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Less than 50 new climate technology startups have been founded in the MENA region since 2010, compared to nearly 5,000 in Europe and the US.
To nurture the next generation of entrepreneurs in the region towards developing tech solutions for sustainability challenges, PepsiCo, SABIC, AstroLabs, and strategic partners have launched the Mega Green Accelerator.
“Innovators in the MENA region have incredible potential for scaling and are making important strides to develop homegrown solutions to address the unique challenges the region is facing,” said Eugene Willemsen, CEO of PepsiCo, Africa, Middle East, South Asia
“COP28 is already putting a spotlight on climate innovations coming out of the UAE and the region at large, and PepsiCo is excited to support the next generation of climate leaders through the Mega Green Accelerator,” he adds.
Willemson stated that bridging the gap between entrepreneurs and the networks and resources they need will aid breakthrough startups in scaling sustainability solutions, growing their businesses, and forming critical connections.
The first round of the program will focus on circular economy, clean energy transitions, water, and agriculture, among some of the most important issues in the region. The partners will provide seed funding, mentorship, and access to the region’s business sector leaders.