The Mega Green Accelerator powered by AstroLabs introduced by PepsiCo, SABIC, and associates

Following the inaugural week of COP28, PepsiCo, SABIC, AstroLabs, and their key collaborators are unveiling the Mega Green Accelerator. This groundbreaking initiative is designed to nurture emerging innovators in the region, guiding them as they create solutions for both local and global sustainability challenges.

Despite the Middle East warming almost twice as fast as the global average, support and investment in the region's sustainability innovation ecosystem have not kept pace with this critical issue. Since 2010, fewer than 50 climate technology startups have emerged in the MENA region, a stark contrast to the nearly 5,000 in Europe and the US. The Mega Green Accelerator seeks to address this gap, encouraging regional collaboration and building a network of innovators dedicated to tackling pressing sustainability challenges.

The initial focus areas for the Accelerator program include circular economy initiatives, clean energy transitions, and challenges related to water and agriculture—key issues facing the Middle East. Alongside seed funding and mentorship, the partners will grant participating entrepreneurs access to influential business leaders in the region.

“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. 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. 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,” said Eugene Willemsen, CEO of PepsiCo, Africa, Middle East, and South Asia.

In addition to PepsiCo, SABIC, and AstroLabs, the Accelerator will leverage its strategic partners' unique capabilities and expertise to provide optimal support for participating entrepreneurs. Investment partners, including Dubai Future District Fund, Venture Souq, and Shurooq Partners, will offer investment platforms, mentorship in capital raising, and networking opportunities. They will also contribute to the startup criteria and play a role in the selection process to enhance investment success.

Ecosystem partners such as the London Business School Entrepreneurship Club, Berytech, American University of Cairo Venture Lab, the Sharjah Research Technology and Innovation Park, and the Mohammed VI Foundation for Environmental Protection will actively engage in sourcing applicants, disseminating Accelerator information, and reporting progress through their networks. Schneider Electric will act as a prize partner, participating in the final selection of participants.

“SABIC is proud to join with PepsiCo and other fellow partners to provide our business expertise, mentorship, resources and platform to help the brightest minds in the region reach their full potential through the Mega Green Accelerator. 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 the planet at the same time,” said Dr Bob Maughon, SABIC's Chief Technology and Sustainability Officer.

“Our partnership with PepsiCo and SABIC comes at an exciting time - it’s a strategic step in accelerating innovation within the GCC, with a strong focus on sustainability. With the influx of international sustainable and climate-conscious companies, the region is rising as a global testbed for innovation - we will double down on creating an environment where these businesses can scale into the local markets. We aim 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,’’ said Roland Daher, CEO, AstroLabs.

The Mega Green Accelerator's priority focus areas align with PepsiCo's transformation strategy, pep+ (PepsiCo Positive), and the sustainability agendas of other partners. This collaboration aims to foster a positive impact by driving further cooperation with businesses throughout the region. In the upcoming months, PepsiCo and its partners will release additional details and application information for the Mega Green Accelerator. To stay informed, follow PepsiCo Positive (pep+) on the Middle East LinkedIn page and @PepsiCo on Twitter, Instagram, Facebook, and LinkedIn.