The Accelerator is a collaboration between PepsiCo, SABIC, AstroLabs and other strategic partners.
On the heels of the first week of COP28, PepsiCo, SABIC, AstroLabs and their strategic partners have announced the launch of the Mega Green Accelerator, a new initiative to nurture the next generation of innovators in the region as they develop solutions to both regional and global sustainability challenges.
The Middle East is warming almost two times faster than the global average, yet the support and investment for the sustainability innovation ecosystem in the region does not match this urgency. Since 2010, less than 50 new climate technology startups have been founded in the MENA region, compared to 5,000 in Europe and the US.
The Mega Green Accelerator aims to reduce this gap, foster regional collaboration and cultivate a network of MENA-based innovators addressing the most pressing sustainability challenges in the region.
The priority focus areas for the first round of the Accelerator program include circular economy, clean energy transitions, water and agriculture, some of the most pressing issues for the Middle East. In addition to seed funding and mentorship, the partners will provide participating entrepreneurs access to some of the most prominent business leaders in the region.
Scaling sustainability
“By bridging the gap between entrepreneurs and the networks and resources they need, we are committed to supporting breakthrough start-ups as they scale sustainability solutions, grow their businesses and form critical connections,” remarked Eugene Willemsen, CEO, PepsiCo, Africa, Middle East, South Asia.
“We believe that such cross-sector partnerships are crucial in effectively tackling complex, critical issues such as climate change. In supporting this initiative, we are not just bettering local economies, but people and planet at the same time,” commented Dr.Bob Maughon, SABIC Chief Technology and Sustainability Officer.
“Our aim is to ensure the GCC not only responds to the current demand for green solutions but also pioneers the advancement of sustainable business practices on a global scale,” noted Roland Daher, CEO, AstroLabs.
