A look at the cleantech startups in Iraq

A look at the cleantech startups in Iraq

Azza Yahia is part of the investment team at Five One Labs, an incubator based in Iraq

Cleantech is a term initially coined in the 1990s by the venture capital community and popularised in 2002. In many instances, greentech and cleantech have been used interchangeably. But what do both terms mean? Cleantech is the umbrella term referring to any technology deploying sustainable products or services. A leading VC fund, Clean Energy Ventures, defines cleantech as “any new business model or technology that increases the performance, productivity and/or efficiency of production while minimising negative impacts on the environment.” Globally, cleantech is predicted to grow at an annual growth rate of 24 per cent (2020-2027). Greentech, a subset of cleantech, refers to environmentally friendly energy production promoting sustainability while creating efficiencies. In 2019, the value of global investments in the green energy sector hit a whopping $302 billion. 

In Iraq, forward-thinking startup founders witnessed the move to green energy and sustainable technologies through grassroots initiatives. Three enterprising Iraqi startups steering the sector include Green Shaov, Mosul Solar, and KESK.

Background

Until recently, few companies in Iraq had ventured into the cleantech space, so finding employment in the sector was near-impossible. Upon separately encountering