Venkat Raman
Auckland, December 3, 2023
The ongoing COP28 Summit in Dubai received a major fillip on Saturday (December 2, 2023) with a placement of US$ 750 million as part of its commitment to Climate Solutions Investment.
Investcorp, an alternative investment management company which began as an Arab initiative based in Bahrain in 1982, said it was investing the money as part of the firm’s collaboration with ‘Innovate for Climate Tech,’ a coalition between Masdar City, Tencent and Catalyst, facilitated by COP28 Presidency, which is the United Arab Emirates.
Reducing Global Emissions
Earlier, speaking at the COP28 Summit, President Dr Sultan Al Jaber unveiled the Global Decarbonisation Accelerator (GDA), a series of landmark initiatives designed to speed up the energy transition and drastically reduce global emissions.
“The world does not work without energy. Yet the world will break down if we do not fix the energies we use today, mitigate their emissions at a gigaton scale, and rapidly transition to zero carbon alternatives. That is why we have launched the Global Decarbonisation Accelerator,” he said.
The GDA is focused on three key pillars namely, rapidly scaling the energy system of tomorrow; decarbonising the energy system of today; and targeting methane and other non-CO2 greenhouse gases (GHGs). It is a comprehensive plan for systemwide change, addressing the demand and supply of energy at the same time.
The GDA has been informed by the thinking of key stakeholders, including international organisations, governments and policymakers, NGOs, and chief executives of the industrial sector.
Driving decarbonisation
The Climate Solutions Investment Platform will provide growth capital to companies that provide products, services, and technologies that drive decarbonisation and address the impacts of Climate Change.
COP28 UAE Chief Executive Adnan Amin said that Investcorp’s commitment to address the impacts of climate through technology aligns with the COP28 commitment towards supporting, promoting and facilitating the deployment of climate technologies.
“By working together and building a platform for innovation and investment, we can create opportunities for sustainable economic growth and employment, especially in those regions that need it the most,” he said, speaking at the Summit.
Investcorp Co-Chief Executive Rishi Kapoor said that the firm’s focus on scaling commercially proven climate solutions provides the most attractive risk return and delivers the highest impact by helping corporates and consumers achieve decarbonisation targets within accelerated timeframes.
The firm announced the investment at the Business and Philanthropy Forum held as a part of COP28. It launched its platform with initial anchor commitments from Bahrain’s Sovereign Wealth Fund Mumtalakat and other Bahrain-based institutions.
Launched in November, the Innovate for Climate Tech coalition is being facilitated by the COP28 Presidency and anchored by Masdar City. It will house the pioneering sustainable urban community and world-class business and technology hub in Abu Dhabi.
Its other partners include Tencent, a world-leading internet and technology company headquartered in China, and Catalyst, a startup technology accelerator based in Masdar City.
Mr Kapoor said that as an investment partner within the coalition, Investcorp will be able to tap into the coalition’s knowledge base and leverage its networking opportunities to help guide its allocation.
Impressive Partners
“The platform’s focus is on businesses at the inflection point, where they have matured past many of the risks that face earlier stage ventures and are poised for rapid expansion.
Investcorp is keen to become an anchor partner for the Innovate for Climate Tech coalition alongside Masdar City, Tencent and the Catalyst. Some of the latest entities to join the coalition include Siemens, Asian Infrastructure Investment Bank, The Climate Drive powered by the World Business Council for Sustainable Development, Flat6Labs, Gulf Capital, Martin Trust Center for MIT Entrepreneurship, Climate Collective, Startup Nation Central, Rainmaking, Belt and Road Environmental Technology Exchange and Transfer Center, Foresight Group, and Principes Ventures.
Masdar City Director of Growth Steve Severance said that he was proud to welcome Investcorp as an Investment Partner to the coalition in his company’s effort to advance climate innovation.
“Masdar City’s steadfast commitment to the climate tech ecosystem is demonstrated through strategic partnerships like these. Our firm belief in working together fuels initiatives that accelerate decarbonisation and builds a more sustainable future for generations to come,” he said.
About the Climate Tech Coalition
The Innovate for Climate Tech coalition brings together climate tech innovators, investors, programme and knowledge partners to drive global climate technology ecosystems.
The coalition will strengthen the efforts of COP28 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.
In a pivotal development, the coalition’s anchor partners globally launched TanLIVE, a platform powered by Tencent. This platform serves as a dynamic digital hub for climate action, offering an array of collaborative tools that include community networking, project listings, and access to a thoroughly vetted ecosystem of technology and financial solutions.
Tailor-made for entrepreneurs, investors, and researchers, TanLIVE has already garnered over 1000 registered users from key sectors such as ICT, textiles, transportation, construction, energy, nature-based solutions, and packaging.
Tencent Sustainable Social Value and Head of Tencent Carbon Neutrality Lab Dr Hao Xu said that the launch of TanLIVE is a testament to Tencent’s commitment to leveraging technology as a force for good.
“By providing an online platform for the exchange of ideas among like-minded partners around the world who are committed to working on climate solutions, TanLIVE fosters collaboration and empowers the global community to collectively address climate challenges and drive innovation towards a sustainable future,” he said.
About Investcorp
Established in Bahrain in 1982, Investcorp is a leading global manager of alternative investments with six lines of businesses including private equity, real estate, absolute return investments, infrastructure, credit management, and strategic capital.
It began as a pioneer in private equity, acting as a bridge between the Arab Gulf States and the rest of the world with a strong service ethos that demanded deal-by-deal investments. Over the past 40 years, the firm has learnt from every deal and market cycle to build client relationships that have crossed generations, offering a diverse and truly global investment portfolio.
With a work ethic that is both entrepreneurial in spirit and institutional in practice and a policy of investment that it seeks to make both responsible and profitable, Investcorp aims to generate strong performance for its investors around the world.
