Solving Net Zero in the Middle East and North Africa with RFI Foundation and HSBC
The Responsible Finance and Investment (RFI) Foundation, in partnership with HSBC Middle East, had announced 12 FinTech businesses for the Net Zero Challenge 2022. Joining the Global Innovation Bootcamp, the startups were selected based on their ability to offer technology to support financial institutions in the Middle East, North Africa & Turkey (MENAT) on the net zero journey. Other selection criterias include the potential to help improve data collection, analysis, validation and dissemination of financed emissions.
“The adoption of net zero targets by countries around the region and the global UN climate change conferences being held in Egypt and the United Arab Emirates this year and next will increase momentum for companies to align their sustainability plans with national government targets. We are committed to supporting our clients on their net zero journeys, in close partnership with governments and the public sector,” said Sabrin Rahman, HSBC Managing Director & Head of Sustainability for Europe and the Middle East.
µPledge is an impact financing solution that connects investors to verified sustainable startups, leveraging mobile gamification and artificial intelligence technologies. Incubated in the United Kingdom and incorporated in the Netherlands, uPledge’s journey has flourished with commercial as well as R&D activities across Europe, the Middle East, East Africa and East Asia.
“We were excited by the range of companies from all around the world who applied to the Net Zero Challenge. The quality of applications we received shows the potential for technology to play an important role for the financial sector in the MENAT region as they make progress setting, evaluating and ultimately achieving the region’s Net Zero goals,” said Blake Goud, CEO of the RFI Foundation.
As the companies progress through the bootcamp, they will be supported by experts from HSBC, Falak Startups and the RFI Foundation’s Emissary Network. The bootcamp will culminate with the announcement of five finalists being chosen to present their business plans to the Net Zero Challenge’s partners, Falak Startups, ADGM, and the Economic Development Board of Bahrain.
