8X Ventures to deploy $20 million in Mena cleantech startups

8X Ventures to deploy $20 million in Mena cleantech startups

Source: Your Story

The Mena region’s economy has flourished on the back of oil and gas extraction and trading. However, with the world now moving away from fossil fuels, the group of countries, especially the GCC region, is now significantly pushing towards technology and green solutions.

Mena countries are increasingly committing to net-zero efforts. Ahead of the COP26 climate conference held in 2021, countries including Saudi Arabia, the UAE, and Bahrain committed to charting roadmaps towards a green economy to drive future growth. Saudi Arabia has pledged to invest over $186 billion in green growth till 2060 while the UAE has pledged to reach its net-zero goal by 2050.