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State of Climate Tech VC Report: US$ 651 Million Invested into MENA and Türkiye Startups

by Fintechnews Middle East 8. November 2023

CE-Ventures, the corporate venture capital platform of Crescent Enterprises, has partnered with MAGNiTT to unveil ‘The State of Climate Tech Venture Capital Report’.

The report delves deep into the dynamic landscape of climate tech investments in the Middle East and North Africa (MENA) and Türkiye region, providing insights into key trends, challenges, and opportunities in this rapidly evolving sector.

The report provides an overview of climate tech investments in the region and highlights the importance of harnessing innovative technologies to combat climate change. With existing technologies holding the potential to mitigate 65% of all emissions, the report underscores the significance of further advancements to bridge the remaining 35% emissions gap.

Key Highlights from the Report:

• Record-setting climate tech Investment: Climate tech investments reached an unprecedented global total of US$ 82 billion in 2022, marking a 20% increase from the previous year.
• In the MENA and Türkiye region, US$ 651 million were invested in 148 startups between 2018 and 2022.
  2022 was a record year for climate tech funding in the MENA & Türkiye region with total investment crossing a quarter billion dollars for the first time ever and resulting in a 50% increase compared to the previous year.
• The UAE leads the region with 62% of total climate tech venture funding, while Türkiye saw the greatest number of deals at 80.
• During H1 2023, the region has seen 30 transactions executed, which already represents 60% of the total number of transactions in the previous year.
• Startups in the agriculture sector, developing solutions towards climate resiliency, accounted for a majority of the venture capital invested over the past 5.5 years.

The launch of the report is timely, as it is a  ahead of the beginning of COP28 UAE, which 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.