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Abu Dhabi isn’t about to wean itself off the oil that made it super rich. But it is putting some of that wealth to work in support of startups trying to find solutions for the climate crisis.
In April, Abu Dhabi tech ecosystem Hub71 announced its first-ever program designed to support decarbonization technologies, which included five startups focused on solutions for sectors ranging from energy to aquaculture.
“The climate agenda is very important to the leadership of the UAE,” Ahmad Ali Alwan, the CEO of Hub71, which is backed by state fund Mubadala Investment Company, told CNN. “So we identified it to be a priority sector which we want to enable.”
“There’s a lot of support for innovative solutions,” he said, and “a focus on developing solutions that are actually commercial.”
The United Arab Emirates, a federation of seven emirates including Abu Dhabi and Dubai, was the first Gulf country to commit to net zero carbon emissions by 2050. In recent years Abu Dhabi has funneled tens of billions of dollars into supporting renewable energy projects and carbon reduction technologies, and restored some 6,400 hectares of mangroves, which can absorb carbon dioxide from the atmosphere.
Alwan says that about 20 of the more than 220 startups involved in Hub71’s programs can be put into the sustainability and climate technology bucket. Now that the ecosystem has a program dedicated to these companies, he expects that number to grow.
Hub71 plans to announce a new cohort later this year, and it says that applications from sustainability and climate tech startups have doubled since the last intake.
Abu Dhabi is far from abandoning fossil fuels. Oil production accounts for about 46% of its economy.
The UAE, a member of the Organization of the Petroleum Exporting Countries (OPEC), has in recent years found itself at odds with the group’s leadership. OPEC and its allies have been limiting oil output to prevent a glut and bolster prices. Meanwhile, the UAE has been pushing the alliance to raise its production quota.
State-owned oil giant Adnoc wants to increase its capacity to five million barrels per day by 2027. It will spend $150 billion to meet that target, according to S&P Global.
In April, Abu Dhabi tech ecosystem Hub71 announced its first-ever program designed to support decarbonization technologies, which included five startups focused on solutions for sectors ranging from energy to aquaculture.
“The climate agenda is very important to the leadership of the UAE,” Ahmad Ali Alwan, the CEO of Hub71, which is backed by state fund Mubadala Investment Company, told CNN. “So we identified it to be a priority sector which we want to enable.”
“There’s a lot of support for innovative solutions,” he said, and “a focus on developing solutions that are actually commercial.”
The United Arab Emirates, a federation of seven emirates including Abu Dhabi and Dubai, was the first Gulf country to commit to net zero carbon emissions by 2050. In recent years Abu Dhabi has funneled tens of billions of dollars into supporting renewable energy projects and carbon reduction technologies, and restored some 6,400 hectares of mangroves, which can absorb carbon dioxide from the atmosphere.
Alwan says that about 20 of the more than 220 startups involved in Hub71’s programs can be put into the sustainability and climate technology bucket. Now that the ecosystem has a program dedicated to these companies, he expects that number to grow.
Hub71 plans to announce a new cohort later this year, and it says that applications from sustainability and climate tech startups have doubled since the last intake.
Abu Dhabi is far from abandoning fossil fuels. Oil production accounts for about 46% of its economy.
The UAE, a member of the Organization of the Petroleum Exporting Countries (OPEC), has in recent years found itself at odds with the group’s leadership. OPEC and its allies have been limiting oil output to prevent a glut and bolster prices. Meanwhile, the UAE has been pushing the alliance to raise its production quota.
State-owned oil giant Adnoc wants to increase its capacity to five million barrels per day by 2027. It will spend $150 billion to meet that target, according to S&P Global.
