Middle East countries invest $1.6bln in climate tech in H1 2022

Middle East countries invest $1.6bln in climate tech in H1 2022

The 12 Middle Eastern countries have invested $1.6 billion of that was invested in the first half of 2022 in tackling climate change, a report showed on Friday.

A total $6 billion has been invested in climate tech since 2013, and this momentum is expected to further improve, according to the report entitled Tackling climate change through technology: A global leadership role for the Middle East released by PwC. While providing an insight into the region’s evolving role in tackling climate change, the report also highlights global and regional trends in climate tech investments and key opportunities for the Middle East to take a global leadership role in combating climate change through climate technologies.

This momentum is expected to further improve with initiatives such as the recent Saudi Aramco announcement of a $1.5 billion sustainability fund and the UAE’s plans to host COP28. Additionally, the report explores the Middle East, and in particular, the Gulf Cooperation Council (GCC) countries’ opportunities in pioneering climate technologies.

The new report outlines the Middle East’s current and future plans to invest in climate technologies, identifying five key opportunities for the region to leverage with the purpose to take this leadership position in climate tech, including: solar and