climate Impact Capital, Cool Climate Collective, Crescent Enterprises, The Emirates Family Office Association, Hub71, Impact Hub Shanghai, LinkedIn, McKinsey Sustainability, Natural Ventures, Nedamco Africa, New Energy Nexus, Plug and Play, Princeville Capital, Riffle Ventures, Schneider Electric, Sheraa, Solar Impulse Foundation, Sustainable Impact Capital & Holdings, Venture Climate Alliance (VCA) and VentureSouq.

The coalition will unveil its first initiative at COP28, which aims to unite climate tech innovators, investors, program and knowledge partners. The coalition will launch a global digital climate technology platform by Tencent which will connect startups, venture capitalists, corporations, governments, family offices, research institutes, philanthropies, innovation entities, universities and multilaterals. It also has a knowledge database for curated content, and a platform board to introduce users to global climate tech programs.

Dr. Hao Xu, Vice President of Tencent and Head of Tencent’s Carbon Neutrality Lab, said: “It is aligned with Tencent's mission of contributing to climate change. At Tencent, we aim to play connector and catalyst roles to accelerate the speed and scale of frontier technologies. In addition to fostering dialogue and unity among stakeholders, we champion the transition to a sustainable, low-carbon society. We are dedicated to shaping a brighter and more sustainable future for everyone.”

The coalition will also build on the success of Masdar City’s Innovate, an initiative launched in 2021 to support startups and help them showcase their work. The Innovate platform’s offerings will be expanded to provide coalition members with opportunities for networking and connection building at events critical to the climate action discussion, such as Abu Dhabi Sustainability Week, to increase the visibility of practical and crucial climate solutions.

Ahmed Baghoum, CEO of Masdar City, said, “I am extremely pleased to announce our collaboration with Tencent and Catalyst in forming the Innovate for Climate Tech coalition. It has always been in Masdar City’s ethos to nurture startups and SMEs in this domain. Our Innovate initiative has been a testament to our dedication in supporting pioneering climate-tech solutions, and this coalition marks a significant step to scale our ongoing efforts and work together to accelerate global climate action. I extend our heartfelt gratitude to COP28 for facilitating this collaboration and for providing us with the opportunity to be part of such an impactful initiative.”

The coalition strengthens COP28's efforts to improve the global climate tech ecosystem and will continue beyond the two-week conference by providing a significant launching ground for expanding the work of its members. Interested parties are welcome to reach out to [email protected] and [email protected] The coalition will regularly update its website, a home base for any planned initiatives aligned with its ethos.

COP28 will begin on 30 November in the UAE with two weeks of negotiations, opening with commitments from global leaders, bringing forward solutions, and concluding with an agreed negotiated text that helps course-correct to keep 1.5°C within reach and enhance global resilience. The Presidency’s key focus areas are fast-tracking the energy transition and slashing emissions before 2030; transforming climate finance by delivering on old promises and setting the framework for a new deal on finance; putting nature, people, lives, and livelihoods at the heart of climate action; and mobilizing for the most inclusive COP ever.

 
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