The COP28 Presidency has endorsed Investcorp’s newly unveiled $750 million Climate Solutions Investment Platform.
This initiative, part of a collaboration with ‘Innovate for Climate Tech’ – a partnership between Masdar City, Tencent, and Catalyst – aims to fund businesses offering products, services, and technologies focused on decarbonization and climate change mitigation.
Launched in November 2023, the Innovate for Climate Tech coalition, facilitated by the COP28 Presidency, includes Masdar City, a leading sustainable urban community and tech hub in Abu Dhabi; Tencent, a major internet and tech firm based in China; and Catalyst, a startup accelerator in Masdar City. Investcorp, as an Investment Partner in the coalition, will leverage the collective expertise and networking opportunities of the group.
Adnan Amin, CEO of COP28 UAE, praised Investcorp’s commitment to combating climate impact through technology, aligning with COP28’s mission to support and deploy climate technologies. Rishi Kapoor, Co-CEO of Investcorp, highlighted the platform’s focus on scaling commercially viable climate solutions to achieve decarbonization targets quickly and effectively.
Steve Severance, Director of Growth at Masdar City, expressed pride in welcoming Investcorp into the coalition, emphasizing the collective effort in advancing climate innovation and building a sustainable future.
The announcement was made at the Business and Philanthropy Forum at COP28 in Dubai on December 1, with initial funding from Bahrain’s Sovereign Wealth Fund Mumtalakat and other Bahraini institutions. The investment platform targets about $750 million, focusing on businesses ready for rapid growth, having surpassed early-stage risks.
Investcorp is in talks to join Masdar City, Tencent, and Catalyst as an anchor partner in the coalition. New members include Siemens, Asian Infrastructure Investment Bank, The Climate Drive, Flat6Labs, Gulf Capital, MIT Entrepreneurship Center, Climate Collective, Startup Nation Central, and others.
The coalition aims to drive global climate technology ecosystems by uniting innovators, investors, and partners. It seeks to enhance the climate tech ecosystem and extend its impact beyond the two-week COP28 conference.
A significant development is the global launch of TanLIVE by Tencent. This digital hub for climate action provides networking, project listings, and technology and financial solutions.
